Billions of dollars of laundered drug money and cash from other illegal activities kept the global banking system afloat at the peak of the financial crisis.
"Inter-bank loans were funded by money that originated from the drugs trade and other illegal activities... There were signs that some banks were rescued that way"
This will raise questions about crime's influence on the economic system at times of crisis
It is understood that evidence that drug money has flowed into banks came from officials in Britain, Switzerland, Italy and the US.
City of London Bankers threaten exodus if the big fat bonus cheque's are taxed.
Keep in mind that the city of London is an independent and sovereign territory, same as Vatican City.
So will the new payroll tax on bank executive bonuses mean the City of London will relocate and become the City of Avarua (Cook Islands) or, more likely, the City of Luxembourg?Frankly, I was a little surprised to see that mentioned main stream media. It is however near the bottom, and no one really ever reads to the end....
Apparently the poor little rich bankers don't want to ante up any taxes to the lackey governments. I mean with friends like these bankers, what government needs any other enemies?
Veiled threats to leave London from an industry that insists it must pay out billions in bonuses to remain "competitive", barely a year after driving the global financial system to the brink of collapse, have largely fallen on deaf ears among politicians and the public.
And this statement from Bob Diamond, the head of Barclays Capital and one of Britain's highest-paid bankers, warned last week.
"It's very important that the major financial centres are balanced . . . This has to be a race to the top, not the bottom."
Except for the rest of us, right Bob Diamond?
The non-elitist populace. Average Jane and Joe. For the rest of us ...??
It is a race to the bottom, and then you all can fight for the scraps!