Word: bankers
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Dates: during 1980-1989
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...seven-year-old bank is solidly profitable, a respected institution in Encino, Calif. But John J. Keating, president of Lincoln National Bank, is getting a bum rap all over town. The banker and his institution are suffering from guilt by association with Charles Keating, the savings and loan operator whose Lincoln Savings and Loan of Irvine, Calif., was taken over by federal regulators last April. Charles Keating is a subject of a congressional investigation to determine if he tried to buy favors from five U.S. Senators. John Keating, on the other hand, is not even wanted for a traffic violation...
...Willemstad, the sunny Caribbean capital of the Netherlands Antilles, a banker ushers an American visitor through a hotel casino and into a dining room overlooking the harbor. During refreshments, the prospective customer says he expects a six-figure cash windfall soon and would like to bring the money "quietly" into the U.S. At first the banker responds cautiously. "This money isn't, ah, tainted, is it?" When the American assures him it is not, the officer of the Curacao branch of the French-owned Credit Lyonnais Nederland smiles and orders another tonic water. In that case, says the banker...
...American were questioned by the Internal Revenue Service or other authorities about the source of his wealth, he could point to his loan from a respected international bank. "Many of your largest corporations, many of your movie stars, do much the same thing here," says the banker. "We wouldn't want to handle criminal money, of course. But if it's just a matter of taxes, that is of no concern...
Drug Enforcement Administration officials told TIME that one of Rodriguez's purported financial advisers, Panama-based Mauricio Vives, tried desperately to keep moving the money one step ahead of the agents. Vives called a British banker and told him to move several million dollars, fast, to an account in Luxembourg. If the bank were to delay, his Colombian client would kill him, Vives pleaded. The banker refused, and British authorities cooperating with the DEA froze the account. Not all countries were as helpful. U.S. agents said they tracked Rodriguez's money to the Cayman Islands, Spain and Montserrat, but local...
Still, Hong Kong remains the pre-eminent laundering center in the Pacific. Almost everyone there does it, usually legitimately, at least according to the laws of Hong Kong, where even insider trading is no crime. By the puritan standards of the U.S., says one American banker, "the lack of public disclosure here is scandalous." The city is a mecca for arms dealers, drug traffickers and business pirates of every description. "Where else could I broker a deal that involves machine guns from China, gold from Taiwan and shipments traded in Panama City?" says a Brazilian arms merchant who maintains...