Word: panamanians
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Dates: during 1980-1989
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Colombia's Banco de Occidente has no U.S. branches, but its Panamanian subsidiary did a booming underground business in America. The Panama bank is expected to plead guilty in Atlanta federal court this week to charges that it laundered hundreds of millions of dollars in drug profits for Colombia's Medellin cocaine cartel. The bank allegedly collected the illicit money in New York bank accounts, from which money was wired electronically to Europe and Latin America...
...part of the plea agreement, the Panamanian bank could pay a $5 million fine, giving up most of its $6.7 million net worth. The fine would be the largest U.S. penalty ever paid by a bank on money-laundering charges and would be the first time a foreign bank with no formal operations in the U.S. has been convicted of such violations...
Meanwhile in Texas, high winds and rough water complicated efforts to control the mile-long slick that resulted from a collision between the Panamanian-registered tanker Rachel B and a barge being towed by a tugboat in the Houston Ship Channel. Fortunately, the accident occurred in inland waters, where it is somewhat easier to clean up a spill than in the open...
...George Bush's turn. So far, he has made the best of a bad situation. After Noriega stole the Panamanian election, Bush consulted regional leaders and downplayed the threat of military intervention. The result has been the isolation of Noriega and the reassurance of other Latin Americans about U.S. methods and intentions. Last week the Organization of American States passed a resolution holding Noriega responsible for "abuses" and called on him to surrender power...
...final ironic twist, one of the President's most effective allies in the whole affair has been Jimmy Carter, and now it is the Noriega regime that evokes Teddy Roosevelt's memory to stir up fears that the Yanquis are coming. The Panamanian curse has yet to be lifted, both from the U.S. and from Panama itself...