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A Bit of Good News Amidst the Horror . . .


Money to Burn

COMMENT: With all of the horrors unfolding around the world, a bit of good news might be welcome. Amidst all the “progressive” and right-wing carping about Obama, a significant piece of information has [understandably] been overlooked.

The story below might not appear very significant at first glance. Buried well down in the story, however, is a fascinating detail. The money laundering network being pursued and prosecuted by the Justice Department dates back to 1953!

That is the time period in which the Office of Policy Coordination and CIA were busily setting up intelligence fronts around the world, the period in which the Bormann network [1] was beginning to channel money back into Germany in order to begin “the German economic miracle,” and the period in which organized crime elements in the U.S. (often in conjunction with intelligence agencies) were ramping up their drug smuggling networks.

The implications of Obama’s Justice Department attempting to interdict this network is considerable.

“Charges for Four in Swiss-Tax Case” by Thomas Catan and Evan Perez; The Wall Street Journal; 2/24/2011. [2]

EXCERPT: The U.S. charged four former Credit Suisse AG bankers Wednesday with helping wealthy U.S. citizens evade taxes, opening a new front in its multi-year battle with Swiss banks over secret accounts.

The grand jury indictments follow the recent arrest of a fifth Credit Suisse banker in the U.S. and show the U.S. is widening its crackdown of secret bank accounts in Switzerland and elsewhere following a bruising battle with UBS AG.

The long-running U.S. probe has so far focused on the Swiss operations of major global banks such as HSBC Bank PLC. and Credit Suisse, as well as several boutique Swiss banks. Now the investigation could be widening to encompass U.S. banks that helped them move the funds around the world, according to one U.S. official. . . .The indictment also alleges that the conspiracy dated back as far as 1953 and included second-generation clients that in some cases had inherited the accounts. [Italics are mine–D.E.] . . .