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U.N. Crime Office Says Illegal Drug Money Floated Bank Stocks

by Emilio Lizardo | January 27, 2009 at 10:08 am

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A statement issued recently by the U.N. crime chief claims illegal drug money was used to prop up bank stocks during the global economic meltdown which began in the run-up to last year's American presidential elections.

It is suprising to hear such a claim from as august and credible a body as the U.N itself, when normally such 'conspiratorial viewpoints' are voiced on the many conspiracy websites which currently abound on the internet. Typical claims on such websites even go so far as to offer the following equivalent for the well known acronym, CIA - "The Cocaine Importing Agency." Of course, we know the CIA actually stands for the American Central Intelligence Agency.

U.N. crime chief says drug money flowed into banks

VIENNA: The United Nations' crime and drug watchdog has indications that money made in illicit drug trade has been used to keep banks afloat in the global financial crisis, its head was quoted as saying on Sunday.

Vienna-based UNODC Executive Director Antonio Maria Costa said in an interview released by Austrian weekly Profil that drug money often became the only available capital when the crisis spiralled out of control last year.

"In many instances, drug money is currently the only liquid investment capital," Costa was quoted as saying by Profil. "In the second half of 2008, liquidity was the banking system's main problem and hence liquid capital became an important factor."

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Amy Judd

at 14:17 on January 27th, 2009

Wow, well I suppose it has to come from somewhere, but I wouldn't have guessed it had gone this far.

eastvanray

at 14:22 on January 27th, 2009

Just another example of the positive impact of illegal drugs. I bet soon a Mexican drug lord will cure cancer with a proprietary mixture of cocaine and heroin delivered through a specially designed glass vapour-inhaling vessel!