Drug Money Saved Banks In Global Crisis, Claims UN Adviser -- The Guardian
Drugs and crime chief says $352bn in criminal proceeds was effectively laundered by financial institutions.
Drugs money worth billions of dollars kept the financial system afloat at the height of the global crisis, the United Nations' drugs and crime tsar has told the Observer.
Antonio Maria Costa, head of the UN Office on Drugs and Crime, said he has seen evidence that the proceeds of organised crime were "the only liquid investment capital" available to some banks on the brink of collapse last year. He said that a majority of the $352bn (£216bn) of drugs profits was absorbed into the economic system as a result.
Read more ....
My Comment: Call me a skeptic. Government regulates everything .... if there is proof to the assertion that drug monies helped in supporting the financial system during the height of the credit crunch, they should then release this information. But they have not for the simple reason that they have no evidence to prove this point.