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from an old post at free republic
http://www.freerepublic.com/forum/a389b6b6e3fd7.htm
The whole S&L debacle was a huge money laundry/grower for the CIA's
Iran-Contra cocaine money.
Set up a chain of cash based businesses, corner markets, multiplex movie
theaters, video rental places, etc., businesses with high cash intake
and no real inventory tracking. Commingle the drug proceeds with the
store profits and (after taxes) send to a deposit broker who brokers the
cash into hundreds of separate deposits with a target S&L, all under the
$100,000 insurable limit. This is WHY the limit on insured deposits was
cranked up that high.
With the connivance of an officer at the bank, send straw borrowers to
borrow that money back out again against over-valued collateral. The
loan proceeds are wired anywhere in the world, cleaned and ready for
use.
The loan defaults, and the S&L collapses. And here's the really great
part. The CIA druggies are still on the books for their original insured
deposits, to be reimbursed by the taxpayer!
Presto, ten million in drug money becomes (after various expenses and
bribes) eighteen million in just 6 months with zero risk.
Except to the taxpayer, of course.
"If the people were to ever find out what we have done, we would be
chased down the streets and lynched."
-- George Bush, cited in the June, 1992 Sarah McClendon Newsletter
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