Real News Network’s Paul Jay interviews Léonce Ndikumana, Professor of Economics at the University of Massachussets – Amherst. He is the Director of the African Policy Program at the Political Economy Research Institute (PERI). Originally published at RNN.
Here’s what I see as the money quote:
[NDIKUMANA:] You also have to look at where the money is going. These banks are actually established in nations with rules, very clear rules about banking. When we say offshore centers, when we say secrecy jurisdictions, when we talk about banking secrecy, people may think that these are alien lands, in no-man lands, but actually you will be surprised to know, if you didn’t know—I’m sure you know, but for those who didn’t know, they will be surprised to hear that the biggest offshore centers are in countries like the U.K., in London, the U.S., in New York, Paris in France. These are the biggest offshore centers where you find banks colluding with corrupt leaders, corrupt private investors, in hiding and not disclosing their investments and their bank accounts, because some of it was acquired illegally, was transferred illegally, is held illegally in the sense that it’s not reported to the government.
Yeah, shocked, shocked, but this needs to be said over and over again. When I was picking this quote, I looked through the transcript for the qualifier that would distinguish “these banks” from the other, honest, banks. The ones that weren’t run by criminals. And oddly, or not, that qualifier wasn’t to be found…