Blog Feeds

Public Inquiry
Interested in maladministration. Estd. 2005

offsite link Public Services Card: Some still forced to comply

offsite link Catholic Church: Dark influence still active Anthony

offsite link Tom Parlon launches new career in comedy Anthony

offsite link Presumption of innocence does not universally apply in Ireland Anthony

offsite link The poor standard of Irish political journalism Anthony

Public Inquiry >>

The Saker
A bird's eye view of the vineyard

offsite link Clarifying the Islamic Republic?s stance on Moscow-Tehran relations Sun Oct 20, 2019 23:42 | The Saker
By Aram Mirzaei for The Saker Blog This article is partially written in response to The Saker’s analysis on the IRGC?s arrest of Russian journalist Iulia Iuzik. In his analysis,

offsite link Bolivia at Crossroads ? Choosing Between Continued Success or Handover to US Hegemony Sun Oct 20, 2019 21:42 | The Saker
by Peter Koenig for The Saker Blog ?I don?t want to be the best President in the history of Bolivia, I want to be the President of the best Bolivia

offsite link Take Back the Democratic Party from Corrupt Elite Sun Oct 20, 2019 19:37 | The Saker

offsite link How the Western Media invented the ?mysterious murderers from GRU? Sun Oct 20, 2019 06:08 | Scott
Source: https://vz.ru/world/2019/10... Translated by Scott Humor The New York Times has published another article ?to expose the subversive work” of the GRU in Europe. We are talking about nothing less

offsite link Hillary accuses both Tulsi Gabbard and Jill Stein of being Russian agents ? Tulsi Gabbard fires back Sat Oct 19, 2019 18:28 | The Saker

The Saker >>

Human Rights in Ireland
A Blog About Human Rights

offsite link US Holds China To Account For Human Rights Violations Sun Oct 13, 2019 19:12 | Human Rights

offsite link UN Human Rights Council Should Address Human Rights Crisis in Cambodia Sat Aug 31, 2019 13:41 | Human Rights

offsite link Fijian women still face Human Rights violations Mon Aug 26, 2019 18:49 | Human Rights

offsite link Saudi Human Rights Violation Fri Aug 09, 2019 20:41 | Human Rights

offsite link China?s LGBT Community Mon Apr 15, 2019 19:19 | Human Rights

Human Rights in Ireland >>

Cedar Lounge
For lefties too stubborn to quit

offsite link Independent Left on Brexit 11:57 Mon Oct 21, 2019 | WorldbyStorm

offsite link Confusion on an historic scale 10:57 Mon Oct 21, 2019 | WorldbyStorm

offsite link Double voting 09:00 Mon Oct 21, 2019 | guestposter

offsite link Irish Left Archive: Reclaim the Republic ? Éirígí, 2006 06:37 Mon Oct 21, 2019 | WorldbyStorm

offsite link Daniel Finn: ?One Man?s Terrorist? ? Meeting Maynooth, 12 November 2019 15:36 Sun Oct 20, 2019 | WorldbyStorm

Cedar Lounge >>

Credit Suisse Banker Pleads Guilty in Mozambique Loan Scandal

category international | economics and finance | news report author Monday July 22, 2019 23:08author by Kate Zeller - Jubilee USA Network Report this post to the editors

On Friday, former Credit Suisse banker Andrew Pearse pled guilty in US Federal Court for accepting millions of dollars in a fraud scheme that led to a $2 billion Mozambique loan scandal and debt crisis in the East African country.

Washington DC - On Friday, former Credit Suisse banker Andrew Pearse pled guilty in US Federal Court for accepting millions of dollars in a fraud scheme that led to a $2 billion Mozambique loan scandal and debt crisis in the East African country. Pearse and six others are accused of taking $200 million in the scheme.

“Mozambique, one of the poorest countries in the world, is dealing with a financial crisis because of the greed of corrupt bankers," said United Nations corruption and finance expert Eric LeCompte and Executive Director of the religious development group Jubilee USA Network. “This behavior is only possible because of a lack of global loan transparency and a lack of public budget transparency in Mozambique.”

US prosecutors argue that Credit Suisse and Russian-based VTB finance group hid secret loans to the Mozambique government by bribing bank and government officials. The loans were supposed to support the tuna fishing industry, but instead supported the outfitting of boats for military attack crafts. When the secret loans to Mozambique were revealed in 2016, the IMF and World Bank cut ties with the country, halting development funding. This year, Mozambique was hit with two cyclones further impacting the debt ridden and poverty stricken country.

"Mozambique is struggling to recover from a debt crisis and terrible natural disasters," noted LeCompte.

Related Link: http://www.jubileeusa.org
author by Tpublication date Mon Jul 22, 2019 23:16author address author phone Report this post to the editors

This form of financial colonialism was well documented by John Perkins who worked for the World Bank and eventually his conscience got the better of him and he revealed all in his book. Confessions of an Economic Hit Man

And many years earlier the economist Michael Hudson wrote in 1972: Super imperialism : the economic strategy of American empire

So giving loans to poor countries to make them poorer and use it as a means to steal all their resources has been part of the plan all along. It is unclear why now they are putting people on trial in court. Perhaps it is American banks are competing with European banks in the robbery and Trump has ordered behind the scenes the investigation so that the competition is removed and American banks can get in there and doing the robbing.

 
© 2001-2019 Independent Media Centre Ireland. Unless otherwise stated by the author, all content is free for non-commercial reuse, reprint, and rebroadcast, on the net and elsewhere. Opinions are those of the contributors and are not necessarily endorsed by Independent Media Centre Ireland. Disclaimer | Privacy