CAPITALISM'S ACHILLES HEEL Dirty Money and How to

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80 CAPITALISM’S ACHILLES HEEL Citibank Switzerland private bank guaranteeing him 20 percent of the first three years of client net revenues earned by the bank from each client he referred to the private bank.” 59 In other words, Citibank was contracting to pay a finder’s fee for millions brought in from dubious sources. Citibank went on to open three accounts in Switzerland for Zardari, with Schlegelmilch as the signatory. In October 1994, Citibank records show that $10 million was deposited into Capricorn’s Dubai account by Razzak Yaqub’s company, A.R.Y. International Exchange. 60 In December, Razzak Yaqub received an exclusive import license and proceeded over the next three years to ship more than $500 million in gold to Pakistan. Additional deposits flowed into the Dubai and Swiss Citibank accounts, and funds also were shifted to Citibank Channel Island subsidiaries. The original ceiling on the accounts of $40 million was reached quickly. 61 Toward the end of her second term, the Bhutto case took a bizarre turn. Representatives of the Pakistan Muslim League, an opposition party, met in 1995 with private investigators in London who offered documentary proof from an unnamed source of Bhutto’s corruption, in return for a modest fee of $10 million. That deal was not consummated, but two years later, with Bhutto out of office and under investigation, the offer was reportedly concluded for $1 million. 62 The documents “appeared to have been taken from the Geneva office of Jens Schlegelmilch.” 63 In 2000 Pakistan’s National Accountability Bureau, with the thankless task of investigating corruption, drew upon these documents and other sources and released details of assets and accounts belonging to Bhutto and Zardari. Even to jaded observers, the scale of their holdings was stunning: hundreds of properties, dozens of companies, and dozens of bank accounts. A partial listing of only foreign holdings reported by the National Accountability Bureau is provided in Table 3.4. 64 Summarizing this and other documentation, the New York Times reported that the material included “. . . letters from executives promising payoffs, with details of the percentage payments to be made; memorandums detailing meetings at which these ‘commissions’ and ‘remunerations’ were agreed on, and certificates incorporating the offshore companies used as fronts in the deals. . . . The documents also revealed the crucial role played by Western institutions. Apart from the companies that made payoffs, and the network of banks that handled the money . . . the arrangements made by
Dirty Money at Work 81 TABLE 3.4 FOREIGN ASSETS ALLEGEDLY BELONGING TO BHUTTO AND ZARDARI Country Properties/Companies Bank Accounts United Rockwood Estate, Surrey, 20 Barclays Bank, 3 accounts; Kingdom room mansion, 355 acres, polo National Westminster Bank; grounds; 4 London flats Harrods Bank; Midland Bank France Normandy chateau, in Crédit Agricole, 3 accounts; Zardari’s parents’ name; Banque Nationale de Paris; Banque Cannes properties La Henin Switzerland Union Bank of Switzerland; Barclays Bank (Geneva); Citibank (Geneva); Banque Nationale de Paris; Swiss Bank Corporation; Credit Suisse; Pictet et Cie; Banque Francaise du Commerce; Cantrade Ormond Burrus; Banque Pasha United Wellington Club East, Florida; Barclays Bank, New York; States India Mound, Florida; Citibank, New York; 3 residential properties, Florida; Lapworth Investment, Florida; Intro Food, Florida; Dynatel Trading, Florida; A.S. Realty, Florida; Bon Voyage Travel, Florida UBS, New York British Bomer Finance, Mariston Virgin Securities, Marleton Business, Islands Capricorn Trading, Dargal Associated, Fargarita Consulting, Marvil Associated, Penbury Finance, Oxton Trading, Brinslen Investment, Climitex Holding, Elkins Holding, Minterler Invest, Silvernut Investment, Tacolen Investment, Tulerston Invest, Marledon Invest, Dustan Trading, Reconstruction and Development Finance, Nassam Alexander
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CAPITALISM’S ACHILLES HEEL Dirty
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concerted actions to reduce opportu
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Copyright © 2005 by Raymond W. Bak
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CONTENTS Prologue 1 CHAPTER 1 Globa
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CHAPTER 10 Philosophy Becomes Cultu
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“ CHAPTER 1 GLOBAL CAPITALISM: SA
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Global Capitalism: Savior or Predat
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“ CHAPTER 4 MAGNITUDES AND MISUND
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CHAPTER 5 THE GLOBAL DIVIDE WRITING
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CHAPTER 6 “I DON’T UNDERSTAND
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CHAPTER 7 IT’S THE 70 TO 90 PERCE
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“ PART III DISUTILITY: BENTHAM KO
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Disutility: Bentham KOs Smith 281 t
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study and lecture, taking up in 175
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The Anguish of Adam Smith 285 of gr
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The Anguish of Adam Smith 287 Preva
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The Anguish of Adam Smith 289 Preva
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The Anguish of Adam Smith 291 Smith
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ing the joys of wealth to all. In t
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The Anguish of Adam Smith 295 paid
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seated concern for exemplary behavi
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The Anguish of Adam Smith 299 want
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ut, with growing passion for legal
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The Joys of Jeremy Bentham 303 fice
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view in 1824 as an outlet for their
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Bentham’s ideas were not all outl
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PROBLEMS The Joys of Jeremy Bentham
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The Joys of Jeremy Bentham 311 Jere
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ate homogeneity, and the lowest inc
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Philosophy Becomes Culture 315 intr
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Philosophy Becomes Culture 317 Desi
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Thus, from the late 1700s to the ea
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Philosophy Becomes Culture 321 War
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The point is much simpler. In the v
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dard model attempt to incorporate t
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tarianism, operating through tenets
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Philosophy Becomes Culture 329 enou
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Philosophy Becomes Culture 331 •
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CHAPTER 12 SPREADING PROSPERITY RES
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CHAPTER 13 RENEWING CAPITALISM SHOR
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ACKNOWLEDGMENTS JENNIFER NORDIN has
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Acknowledgments 379 helpful. E. J.
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Acknowledgments 381 I’m addressin
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384 NOTES 10. Harry Shutt, The Trou
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386 NOTES countries, can be exchang
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388 NOTES 14. U.S. Senate, Committe
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390 NOTES 51. Sultan Ahmed, “Reco
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392 NOTES 82. Gregg Zoroya, “Mili
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394 NOTES Transnational Crime and C
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396 NOTES 131. 2002 Human Rights Re
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398 NOTES 148. Susan Sachs, “Huss
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400 NOTES 181. Ibid., 48. 182. UN S
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402 NOTES 212. Decree of the Presid
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404 NOTES combination of mispricing
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406 NOTES bulk cash shipments. Some
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408 NOTES 43. Two “name and shame
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410 NOTES of arbitrary assessments
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412 NOTES plan. An even more refine
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414 NOTES 35. Bhalla, Imagine There
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416 NOTES The Bank for Internationa
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418 NOTES CHAPTER 8 The Anguish of
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420 NOTES 3. Jeremy Bentham, Consti
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422 NOTES 25. Ibid., 31. 26. A.C. P
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Abacha, Mariam, 62 Abacha, Mohammed
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Canada, 84, 128, 141, 143, 148, 149
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component of dirty money; Criminal
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Gross domestic product (GDP): corru
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Maldives, the, 36 Malik, Rehman, 83
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Razzak Yaqub, Abdul, 79, 80 Real es
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Tesler, Jeffrey, 66 Thailand, 90, 1
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