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 Behind Hong Kong?s black terror Mon Oct 14, 2019 12:12 | amarynth
By Pepe Escobar – Hong Kong : Posted with permission Deciphering who?s behind the violence leads to a long list of possibilities ?If we burn, you burn with us.? ?Self-destruct

offsite link Washington abandons its Kurdish proxies as Ankara and Damascus step in Sun Oct 13, 2019 21:38 | The Saker
By Aram Mirzaei Even though I have my doubts over whether Washington will actually withdraw from Syria fully, it seems as if their Kurdish proxies in northern Syria have been

offsite link The Terrorists Among US10| The IO Echo Chamber Scott Shane Joel Harding Sun Oct 13, 2019 21:35 | The Saker
by George Eliason for The Saker Blog At the beginning of October, I was contacted by the New York Times, @ScottShane for an interview about US President Donald Trump. The

offsite link President Putin Interview with Al Arabiya, Sky News Arabia and RT Arabic Sun Oct 13, 2019 16:54 | Scott
In advance of his visit to the Kingdom of Saudi Arabia and the United Arab Emirates Vladimir Putin answered questions from Al Arabiya senior presenter Mohammed Tomaihi, Sky News Arabia senior presenter Mohannad Khatib and RT Arabic Public

offsite link EXPLAIN THIS ? Plans to Rebuild WTC-7 Over 1 Year Before It?s Destruction Sat Oct 12, 2019 16:30 | The Saker
Sent to me by a friend, it covers only a tiny faction of the issue, but it is a highly relevant one nonetheless. 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 Communities Against Low Pay Campaign 15:24 Mon Oct 14, 2019 | WorldbyStorm

offsite link A predictable negative response?. 10:51 Mon Oct 14, 2019 | WorldbyStorm

offsite link If voting could change things? 09:25 Mon Oct 14, 2019 | WorldbyStorm

offsite link Left Archive: Revolution in Italy, Irish Socialist Network, 2000s 07:46 Mon Oct 14, 2019 | irishonlineleftarchive

offsite link Ulick O?Connor 18:35 Sun Oct 13, 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