From 1972 to 1991, rogue bank BCCI ran a racket using the corrupt government of Panama for protection as it provided deposit services to crooks from Colombia. BCCI convinced former American president Jimmy Carter to promote them by tricking him that they were not corrupt and they were helping to develop the Third World. When the bank was shut down in 1991, it was discovered that all of its annual reports signed by Big Four auditors were fake and actually the bank was never profitable because it was booking “loans” which were transfers to crooks who never intended to repay.
Starting from 1993 and still continuing today, rogue bank Parex/Citadele is running a racket using the corrupt government of Latvia for protection as it provides deposit services to crooks from the former Soviet Union. Citadele has convinced former Federal Reserve chairman Paul Volcker to promote them, and amazingly he has agreed even though the Latvian Prime Minister has (after fraudulently winning the October election) admitted that the Latvia/EBRD/Parex bailout in 2009 was a deception with a secretly reversible share transfer.
How large with the fraud grow? How many millions of people’s lives will be ruined? Will Parex/Citadele/Latvia/Volcker be able to surpass the old record set by BCCI/Panama/Carter?