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Debt Swaps and Dutch Sandwiches
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beemoe
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Joined: 07 May 2006
Posts: 845

PostPosted: Sun Mar 13, 2011 4:19 am    Post subject: Debt Swaps and Dutch Sandwiches Reply with quote

From Jefferey Robinson`s "The Sink"

Where insurance fraud is concerned, the smoke and mirrors of the offshore world are customed made for crime. Consider , for example a group of Mexican polictians who, while Schnider and Witmeyer were working their "decontrol" gimmick were working one called the "Dutch Sandwich".

Money from bribes were laundered through an offshore trust set up in the Netherland Antilles, hence the "Dutch" part of the sandwich. Those funds, moved through a shell bank, were used to purchase three savings and loans (S&Ls) in Texas, which had fallen on hard times. The S&Ls were on the block because their loan portfolios were overburdened with non-performing mortgages.

No sooner had The Mexicans taken over the three S&Ls, they bought a small domestic insurance company in Arizona which they paid for with loans from the S&Ls. Next they took the non-performing mortgages from the S&Ls and swapped them with good bonds from held by the insurance company. That meant, the S&Ls were collaterialized with profitable paper, making them very attractive, and the insurance company was sitting on a portfolio of non-performing mortagages.

To get their money out of the insurance company, the group formed an offshore re-insurance company. The Arizona operation wrote off 94 percent of their preminums to the re-insurer, which went straight back to the offshore trust. The S&Ls were sold at a handsome profit-that money also went into the trust-while the insurance company was allowed to go belly-up. The Mexicans walked away with $300-400 million.

So the debt swap thang does work if you understand the financial architecture behind it.

Have you ever read Johnathan Kwitney`s "Fountain Pen Conspiracy"? Which is real similar .
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beemoe
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Joined: 07 May 2006
Posts: 845

PostPosted: Sun Mar 13, 2011 4:22 am    Post subject: From Bee Reply with quote

You had an article concerning Dick Griffey where do I find it? Thanks.
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FINCEN
Administrative Assassin


Joined: 08 Mar 2006
Posts: 1351

PostPosted: Sun Mar 13, 2011 5:30 pm    Post subject: Link to segment on Dick Griffey Reply with quote

Here is the link http://crimefile.servertalk.in/crimefile-ftopic235.html
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