$325 Billion in drug money rescued banks during credit crisis

A United Nations top official has stated that billions in drug money was the reason banks were saved during last years financial collapse.

The guy who wrote Freakonomics is gonna have a field day with this story.

“Antonio Maria Costa, head of the UN Office on Drugs and Crime, said he has seen evidence that the proceeds of organised crime were “the only liquid investment capital” available to some banks on the brink of collapse last year. He said that a majority of the $352bn (£216bn) of drugs profits was absorbed into the economic system as a result. [The Observer]

Dealers around the world are so gonna rub this in.

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~ by mcsavage on December 13, 2009.

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