Banking executive from CIBC’s FirstCaribbean International Bank carried FIFA bribe!

Why would a CIBC FirstCaribbean International Bank executive travel from the Bahamas to New York to personally pick up a US$250,000 cheque?

Why not just wire the funds? Why not send the cheque via courier?

The answer appears to be that the US$250,000 was being money-laundered by one of FIFA’s top officials, Chuck Blazer. After picking up the cheque in New York, the banking executive returned to the Bahamas and deposited the cheque into Blazer’s personal offshore account.

I didn’t really catch onto this at first. I thought it was a situation where the CIBC had been unknowningly duped or had a client misuse the bank. But that isn’t what happened according to the articles in the press – the CIBC FirstCaribbean International Bank was directly and knowingly involved in money-laundering.

Surprised? You shouldn’t be. Anyone who has seen the award-winning documentary about the 2008 meltdown – Inside Job – knows that the banks are rotten to the core, and in conjunction with bribed elected and appointed officials ensure that the motto of the inside crowd remains “Profits are private. Losses are public.”

Closer to home just look at Clico and the Barbados DLP government.

But for you and me though, just miss a mortgage payment or don’t pay taxes and see what happens. Wuhloss!

FIFA scandal exacerbates Canadian banks’ Caribbean troubles

An eyebrow-raising disclosure in the U.S. indictment of FIFA officials is that a representative of a Caribbean bank made it easy for one allegedly illegal transaction to be done by flying to New York to personally collect a check and then returned to deposit it in an account in the Bahamas.

This unusual courier service, which reduced the electronic trail on a $250,000 payment to former FIFA official Chuck Blazer in May 2011, was provided by an unnamed officer of Barbados-based CIBC FirstCaribbean International Bank, the indictment shows. CIBC FirstCaribbean is a subsidiary of Canadian Imperial Bank of Commerce, Canada’s fifth-largest bank.

That cheque, U.S. prosecutors allege, was part of a $10 million bribe paid in return for the votes of then FIFA vice president Jack Warner, Blazer and another FIFA official in support of South Africa being granted the rights to host the 2010 World Cup.  

Blazer has pleaded guilty to a series of financial crimes, including money laundering, wire fraud and tax evasion, and is cooperating with authorities. Trinidad and Tobago-based Warner, who has been charged with bribery, wire fraud and money laundering offences, has consistently denied wrongdoing.

… continue reading the Financial Post

FirstCaribbean Bank among institutions named in FIFA controversy

MONTEGO BAY, Jamaica (CMC) – CIBC FirstCaribbean International Bank says it is carrying out an ongoing review of all its policies and processes associated with money laundering and fraud after being named among several regional financial institutions in investigations into fraud at the world football governing body, FIFA.

According to allegations, one of the bank’s Bahamas-based executives travelled to New York to pick up a $250,000 cheque from one of FIFA’s top officials, Chuck Blazer, and returned to Nassau to deposit the funds into Blazer’s CIBC FirstCaribbean account.

Authorities investigating financial wrongdoing at FIFA claim the transaction was part of a $10-million bribe to influence which country would host the 2010 World Cup.

Blazer has pleaded guilty to charges of tax evasion and failing to declare ownership of the CIBC FirstCaribbean Bahamas account to US tax authorities.

Blazer, the former general secretary of CONCACAF, the football governing body for North and Central America and the Caribbean, has also entered into a plea deal with US federal authorities investigating FIFA.

… continue reading this article at the Jamaica Observer

4 Comments

Filed under Barbados, Business & Banking, Corruption, Offshore Investments

4 responses to “Banking executive from CIBC’s FirstCaribbean International Bank carried FIFA bribe!

  1. Party Animal

    Do we have any Honest People left in this World. From big Executives, Major Policy Makers and last but not lest POLITICIANS and LIARS sorry lawyers .
    I hope when these person are found with big US bucks on them be taken away and put into the US Treasury and those help put away in Jail.
    The first shut down I would make is Wall Street….crooks.

  2. MoneyBrain

    @Party Animal—

    Good article and your comments were great excepting you missed a couple very key points:
    1 Wall St is crooked in some respects BUT requires the Govt ie Pols to loosen regulations so they can get away with said crookedness. This is exactly what happened under the Clinton Administration (that many loved so much, Democrats are so good, BS). Glass Steegle Act was rescinded, this had been designed to address problems that caused the Great Depression.

    2 Wall St Banks have paid many $BN in fines/ penalties but no one has gone to prison or admitted any fault. Who is responsible for this—Pols/ Govt. Why didnt the Pres and his Dem administration fix this???

    3 Wall St does perform some very necessary functions and has contributed to the innovative success of the USA for more than 100 years. Even small Canadian Corps go south for $$$$.

    The World is crying out for a Benevolent Dictator to solve such problems, it comes down to financing re-election and Vote Buying in our Democracies. On Wall St when Bonus cheques are handed, out lets say U get $250k, a big-up comes along and tells U to cut a cheque for say$25-50k to which ever Party the firm intends to support. In many Nations the Pols are always playing games at the expense of the middle class, Taxing the hell out of them to GIVE to the lower (to buy their support) and Upper classes for major job creating projects.

    The crucial words are DISCIPLINE and INTEGRITY!

    Who is any more?????

  3. Pingback: First Caribbean Int'l Bank - You Thieving Bastards!!

  4. Green Monkey

    Anyone who has seen the award-winning documentary about the 2008 meltdown – Inside Job – knows that the banks are rotten to the core, and in conjunction with bribed elected and appointed officials ensure that the motto iof the inside crowd remains “Profits are private. Losses are public.”

    Seems like Paul Craig Roberts would agree:

    Greece’s Lesson For Russia — Paul Craig Roberts

    Russia and China, having emerged from a poorly functioning communist economic system, naturally regard the West as a model. It seems China has fallen for Western capitalism head over heels. Russia perhaps less so, but the economists in these two countries are the same as the West’s neoliberal economists, which means that they are unwitting servants of Western financial imperialism. Thinking mistakenly that they are being true to economics, they are being true to Washington’s hegemony.

    With the deregulation that began in the Clinton regime, Western capitalism has become socially dysfunctional. In the US and throughout the West capitalism no longer serves the people. Capitalism serves the owners and managers of capital and no one else.

    This is why US income inequality is now as bad or worse than during the “robber baron” era of the 1920s. The 1930s regulation that made capitalism a functioning economic system has been repealed. Today in the Western world capitalism is a looting mechanism. Capitalism not only loots labor, capitalism loots entire countries, such as Greece which is being forced by the EU to sell of Greece’s national assets to foreign purchasers.

    snip

    Even the language used in the West is deceptive. The Greek “bailout” does not bail out Greece. The bailout bails out the holders of Greek debt. Many of these holders are not Greece’s original creditors. What the “bailout” does is to make the New York hedge funds’ bet on the Greek debt pay off for the hedge funds. The bailout money goes not to Greece but to those who speculated on the debt being paid. According to news reports, Quantitative Easing by the ECB has been used to purchase Greek debt from the troubled banks that made the loans, so the debt issue is no longer a creditor issue.

    http://www.paulcraigroberts.org/2015/07/17/greeces-lesson-russia-paul-craig-roberts/