Summary of How Drug Money Saved Banks in 2008

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In 2008, the global financial crisis led to banks being bailed out by the government. Antonino Maria Costa, the head of the U.N Office on Drugs and Crime, said that he had seen evidence that drug money was the only liquid investment capital available to some banks in danger of collapsing. This led to a liquidity crisis and banks needed to be saved. This money came from the drug trade, which was booming alongside the real estate market at the time.

• 00:00:00 In 2008, the government bailed out banks in order to prevent a financial crisis. Antonino Maria Costa, the head of the U.N Office on Drugs and Crime, said that he had seen evidence that drug money was the only liquid investment capital available to some banks in danger of collapsing. This led to a liquidity crisis and banks needed to be saved. This money came from the drug trade, which was booming alongside the real estate market at the time. Gangs are now estimated to be worth 458 billion dollars, most of which comes from the drug trade. If you would like to know more about this, you can click on the top right corner of the layman's bankruptcy video to watch more.
• 00:05:00 In 2008, due to the financial crisis, criminals were able to get their money into the banking system without being detected. One way this was possible was through money laundering, which is the process of disguising the origin of money. In 2019, the Basel anti-money laundering index found that five countries were the most conducive to money laundering- Mozambique, Laos, Myanmar, Afghanistan, and Liberia.