Saturday, December 10, 2016

Beginning to learn why Mexico's central banker is leaving town

A number of the PRI's state governors have been implicated in corruption schemes and other misdeeds. Several of them have gone on the run.Tomas Yarrington, governor of the northeastern state of Tamaulipas from 1999 to 2004, is accused of profiting from the network of the Gulf cartel, which funneled cocaine to the US for much of the 2000s. Yarrington was indicted in the US on a number of charges, and he has been on the run since 2012.Humberto Moreira, the governor of northern Coahuila state from 2005 to 2011 and a former president of the PRI, was arrested in Spain early this year on suspicion of money-laundering and embezzlement.Moreira, who has never been formally charged, was released by Spanish authorities a week after his arrest.US authorities seized a property in Texas registered to Moreira's mother in relation to an investigation "into millions of dollars that were reportedly stolen form the coffers" of Coahuila.This week, Moreira — whose brother, Rubén, is currently governor of Coahuila — announcedthat he was looking to run for a local deputy position next year; a position that comes withimmunity from arrest.But in the gallery of PRI officeholders accused or convicted of graft and corruption, Javier Duarte, the PRI governor of Veracruz from 2010 until October this year, stands out.A still unfolding investigation mounted by Mexican news site Animal Politico has uncovered millions of dollars in missing federally allocated funds and found that Duarte's administration funneled $35 million to shell companies, in addition to numerous properties in Mexico and abroad acquired by Duarte himself.

A prior PRI Pres had a brother abscond with a billion or so.  So, we can obviously understand the currency banking plus Magic Walrus has been a very bad idea, and its time has come.  Central banking is really a horrific problem.

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