From what I’ve read and understood about Money Laundering and Transnational Financial Fraud, it is a criminal act and the money thus generated continues to be tainted money, even if it resurfaces in the garb of legitimate revenues. This re-appearance of the tainted money or assets is the 3rd phase of Money Laundering operation, called ‘integration’.
One of a favourite modus operandi in Money Laundering, I am given to believe, is the use of ‘shell companies’, where the ownership is hidden, to shield the guilty from the reach of the law. Even worse, the ownership is swapped around in the blink of an eye, to confuse and confound the law enforcement and the victims from ever getting hold of the guilty.
Whenever the law is finally able to confront the suspicious corporate entity, the ownership has changed hands and authorities come away with a ‘shrug and a shake’.
If you don’t believe me, just see what the International Olympic Committee has done. They very well know that Dow Chemicals bought the erstwhile Union Carbide, which is criminally culpable for the 1984 Bhopal Gas Tragedy - the Union Carbide India Ltd., has been convicted in a court of law - yet chose to jump in bed with Dow Chemicals for sponsoring the Olympics.
Spirit of Olympics? Eff it!
The smell of money, easy money, trumps over the stench of death any day.
But this is all old story, which has been in public domain for many years. So why do I bring it up now?
It is because the International Olympic Committee has written to India that Dow Chemicals is some sort of a Saint [http://www.bbc.co.uk/news/world-asia-india-17054672].
Because Dow bought Union Carbide only in 2001 (1999?), the present company is not responsible or culpable for Bhopal Gas Tragedy of 1984, and is ‘innocent’ - probably pretty pure as snow.
I don’t know whether Lord Coe, London 2012 committee (LOCOG) and IOC have been snorting snow or something else up their collective nose (if not elsewhere). There is a small problem of Dow Chemicals paying out for asbestos related liabilities in the US, which were due to Union Carbide’s activities in 1970’s.
Which proves that DOW accepts that it is the principal for UCC, as far as US is concerned, but doesn’t want to admit it to India, which means it is acting as a shell company. You know, I’m him, but not him.
There is also another trifling matter reported 4 days back alleging that Dow Chemicals continued to trade products of Union Carbide banned in India (since 1992), thorough a 'web of intermediaries', after it bought Union Carbide. In case you haven’t caught it yet, ‘web of intermediaries’ is a tongue in cheek term for ‘shell companies’.
Even worse is their defence, if it can be called one, in the last para of page 1 (of the report).
quote - “None of the alleged business transactions cited as violating the 1992 court order involved products or technologies that are covered by the court order which only applied to UCC properties in India. It did not apply to UCC products or technologies acquired overseas and brought into India by other separate companies” - unquote.
8-0
Can you believe it? There are some products banned in India, which are (were) produced or manufactured by Union Carbide. Dow Chemicals says they continued to sell those same products in India, produced or manufactured by (erstwhile) Union Carbide outside India, through other ‘separate’ companies, even though they were banned. So it is perfectly legal.
>:->
Effing Lord Coe, Please answer me this.
I take it to mean that every Olympian (and by extension, every human being) -
(Image is web snap shot of Dow parody site dowethics.com)
My Satanic half stutters, ‘Perhaps the Indian Government ought to order the Tatas and the Mittals to shut down their auto and steel plants in Britain for the next 6 months. And bad mouth the Eurofighter in every Capital where every Minister visits!’
One of a favourite modus operandi in Money Laundering, I am given to believe, is the use of ‘shell companies’, where the ownership is hidden, to shield the guilty from the reach of the law. Even worse, the ownership is swapped around in the blink of an eye, to confuse and confound the law enforcement and the victims from ever getting hold of the guilty.
Whenever the law is finally able to confront the suspicious corporate entity, the ownership has changed hands and authorities come away with a ‘shrug and a shake’.
If you don’t believe me, just see what the International Olympic Committee has done. They very well know that Dow Chemicals bought the erstwhile Union Carbide, which is criminally culpable for the 1984 Bhopal Gas Tragedy - the Union Carbide India Ltd., has been convicted in a court of law - yet chose to jump in bed with Dow Chemicals for sponsoring the Olympics.
Spirit of Olympics? Eff it!
The smell of money, easy money, trumps over the stench of death any day.
But this is all old story, which has been in public domain for many years. So why do I bring it up now?
It is because the International Olympic Committee has written to India that Dow Chemicals is some sort of a Saint [http://www.bbc.co.uk/news/world-asia-india-17054672].
Because Dow bought Union Carbide only in 2001 (1999?), the present company is not responsible or culpable for Bhopal Gas Tragedy of 1984, and is ‘innocent’ - probably pretty pure as snow.
I don’t know whether Lord Coe, London 2012 committee (LOCOG) and IOC have been snorting snow or something else up their collective nose (if not elsewhere). There is a small problem of Dow Chemicals paying out for asbestos related liabilities in the US, which were due to Union Carbide’s activities in 1970’s.
Which proves that DOW accepts that it is the principal for UCC, as far as US is concerned, but doesn’t want to admit it to India, which means it is acting as a shell company. You know, I’m him, but not him.
There is also another trifling matter reported 4 days back alleging that Dow Chemicals continued to trade products of Union Carbide banned in India (since 1992), thorough a 'web of intermediaries', after it bought Union Carbide. In case you haven’t caught it yet, ‘web of intermediaries’ is a tongue in cheek term for ‘shell companies’.
Even worse is their defence, if it can be called one, in the last para of page 1 (of the report).
quote - “None of the alleged business transactions cited as violating the 1992 court order involved products or technologies that are covered by the court order which only applied to UCC properties in India. It did not apply to UCC products or technologies acquired overseas and brought into India by other separate companies” - unquote.
8-0
Can you believe it? There are some products banned in India, which are (were) produced or manufactured by Union Carbide. Dow Chemicals says they continued to sell those same products in India, produced or manufactured by (erstwhile) Union Carbide outside India, through other ‘separate’ companies, even though they were banned. So it is perfectly legal.
- By this logic, if Juarez Cartel produces marijuana, which is banned in the US, in its farms in Mexico, and that marijuana is brought into the US by other separate companies, Juarez Cartel isn’t guilty?
- Or this. Mexico transits 90% of the Colombian cocaine into the US. Since it is the Mexican cartels (which are separate and distinct from the Colombian Cartels) that transport the cocaine into the US, Cali Cartel was innocent? What they did was perfectly legal?
>:->
Effing Lord Coe, Please answer me this.
- If Dow Chemicals is responsible for Union Carbide’s 1970’s screw-up in the US, how is Dow Chemicals not responsible for Union Carbide’s 1984 screw-up in India?
- If producing cannabis in Mexico or cocaine in Columbia and transporting through another separate entity into the US is illegal, how can Dow Chemicals trade through separate ‘intermediaries’ banned products into India and call it legal?
I take it to mean that every Olympian (and by extension, every human being) -
- ought to be treated and taken equally; and
- not to be rated as per his race, nationality or her skin colour; or
- how much money he or she (or his company) has;
(Image is web snap shot of Dow parody site dowethics.com)
My Satanic half stutters, ‘Perhaps the Indian Government ought to order the Tatas and the Mittals to shut down their auto and steel plants in Britain for the next 6 months. And bad mouth the Eurofighter in every Capital where every Minister visits!’
No comments:
Post a Comment