“A couple of weeks ago, I visited Mexico City—one of my favorite cities in the world. It’s a remarkable place, not least because of the food, the museums, and the culture, but also because of the incredible economic changes taking place in Mexico right now—both in the capital and all around the country. Every time I visit, I think the same thing: if I were starting my career, especially if I lived in a nation where I couldn’t explore my full potential, I’d try my luck in Mexico. Why? Because Mexico is finally beginning to unlock its true potential as an economic powerhouse.” [BI]
Citi Subsdiary Will Always Have A Special Place In Mike Corbat’s Heart, No Matter How Many Of Its Employees He Has To Fire For Engaging In FraudBy Bess Levin
Right now we’re at a dozen (and counting). Read more »
Obama’s State Of The Union China Mentions, Lack Of Appreciation For A Magnificent Ballroom Enraged Donald TrumpBy Bess Levin
As you may have heard, last night President Obama gave his State of the Union address, in which he mentioned China a couple of times. This, legendary businessman Donald Trump says, “was the low point of the speech.” While Trump pretty much hated the entire thing (there was “no substance whatsoever” and he “didn’t hear anything about all these states that are going to go bankrupt”), it was the China stuff that really grinded his gears. “Totally inappropriate,” the bankruptcy expert told Joe Kernan and Becky Quick this morning on Squawk Box. “What’s up with you and China? What got your dander up,” Joe asked, hoping to lighten the mood. “Did they tell you you couldn’t build a golf course over there or something?” Unfortunately, Donald was in no mood for jokes. Not when it comes to China, or the suggestion anyone tells him where he can and cannot build golf courses. Read more »
Authorities Find On-The-Run National Century Financial Exec Rebecca Parrett In Mexico, Bust Up Her Good TimeBy Bess Levin
Pop quiz: you’re a 62 year-old financial services executive and you’ve been convicted of fraud, money laundering and conspiracy for your role in a $2.9 billion fraud and sentenced to 25 years in prison, not to mention ordered to pay $2.38 billion. Do you a) sit around moping in your home in the deceptively named town of Carefree, Arizona, waiting to be hauled off to the big house or b) say fuck it, flee to Mexico, and have yourself declared a fugitive? If you’re Rebecca Parrett, pictured, you’re gonna go with the answer b.
Moving along in the scenario, what do you do when you get there? Lay low, for a while? Not draw attention to yourself? Or live it up while you still can? Again, being Parrett, who’s been married 6 times, you go with door number two, which involves facelifts (as you have a 7th husband to bag) and dancing your ass off. Read more »
One sort of expects the phrases “smuggling” “drug cartel” “corruption” to include the word “Mexico” as well. Until now the addition of “oil smuggling” wasn’t really the sort of thing you expected. Until now.
The U.S. government is investigating whether several U.S. companies took part in a cross-border scheme to siphon oil products from Mexico’s state oil company and smuggle them across the border.
The probe is part of a broader two-year joint U.S.-Mexican investigation into a network of Mexican oil smugglers supported by the Gulf drug cartel, one of Mexico’s most powerful and brutal criminal organizations.
What really interests us, however, is how many U.S. based drug smuggling operations may have violated the Foreign Corrupt Practices Act while dealing with crooked executives at Petroleos Mexicanos.
U.S. Firms Probed in Mexico Oil Scam [The Wall Street Journal]
The United States openly violated the NAFTA treaty last week. True, there’s a mess of a gang war along Mexico’s border with the United States, but closing the southern border to truck traffic (long a goal of unions in the United States) is a no-no under the terms of the treaty and Mexico has fired a return volley, smacking a number of U.S. exports with tariffs up to 45%. Ouch.
You’d think these people never heard of the Great Depression. Smoot-Hawley here we come!
Mexico Puts Tariffs on U.S. Goods in Truck Dispute [Bloomberg]
The tariff list (in the original Spanish)