2018-02-16

Saipan's #1 Export: Capital Control Evasion

From an in-depth Bloomberg article on Saipan's casino: A Chinese Casino Has Conquered a Piece of America
Per capita, there’s almost certainly more Chinese money moving through Saipan than anywhere else in the world. The unprecedented flow of capital has allowed Imperial Pacific to operate in ways that would be unthinkable within the 50 states. When laws have become inconvenient to the company, they’ve been flouted; when the requirements of its contract with the government have become onerous, they’ve been removed; when legislators have tried to interfere, they’ve been ignored. Imperial Pacific has made millions of dollars in payments to family members of the territory’s governor, Ralph Deleon Guerrero Torres. Remarkably, the company has also enjoyed the support of a gold-plated roster of American politicos. Its advisers and board of directors have included former directors of the CIA and FBI and former governors of Mississippi, New York, and Pennsylvania.
Theranos had lots of elites on its board and it was a scam. It's possible all of these clowns are collecting checks and covering for corruption. It's also possible the U.S. is keeping an eye on the money flows.

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