Discussion:
DISAPPEARING JOBS - THE END of THE WEST ?
(too old to reply)
Wotan
2003-10-10 10:34:02 UTC
Permalink
All multi-nationals are now owned by organised crime.

Money laundering (the process by which the proceeds of
drugs, prostitution, racketeering, etc, is converted from cash
into company shares) runs at £1.5 Trillion p.a Simple
arithmetic, therefore, confirms the first statement.

Since our western world is now owned by criminals, it is
hardly surprising that the source of our wealth and power is
being stolen from us and moved away to the lands of our
enemies.

This cannot be followed by anything other than the decline
of the Western world - and the rise of the power of our
enemies.

This process has been vastly helped by the enthusiastic
International Marxist "Nu World Order", "Global Economy",
criminal classes.

People like Blair, and others, who have secured control of
the powerful Western democracies.....
The rich world's disappearing jobs
By John Berthelsen and Indrajit Basu, atimes.com, 10/08/03
If the North American Free Trade Act passes, "you will hear a giant
sucking sound of jobs going south of the border". - H Ross Perot,
1992
In the developed world and particularly in the United States, the
scope of
jobs disappearing overseas is widening beyond all imagining, to
professions that almost nobody expected to be hit, and with far
higher
incomes than anybody thought possible as globalization bonds with the
law
of unintended consequences.
The catalyst is the Internet. As instant communication becomes more
ubiquitous, the developed world's white-collar professions, from
CAD/CAM
(computer-aided design/computer-aided manufacturing) to accounting to
medicine to architecture to aircraft design to research and
development to
engineering to equity research and financial management to knowledge
management to revenue-cycle management - a whole panorama of
high-income
employment - are inexorably going.
The impact on American and European society is inevitably going to be
far
more profound than almost anyone understands today. It is already
responsible for major positive changes in the living standards of the
middle class in other parts of the world.
The United States currently accounts for as much as 70 percent of the
world's "outsourcing", as it is called, or sometimes offshoring.
McKinsey
& Co, the international consulting firm, projects that the flight of
jobs
offshore to developing countries will grow by 30-40 percent a year
over
the next five years. By the highest estimates, as many as a million
jobs
have disappeared overseas from the US job market since the current
economic slowdown began in 2000 and could represent a major reason
for the
struggle the US economy is undergoing to right itself.
McKinsey puts the number lost from the United States at a much lower
400,000 today, but expects it to grow to as many as 3.3 million by
2015.
The business-consulting firm A T Kearney Inc projects that half a
million
jobs, or 8 percent of total employment by banks, brokerage houses and
insurance companies, will go overseas within five years.
But to show how extensive the phenomenon can be, consider some of the
more
India is emerging as the health-care destination of choice for an
increasing number of surgery candidates, with more than 60,000
foreign
patients from 34 countries treated in its top-flight Apollo Hospitals
chain in the past decade. A delegation of Indian doctors was recently
invited to London to brief British Prime Minister Tony Blair's
medical
advisers on flying surgery patients from the United Kingdom to Mumbai
and
or New Delhi for operative and post-operative care, allowing them to
recuperate, and flying them back to the UK far cheaper than treating
them
at home. Routine cardiac surgery at the best hospitals in India costs
about US$35,000, with a success rate of 98.5 percent, compared with
about
$150,000 in the United States. For more complicated problems that
cost far
more than that, cost differentials are anywhere from 200 percent to
500
percent to off the chart. And India is not alone; breast implants in
Thailand from top-flight cosmetic surgeons cost as little as 50,000
baht
($1,260) compared with a median price of about $5,000 in the United
States.
Fifteen global car makers, including General Motors, Ford,
DaimlerChrysler, Audi, Isuzu and Nissan, have set up design offices
in
India with a combined budget of $1.5 billion to outsource auto
design.
Industry estimates are that the cost of auto design in Europe's
exclusive
Pininfarina and Bertone design houses run as high as $800 an hour,
while
low-cost designers in Bangalore can do lower-level design for $60 an
hour.
India's government is in the process of liberalizing its accounting
rules
under continuing World Trade Organization (WTO) negotiations on
services.
In a move being closely watched by the Big Four accounting firms -
PriceWaterhouseCoopers, Ernst and Young, KMPG, and Deloitte Touche
and
Tomatsu - accounting, bookkeeping and auditing services are to be
opened
to overseas competition by the end of next year. Indian firms are to
be
given reciprocal market access abroad. Indian accounting costs are a
fraction of those in the United States.
Fashion design is a fast-growing field in Vietnam and India; 350
domestic
and international buyers came to Mumbai to look at India's fledgling
clothing fashion designs in a glitz-filled week in July. Designer
Rophit
Bal is working with putative tennis star Anna Kournikova. Ritu Beri
is
showing in Paris. Tarin Tahiliani has been featured in New York's
Fashion
Week and is booked for a show in Milan, the heart of Europe's fashion
industry.
The US Department of Education estimates that the United States will
need
an additional 2.2 million teachers over the next decade. The
Executive
Recruiters Association, the representative body of recruitment
agencies in
India, is urging the Indian government to appeal to the WTO seeking
an end
to what they consider to be restrictive trade practices in the
teaching
professions and allow more Indian teachers into the US. Indian
teachers,
with excellent English-language skills, would find an annual salary
of
$35,000 an enormous amount of money. There are already some school
districts from Texas said to be recruiting in India.
This article concentrates mainly on India and is only a small
specific
sample of the developed-world jobs and services that are in the
process of
disappearing overseas. Canada, Ireland and Israel, with large
English-speaking populations, are also particularly attractive to
Western
firms, primarily because English is widely spoken, and well. But in
other
countries such as India, the Philippines, South Africa, Ghana and Sri
Lanka, English is also widely spoken, and well, and costs are
minuscule.
Russia, with its well-educated tech professions, is also a
destination.
"Anywhere you have social and economic growth, any of the Third World
countries are wonderful opportunities to set up services platforms.
You
can pretty much follow where the British Empire went," Marc Liebman,
president of Everest Group, an outsource consulting firm in Dallas,
told
Asia Times Online. "They left strong business and physical
infrastructure
behind them."
In a stunningly prophetic article, Frances Cairncross, a senior
editor at
The Economist, wrote in 1993 that the communications revolution had
wrought what she called "the death of distance". In that article, she
posited that there had been three profound transport revolutions
since the
19th century, the first when the arrival of steam initiated a steep
fall
in the cost of moving goods. The second came in the 20th century,
when the
cost of transporting people fell to the point where vast migrations
across
borders brought tens of millions of immigrants from old Europe to the
Americas, and since has resulted in massive movements of economic
refugees
from the poor countries to the rich ones.
The third revolution, Cairncross wrote, would dominate the first half
of
the current century. It is the diminishing cost of transporting
information. Her vision has come true even faster than she thought.
Because of fiber-optic cable, satellites and digital compression, the
transport of information can be basically free. The enormous charges
for
personal calls on telephone lines across the Atlantic or the Pacific
are
virtually all gravy. Once the satellite or the cable is in place and
the
capital expenses are paid, there is no expense. Companies with their
own
transponders on satellites have lowered their costs dramatically.
Thus it is possible, for instance, for Fidelity Investments to put
its
call centers in Ireland. It is increasingly probable that a call to
any
repair service or help line will be routed not to the Midwestern
United
States but overseas to the Philippines, Ireland, India or any one of
a
half-dozen other locations. Indian schools are training prospective
employees to speak in American accents. Back-office processing such
as
accounts receivable and payable, claims processing, revenue
collection and
passenger management are not going to be done in the United States
anymore.
JP Morgan Chase, the investment-banking firm, said it plans to move
some
of the work of preparing stock-market research reports to India. The
Financial Times of London has more than 100 such analysts in Manila,
entering data from company reports all over Asia into computers, so
the
information can be sold as databases for investment banks at a
fraction of
the cost the banks would have to pay their own people.
"What we went through 10-15 years ago with manufacturing and
blue-collar
jobs, we are now about to go through with white-collar jobs," said
Michel
Jenssen, president of supplier solutions for the Dallas-based Everest
offshore consulting group. "It still takes three to six months to
ship
manufacturing components offshore, less if you can send by air. But
with
services, with telecommunications technology, movement is now
measured in
milliseconds. You can move the work around, you can scan images, you
can
move workflow to India with no more difficulty than you move it from
the
San Francisco Bay Area to Texas."
It is possible, as Vivek Agrawal, who led a McKinsey team studying
the
issue of offshoring and wrote a report titled "Offshoring: Is It a
Win-Win
Game?" said in an interview recently with Asia Times Online, that the
departure of these jobs is healthy for American society. It frees up
capital and labor for more rewarding, or productive, or effective
jobs,
Agrawal says. A JP Morgan Chase spokesman told reporters recently
that
moving market research preparation to India would get rid of
number-crunching, freeing its US staff to focus on higher-level
financial
analysis and spending more time with customers. But it is hard to
figure
out what jobs are more rewarding or productive or high-end, for
instance,
than thoracic surgery or architectural design, or what jobs can
replace
them in the developed world.
Agrawal describes most of the information-technology (IT) jobs headed
offshore as relatively low-skilled. If Indians or Pakistanis or other
nationalities can do the really high-skilled jobs, he says, it is
much
more likely that they would obtain visas to move to the United States
and
do the jobs here - although the US government, on October 1, cut the
quota
for so-called H1-B visas for skilled workers from 195,000 to 65,000.
The
effect of that cut is most likely to be that US employers, unable to
find
people to do the jobs here, will take the jobs to where the workers
are -
and pay them lots less, thus losing the multiplier effect of their
paychecks in the United States (see H1-B visas: US gets it wrong
again ).
The loss of these jobs overseas is also probably going to affect
developed-world inflation. The investment bank ABN-AMRO, in an
October 3
analysis of the US economy, wrote that while a cyclical rebound in
economic activity is forecast for late 2003, "this rebound will not
produce the typical firming in underlying inflation that influenced
monetary-policy decisions and the interest-rate outlook in previous
recoveries".
That is at least partly because, while US Federal Reserve chairman
Alan
Greenspan has been given credit for keeping inflation in check in the
United States over the past decade, it is equally likely that it has
been
due to outsourcing and offshoring. Inflation classically starts to
pick up
as households increase consumption spending and firms increase
investment
spending. That tightens the labor market, which in turn means that
labor
can pick and choose between jobs, and for many jobs there aren't
enough
workers. Workers had the luxury of going on strike to demand higher
pay.
But since manufacturing jobs first began to go offshore with the
assembly
of consumer products in the 1950s, workers from auto plants to steel
mills
to the panoply of America's rust-belt industries discovered that
going on
strike to demand higher pay meant their jobs could disappear, first
to
Japan, then to South Korea and Taiwan, then to the Southeast Asian
countries, and then all over the world.
Now, ominously, that is beginning to happen to the middle class as
Cairncross's thesis on the death of distance starts to prove out.
What
happens if, for instance, US health-insurance providers cotton to the
fact
that an unwilling Joe Bloggs could be flown to Honduras, say, to have
his
gall-bladder surgery, and that his airplane fare (charter, of course,
to
take a planeload of surgery patients at a time) and lodging could
cost
half or a tenth what it costs at Sinai Mercy Omni-Surgery in
Middletown,
USA? The insurance company, like the British National Healthcare
Service,
would contemplate that the out-of-control cost of medical care in the
United States is going to stabilize, no matter how much Mr Bloggs
would
prefer to have his gall bladder incised at home - especially if their
pharmaceutical costs descend as well.
And they well could. In August, the multinational pharmaceutical
companies
struck a deal with the WTO to create a loophole that allows the
neediest
countries to override patents on expensive drugs and order cheaper
copies
from generic manufacturers in exchange for a small payment. A
combination
of AIDS drugs that in the United States costs $14,000 per patient per
year
can be delivered for a small fraction of that amount.
Indian pharmaceutical companies, for instance, are producing generics
for
many pharmaceuticals at pennies on the dollar compared with the cost
in
the United States. Even today, hordes of US consumers go to the
Mexican
and Canadian borders to buy their prescription drugs.
Americans, and later Europeans, watched with equanimity starting in
the
1950s when manufacturing jobs started to disappear into low-cost
factories
in Asia. Only the workers who had filled these emptying factories and
the
labor unions who represented them railed against the loss of jobs.
Nonetheless, while in 1950 about 35 percent of America's labor force
were
engaged in manufacturing, that figure has fallen to about 12.5
percent today.
McKinsey analyst Agrawal and the team that wrote the study argue that
offshoring is not particularly bad for the United States because at
least
70 percent of US jobs are in services that are produced and consumed
locally.
"We would argue that not only is the US fully capable of withstanding
these changes, as it will be able to create jobs faster than
offshoring
eliminates them, but that the current debate misses the point
entirely."
The point is, McKinsey says, that offshoring creates wealth for US
companies and consumers and therefore for the US as a whole and is
"just
one more example of the innovation that keeps US companies at the lea
ding
edge of competitiveness across multiple sectors".
Indeed. It's great for companies. McKinsey estimates that management
jobs
moving offshore will rise from zero in 2000 to 288,281 by 2015.
Business
jobs will rise from 10,787 to 328,281. Computer jobs going offshore
will
rise from 27,171 in 2000 to 472,632 in 2015. Office jobs - the
back-shop
data-entry jobs that consist of keying in data - already projected at
nearly 590,000 by 2005, will skyrocket to 1.66 million by 2015.
Ironically, many of the disappearing jobs owe their departure to H
Ross
Perot, the failed US presidential candidate whose "giant sucking
sound"
quote started this article and which continues to reverberate across
the
United States today.
The five biggest outsourcing consulting companies in the US today are
in
Dallas, Texas. Asked why, Marc Liebman of Everest said, "Because Ross
Perot was here." Perot, first with his company EDS and later with
Perot
Systems Corp, pioneered data transfer and became a worldwide provider
of
outsourced IT services.
According to BusinessWorld, an Indian publication, Perot Systems in
1999
entered a 50 percent joint venture with HCL Technologies of India to
create HCL Perot Systems to handle billing and claims for health care
companies in the United States. It is a pioneer in outsourcing data
overseas to cheaper labor for major corporations.
Michael Cargill
2003-10-10 10:37:30 UTC
Permalink
Post by Wotan
All multi-nationals are now owned by organised crime.
Bor-ing.
Post by Wotan
The impact on American and European society is inevitably going to be
far
more profound than almost anyone understands today. It is already
responsible for major positive changes in the living standards of the
middle class in other parts of the world.
Oh, and we can't have that can we?
Post by Wotan
By the highest estimates, as many as a million
jobs
have disappeared overseas from the US job market since the current
economic slowdown began in 2000 and could represent a major reason
for the
struggle the US economy is undergoing to right itself.
It's called an international market.
Post by Wotan
India is emerging as the health-care destination of choice for an
increasing number of surgery candidates
And?
--
Craftily Guffed by Michael Cargill
----------------------------------
Eat My Cheese!
Go, Dog. Go!
Wotan
2003-10-10 11:06:00 UTC
Permalink
Post by Michael Cargill
Post by Wotan
All multi-nationals are now owned by organised crime.
Bor-ing.
So you are in favour of organised crime, are you ?
Post by Michael Cargill
Post by Wotan
The impact on American and European society is inevitably going to be
far
more profound than almost anyone understands today. It is already
responsible for major positive changes in the living standards of the
middle class in other parts of the world.
Oh, and we can't have that can we?
So you are quite happy to see your own family reduced to
humiliating penury so that some crook in Calcutta can live
in obscene luxury, are you ?

So why don't you fuck off to Calcutta ?
Post by Michael Cargill
Post by Wotan
By the highest estimates, as many as a million
jobs
have disappeared overseas from the US job market since the
current
Post by Michael Cargill
Post by Wotan
economic slowdown began in 2000 and could represent a major
reason
Post by Michael Cargill
Post by Wotan
for the
struggle the US economy is undergoing to right itself.
It's called an international market.
It's called a lot of things. But it is a an International Marxist
plan
to destroy the West and implement its long dreamed of annexation
of the free world - and to bring it under its own police state
control.
Post by Michael Cargill
Post by Wotan
India is emerging as the health-care destination of choice for an
increasing number of surgery candidates
And?
Either you do not have a job and do not care, so long as the
rest of us continue to pay for you, or you are part of the idiot
classes designing their own destruction.

Or maybe you are not English at all, but part of that evil
class of foreign subversives who have been allowed to do
very well in the safety of the West, only to betray us - which
is what I think.
Michael Cargill
2003-10-10 11:27:36 UTC
Permalink
Post by Wotan
Post by Michael Cargill
Bor-ing.
So you are in favour of organised crime, are you ?
Yawn.
Post by Wotan
Post by Michael Cargill
Oh, and we can't have that can we?
So you are quite happy to see your own family reduced to
humiliating penury so that some crook in Calcutta can live
in obscene luxury, are you ?
I imagine that the thought of third world countries becoming more prosperous
really angers you.
Post by Wotan
So why don't you fuck off to Calcutta ?
Temper, temper!
Post by Wotan
Post by Michael Cargill
It's called an international market.
It's called a lot of things. But it is a an International Marxist
plan
to destroy the West and implement its long dreamed of annexation
of the free world - and to bring it under its own police state
control.
Riiiiiiiiiiiight.
Post by Wotan
Post by Michael Cargill
India is emerging as the health-care destination of choice for an
increasing number of surgery candidates
And?
Either you do not have a job and do not care, so long as the
rest of us continue to pay for you, or you are part of the idiot
classes designing their own destruction.
Heh, nice try.
Post by Wotan
Or maybe you are not English at all, but part of that evil
class of foreign subversives who have been allowed to do
very well in the safety of the West, only to betray us - which
is what I think.
Correct! I have kept my identity a secret from the KGB, FBI, MI6 and even
my McDonalds manager!
Fucking hell, YOU ARE GOOD! HOW DID YOU FIND ME OUT?!? HERE WAS ME
THINKING USENET WAS FULL OF CRANKY FREAKS, BUT IT SEEMS YOU ARE ALL CLEVER
BASTARDS IN REALITY!

Does this mean that I can watch tommorrows football match without pretending
to support England? w00t! I can take a knife to the pub and stab everyone
in peace now!
Oh, and you know Michael Owns injury? That was my doing!
--
Craftily Guffed by Michael Cargill
----------------------------------
Eat My Cheese!
Go, Dog. Go!
Wotan
2003-10-10 14:06:48 UTC
Permalink
Post by Michael Cargill
Post by Wotan
So you are in favour of organised crime, are you ?
Yawn.
Post by Wotan
Post by Michael Cargill
Oh, and we can't have that can we?
So you are quite happy to see your own family reduced to
humiliating penury so that some crook in Calcutta can live
in obscene luxury, are you ?
I imagine that the thought of third world countries becoming more prosperous
really angers you.
Yes, a nice "cover all" propaganda line. But making some
stinking fat crook in Calcutta rich as a result of using child
slave labour does nothing at all for the POOR and needy of
the "third world".

"Third World" joins the ranks in the Marxist propaganda hand
book - together with "political correctness", "Nu World Order"
and "Global Economy" - every one of them cosy and utterly
dishonest clap trap to cover International Marxism's plan to
take over and destroy the Western Democracies.

They have absolutely NO connection with concern or help for
the poor and needy - or with injustice of any sort !

And you are right about Usenet.

Not everybody who posts here is either stupid or gullible - or
demented.

Which makes your life more difficult ....
Ian Bailey
2003-10-10 15:04:51 UTC
Permalink
Post by Wotan
All multi-nationals are now owned by organised crime.
Another flash of knowledge by Wotan. At least when he starts posts
this way we know not to bother reading further.

Ian
SXB Ltd
2003-10-10 17:55:51 UTC
Permalink
Post by Ian Bailey
Post by Wotan
All multi-nationals are now owned by organised crime.
Another flash of knowledge by Wotan. At least when he starts posts
this way we know not to bother reading further.
I tend to know not to read his drivel, when I see his name attached to the post.
--
SXB Ltd
http://www.throbbing-gristle.com/
Wotan
2003-10-11 12:03:18 UTC
Permalink
Post by SXB Ltd
Post by Ian Bailey
Post by Wotan
All multi-nationals are now owned by organised crime.
Another flash of knowledge by Wotan. At least when he starts posts
this way we know not to bother reading further.
I tend to know not to read his drivel, when I see his name attached to the post.
But you not only did read this - you also responded
to it. ;-<

So, are you in favour of money laundering ?

It is, after all, the banker to your "New World Order" !

And are you in favour of the Western World being sent
into the dustbin of history, as its industries and jobs are
siphoned off overseas ?

Is that the agenda of your lunatic Marxist plan for
global domination ?

A world run by Zionist Marxists masters, with the workers
provided by exploited child slave labour or peasants paid
pennies and with no rights except to work 'til they drop ?

Yes, I can see how the humanitarian Anglo-Saxon West
would be a fly in the oinment of that monstrous plot to
take over the planet for yourselves !

No wonder you hope that we will calmly shuffel off into
the mists of oblivion ! I am mildly surprised you have
not yet suggested mass euthanasia. Although you have
come pretty close to suggesting even that - but still seem
to be relying on the mechanisms of racial ethnocide.

YOU HAVE NO HOPE ! And you are playing a VERY
dangerous game.
Wotan
2003-10-11 11:52:49 UTC
Permalink
Post by Ian Bailey
Post by Wotan
All multi-nationals are now owned by organised crime.
Another flash of knowledge by Wotan. At least when he starts posts
this way we know not to bother reading further.
Ian
To read it or not is your choice. Nobody forces you !

But I note that you have read it - and do not argue with the
statement, only try to dismiss it out of hand.

So what it your theory about where the £1,500 billion p.a
laundered by organised crime actually goes, if not into
share purchases ?

Are you suggesting that they have a jelly baby mountain
somewhere ?
Hognoxious
2003-10-10 17:16:39 UTC
Permalink
Post by Wotan
All multi-nationals are now owned by organised crime.
Money laundering (the process by which the proceeds of
drugs, prostitution, racketeering, etc, is converted from cash
into company shares)
No it isn't.

It's "Processing money acquired illegally (as by theft, drug dealing, etc.)
so that it appears to have come from a legitimate source."
(Oxford Dictionary of Finance & Banking.)

You'd think a great businessman like you (remind me, is it Oracle or
Microsoft you
own?) would know that.

You are the weakest link, goodnight.
Wotan
2003-10-11 12:10:23 UTC
Permalink
Post by Hognoxious
Post by Wotan
All multi-nationals are now owned by organised crime.
Money laundering (the process by which the proceeds of
drugs, prostitution, racketeering, etc, is converted from cash
into company shares)
No it isn't.
It's "Processing money acquired illegally (as by theft, drug
dealing, etc.)
Post by Hognoxious
so that it appears to have come from a legitimate source."
(Oxford Dictionary of Finance & Banking.)
And just how, exactly, do you think they achive that,
especially when the annual rate is in the order of £1,500
billion ?

Since you pompously (and foolishly) pronounce yourself
so well informed on this subject, perhaps you would
enlighten us on how this is achieved, if not by acquiring
shares in legitimate companies ?

It is quite surprising the number of persons who have
lept to the defence of money launderers and organised
crime in this thread !!!

But then most of them are also defenders of the crime
syndicate which calls itself the "EU", so perhaps we
should not be too surprised after all !

It is an old truism that when crooks have aquired all
the money they can spend, that then the only thing left
for them to aquire is power.

And they have.
Hognoxious
2003-10-11 16:27:48 UTC
Permalink
"Wotan" <***@Valhalla.net> wrote in message news:3f87f305$0$10956$***@lovejoy.zen.co.uk...
...
Post by Wotan
Since you pompously (and foolishly) pronounce yourself
so well informed on this subject, perhaps you would
enlighten us on how this is achieved, if not by acquiring
shares in legitimate companies ?
Assets. Of which shares are but one type.

That's assets, not assholes; they wouldn't want you.
Post by Wotan
It is quite surprising the number of persons who have
lept to the defence of money launderers and organised
crime in this thread !!!
Why are you surprised that nobody has?
Post by Wotan
And they have.
DONT WORRY, I'M SURE YOU'LL HANG THEM FOR IT.
AndyA
2003-10-12 16:36:30 UTC
Permalink
"Wotan" <***@Valhalla.net> wrote in message news:3f87f305$0$10956$***@lovejoy.zen.co.uk...
...
Post by Wotan
Since you pompously (and foolishly) pronounce yourself
so well informed on this subject, perhaps you would
enlighten us on how this is achieved, if not by acquiring
shares in legitimate companies ?
Whether the proceeds of criminal activity is used to buy
shares or any other asset is irrelevent. Before the cash can
be used to purchase the shares you have to get it into the
banking system in a way that disguises its origins and makes
it appear as if it comes from a legitimate source.
That process is what constitutes money laundering and
Hobnoxious is quite right in his definition.

--
AndyA
Wotan
2003-10-14 08:48:36 UTC
Permalink
Post by AndyA
...
Post by Wotan
Since you pompously (and foolishly) pronounce yourself
so well informed on this subject, perhaps you would
enlighten us on how this is achieved, if not by acquiring
shares in legitimate companies ?
Whether the proceeds of criminal activity is used to buy
shares or any other asset is irrelevent. Before the cash can
be used to purchase the shares you have to get it into the
banking system in a way that disguises its origins and makes
it appear as if it comes from a legitimate source.
That process is what constitutes money laundering and
Hobnoxious is quite right in his definition.
You are splitting hairs and pissing in the wind.

The comments of neither of you detract from the cold
statement of reality that most large businesses are now
owned by organised crime.

Who then stuff the boards with their own men.

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