Another U.S. bank Ferdinand Marcos bought to launder funds was Redwood Bank in San Francisco. Dewey Dee admitted he & Rolando Gapud were dummies of Marcos in buying the Bank breaking U.S. Federal Laws. PCGG recovered and sold Marcos’ shares in the bank for $6.8 million in 1999.
Chicago Tribune March 23, 1986 article MARCOS GRAFT STAGGERING excerpt:
(more…)In addition to stealing from foreign businesses and governments, Marcos and his cronies appear to have used a collection of banks in Manila, California and elsewhere, including their country`s own central bank, to steal directly from the government they controlled.
The most common scheme appears to have involved overcharging the central bank in connection with government-financed projects and keeping the difference.
”Suppose Marcos` cronies ordered equipment from a foreign country and then overpriced the equipment,” one Manila source said. ”Maybe it was worth $5 million and they put $6.5 million on the invoice. That $1.5 million is what they pocket, and no one is able to trace anything specific.”