FT News Briefing The story behind the money going to Mexico
Feb 7, 2024
The podcast uncovers how Standard Chartered is eyeing political heavyweights for leadership changes. BP's impressive profits are explored alongside its struggle for sustainable practices. A deep dive reveals that a staggering $63 billion in remittances to Mexico is intertwined with darker elements, including cartel money laundering. Additionally, the former CEO of WeWork, Adam Neumann, is in the mix, seeking to navigate the company out of bankruptcy. Tune in for insights into these financial narratives and their broader implications!
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Remittances to Mexico
- Remittances to Mexico from the US have doubled in six years, now totaling $63 billion annually.
- This equals 20% of Mexico's federal budget and surpasses all countries except India.
Minnesota Anomaly
- Minnesota, with a small Mexican-born population, sent $1.3 billion in remittances in one quarter.
- This implies each person sent over $2,000 monthly, a statistically improbable figure.
Suspicious Activity
- The high remittance volume, coupled with a decrease in Mexican migrants in the US, raises suspicion.
- It suggests potential money laundering by drug cartels, disguised as remittances.