Billions
of dollars stolen from citizens are circling the globe, enriching
powerful individuals, altering political outcomes, and disadvantaging
everyday people. News headlines provide glimpses of how this
corruption works and why it matters: President Trump's businesses
struck deals with oligarchs and sold property to secretive shell
companies; the Panama Papers leak triggered investigations in 79
countries; and, corruption scandals toppled heads of state in Brazil,
South Africa, and South Korea. But how do these pieces fit together?
And if the corruption is so vast and so tied up with powerful
interests, how do we begin to fight back?
To find answers, Crude Intentions examines the corruption
crisis that erupted during the recent oil boom. From 2008 to 2014,
oil prices shot through the roof. Motivated by more than nine
trillion dollars in new oil money, corruption followed apace.
Examining the oil boom is like placing a drop of dye in the
circulatory system of global corruption, and watching as it reveals
the system's channels and pathways.
Company bosses signed off on risky schemes to snap up choice oil
blocks. Politicians in Brazil and Nigeria stole billions to build up
their election war chests. Kleptocrats in Angola, Azerbaijan, and
Russia seized upon the oil wealth to cement their hold on power. And
an army of bankers, accountants, and lawyers lined up to help these
corrupt actors stash their loot in the global system of shell
companies and tax havens that serves today's super-rich. The money
then bought yachts, mansions, and even a few foreign politicians.
Drawing on information exposed by intrepid journalists,
prosecutors, and whistle blowers, Crude Intentions tells
jaw-dropping stories of corruption and asks what we can learn from
them. The cases reveal common tactics, but also vulnerabilities in
this web of fraud. These are the starting points for building a
smarter fight against corruption, in the oil sector and well beyond.