(Businessweek) Keeping Petrodollars Out of Despots’ Pockets

(Businessweek) Keeping Petrodollars Out of Despots’ Pockets

Jesse Hamilton August 25, 2011
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By requiring companies to open the books on payments to dictators, Dodd-Frank may help curb corruption in countries like Equatorial Guinea. 

Teodoro Nguema Obiang Mangue serves as Agriculture Minister of Equatorial Guinea, a tiny, impoverished country on the west coast of Africa. But when Teodorin, as friends call him, goes boatshopping, the world takes notice. The son of Equatorial Guinea’s President last year flirted with the idea of buying a $380 million yacht, though his annual salary is just $60,000. Consider, too, that he also owns a $30 million home in the Los Angeles suburb of Malibu and you’ll understand why the U.S. Congress approved a regulation designed to pull back the curtains on the finances of secretive governments...

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