“The biggest crime in American history”

Part 8: $200 million a month, all cash

This is part eight of a series. Here is a guide to the whole thing.

BY HENRY ABBOTT

Holding capital in the form of currency is very costly. Not only are secure storage and transportation of currency prohibitively expensive, but also the opportunity costs in terms of lost earning power are substantial. These problems can be overcome by depositing the money in a financial institution which takes custody of the currency, pays interest on the balances, and can transfer funds anywhere in the world.

—John Kerry’s 1988 subcommittee on terrorism, naracotics, and international operations

For the Medellin Cartel, the problem became the money—the physical $200 million a month in cold, hard cash. Storing it, moving it, taking care of it … was too much work. 

One source told me that this is a story about “the biggest crime in American history.”