John Burnett reports on Mexican billionaire Carlos Hank Rhon. The Fed holds a hearing on Oct. 23 to remove Hank Rhon as the major shareholder in Laredo National Bank in Texas, saying he lied to bank regulators when he acquired majority stock. The U.S. Drug Enforcement Administration suspects that Hank Rhon is connected to Mexican drug cartels and uses the Texas bank to launder money. Hank Rhon and bank president Gary G. Jacobs deny all wrongdoing. Jacobs is a friend of George W. Bush and has had coffee at the White House with Bill Clinton.
Copyright 2000 NPR