Peter Gordon shows the net result of
banking in Panama

Anyone who has read John leCarre's "The Tailor of Panama" will remember the banking trouble of Harry Pendel, who gets embezzled by one of Panama's fine bankers. That, we heard, is based on a true story that author Richard Koster told John le Carre when the latter was in Panama doing research, and the banker in question was one Joe Salterio of HSBC.

We reported earlier about HSBC Panama's Joe Salterio (in conjunction with his friends, insurance broker Kevin Bradley and dentist Charly Garcia who also heads the American Society) attempting to shake down foreign retiree Peter Gordon for $5 million, and other such antics by the rogue banker. In short, the bank sued Gordon for $5 million it alleged had suffered in damages because Gordon posted messages critical of the bank's services on a Yahoo message board. Then the bank proceeded to sequester all Gordon's assets in Panama, including accounts held in other banks.

The case is now in the Supreme Court, forever it seems. They can't decide in favor of Gordon because that would upset HSBC's friends and interests (think Banistmo law, Canal expansion financing etc.). They can't decide against Gordon because that would effectively mean the end of the Panama Private Interest Foundation as an asset protection vehicle. So, true to form, this author was about a year ago approached by a middleman to see if Mr. Gordon would perhaps be willing to grease the wheels in his favor. Which Mr. Gordon, to his credit, wasn't.

Anyway, all of a sudden the case is back on the front pages now that Richard Koster has done a four part investigative story on it for La Estrella de Panama and its English counterpart The Panama Star. The English version is not available online but we have a pdf of the printed articles. Click here for a primer on how to retire in Panama, lose your money, and live to tell about it!