CNBC Premiers Mob Money Tonight
Tonight at 9 pm CNBC premiers “Mob Money” which details “the corporate and fiscal evolution of the mob – for instance, how it has branched out from protection rackets and no-show union jobs to more sophisticated schemes like stock manipulation” as reported by David Hinckley for the Daily News. “Mob Money” focuses on the rise and fall of New Jersey’s DeCavalcante crime family as reported by Linda Stasi for the New York Post:
The DeCavalcantes were always, by mob standards anyway, minor players in the estimated $50 to 90-billion-a-year, ah (what the hell do you call it?), industry. In fact, the five families of New York called them “the farmers” and thought of them as country bumpkins. Hardly. In fact, when the NY families started to break down, the DeCavalcantes took over.
In leading up to tonight’s viewing, Daniel Bukszpan reports for CNBC that the mob is “still making money”:
“As the economy goes, these guys go,” says Michael Gaeta of the FBI’s organized crime unit. “Despite our attacks, they’ve managed to adapt.” * * * 21st century mafiosi continue to live off of the traditional rackets that have been their bread and butter for the better part of a century, such as illegal gambling and extortion. They have also held on to their long-standing ties to the construction industry and union members. * * * The Five Families have managed to keep pace with today’s volatile economic climate. The Lucchese family took advantage of the Wall Street boom by convincing people to invest in mortgage-backed securities through a hedge fund. Unfortunately for the investors, the hedge fund was a sham that was run not out of a Wall Street investment firm but out of a house on Staten Island. Family members also took advantage of both the boom and the bust in the housing market. Construction companies with links to organized crime were given jobs pouring concrete and removing waste when times were good, and the Genovese family was on hand to flip foreclosed Westchester County homes when the bubble burst. * * * “They’re clearly not as visible as they used to be,” says the FBI’s Gaita. “They’re smarter about the way they conduct business.”
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