Drug Lord "Chapo" Guzman On Forbes' List
POSTED: Friday, March 13, 2009 - 4:35pm
UPDATED: Wednesday, February 17, 2010 - 3:23pm
A controversy is brewing over the latest issue of Forbes magazine, all because one of the men wreaking havoc in the Juarez drug war has made the list of worlds billionaires.
Forbes ranks drug lord Joaquin "Chapo" Guzman number 701 on a list of the world's richest billionaires.
As the head of the Sinaloa cartel, Guzman has an estimated 1 billion dollar fortune.
President Felipe Calderon said Forbes is not only attacking and lying about the situation in Mexico but also praising criminals.
Mexico's attorney general said Forbes is comparing the deplorable activity of a criminal with that of honest businessmen.
So how did Forbes come up with the 1 billion dollar figure for the personal wealth of Chapo Guzman?
In 2008, Forbes states that Mexican and Colombian traffickers laundered anywhere from 18 to 39 billion dollars worth of narcotics into the United States.
Sources tell me that number is closer to the 39 billion, so their math is more or less right. Here's where their math gets funny. Forbes states that Guzman is responsible for anywhere from one third to half of that drug smuggling over the past 8 years.
If that is true, then just for 2008.. he would have made anywhere from 9 billion to 20 billion dollars.
It also does not take into account the 200 billion dollar retail sale of drugs on U.S. streets that Mexican cartels now have 50 percent control of.
Bottom line, it looks like Forbes placed Guzman at 1 billion dollars as a safe way of saying he is a billionaire but they don't know how much he really has.
While here on our website, take a moment to weigh in on our on-line poll and tell us if you think Guzman should have been included on the list of the world's billionaires.