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November 11th, 1999
Guillermo Ortiz, Governor of Banco de Mexico, Mexico's Central Bank and a friend of President Ernesto Zedillo and of both former and hated President Carlos Salinas de Gortari and Joseph-Marie Córdoba, is being lawsuit at a United States Court by a Mexican entrepreneur who claims to have been pushed by him to sell his World Trade Center-Mexico City building project actions to a corporate buyer some years ago when Ortiz was Mexico's Undersecretary of Finance in the Carlos Salinas government.
When Zedillo took office in December 1994 he appointed Ortiz Secretary of Communications substituting Emilio Gamboa, who has been accussed by a U.S. Department of Justice analyst of being linked to illegal drug organizations (Read). Few days later, when the Mexican peso devaluated loosing 50% of its value due to the huge corruption in the Salinas' Government and his erroneus economic policies, the former Secretary of Finance resigned and Zedillo appointed Guillermo Ortiz. Three years later, Zedillo appointed Ortiz Governor of Mexico's Central Bank. There, Ortiz has absolute control over stratospheric amounts of money: Today, Mexico's foreign currency reserves are over U.S. $31 Billion, get thru heavy new foreign debt. There is concern amongst the Mexican population and businessmen about a possible dirty trick in the late days of Zedillo's government. They say it is usual the Presidente of Mexico "Cleans the house" for the next one, leaving the Banco de Mexico's arks absolutely empty, save for some billionary bills to pay. This would explain the "Periodical crises" suffered every six years by the Mexican economy and by those investors who trusted the Mexican Government. The Mexican law says the Banco is authonomous, but Zedillo doesn't obey nor enforce the Law. Read.
When Robert Mundell won the Nobel Prize of Economics, Ortiz confessed he hadn't read his articles on Optimal Monetary Areas. Can you believe this? But this is of minor importance when compared with the standard of morality a public servant must have.
Guillermo Ortiz' brother was murdered in a way that resembles the famous "narco-executions" of the druglords, shot on board his Mercedes-Benz, at the very door of his house.
The U.S. and the international investors should think about this. A man who is accussed of abuse of power and corruption should not be Governor of a Bank so important for the international financial stability. Guillermo Ortiz is no longer trustable. The international investors, the international financial institutions and the governments interested should push Zedillo to remove him in order to prevent a coming new World Financial Crisis caused anew by the "Tequila effect".