Do The Families Have A Secret Bank?

I remember reading that the Bonanno Family has a bank, a common fund if you will, in which they use to help members start up illegal (or perhaps even legal) businesses, and to loan members money at lower interest rates than they would charge the public. I believe they eventually got rid of the interest altogether, only demanding back the principal. All made men were expected to contribute to this pool of money. This is actually a great idea. What about the other Families? Would also seem wise to use it for things like legal expenses and funeral costs.

Winter Hill in Boston had an X fund for all types of things. Loading up on weapons, bribes, court fees, money to go on the run. I think Stevie and Whitey helped out John Martorano using it too.

Thanks Sharpie.

The Chins son got caught with a bunch of cash as he was the overseer of the Genovese slush fund.

https://www.cosanostranews.com/2018/01/genovese-mobster-vincent-esposito.html

Lol this is how stupid the feds are, and why I never believe them when they say that the Mafia in NYC is finished. They actually believe that little pile of $4 million is all of the Genovese slush fund. Great job feds, you took all their cash.

Apparently the Bonanno war chest got soldier Anthony Seccafico whacked, he slapped around the son of a powerful wiseguy and was suspected of stealing from Bonanno coffers.

Most organized groups have a cashier, in 'ndrangheta he's called the puntaiolo.

Yes …

But they best get better at keeping it safe …. How in this day and age it a must for lawyers and families left behind with head of house hold in the joint .

These guys - that just let families rot have been a major part of guys flipping for 5 - 8 year bid .

Yes. Genovese has the most responsibility spread out among their most trusted, as well as guys who have a little (or more) extra incase something happens for something on record for the family. You dont hear a lot of the bank, cause decades ago it was really bad where soldiers or capos would do things off the record and get caught. The Family asked around and found that it was never cleared.
Dont know about the Colombos and perhaps they have a bank or fund for the family and it may just go to the Persicos, just like Magaddino and Profaci decades ago, but the other four families have banks.
San Jose crime family was two guys, the Consigliere, and Leo Cusenza of Modesto.

Th money seized fro Gigante may have been his own, and called a fund by the Feds. If a member is in trouble I think a member close to them would be assigned to seeing they are helped, if they need it. If a member is making a ton of money for several years, it is up to him to provide for himself. If a financial broken member is in trouble that is when they step in. Many informants whine that they were not provided for, or their families were neglected as an excuse to rat. Meanwhile they brag after the trial about how much money they made. Their was a report of Gigante setting up money to help members or associates in financial trouble, but I don't think the money taken from Gigante's son was it.

I think every family has their own version of a bank.

I have heard it described as admin will give the skippers access to money at 1/2 point, skippers will give it to members at 1%, members will give it out to associates at 2%,
associates will put it out on the street at 4-5%....

Very Lucrative

However, charging someone 4-5% is killing them and its just a matter of time before they get in trouble.

Borrowing $10K @ 4% you are paying $400.00 weekly and after keeping that money out for a year you paid back double what you borrowed.

At that point the "SHARK" should be cutting a deal with the borrower, pay me back $4,000.00 in one shot and we are even.

Usually the guys that get greedy are the guys that get jammed up.
They squeeze a guy too hard and he goes running somewhere.

Spanish authorities break into narco bank, seize €4 million https://gangstersinc.org/blog/spanish-authorities-break-into-narco-bank-seize-4-million