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Magic city undercover

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Magic city undercover

The first time Lydia Bulas chased a private jet down the runway at Florida’s Lauderdale-Hollywood Airport, it was May of 1983 and America was losing the war on drugs. She was a 31-year-old rookie special agent, slouched in a surveillance car and watching a Cuban load 17 cardboard boxes on to a Learjet. The balding man staggered up the stairs as the twin engines started to whine. She eyed her radio, willing it to crackle to life, but it didn’t comply. The aircraft lurched forward and made for the runway. Finally, Bulas got the call from customs — whatever the man was transporting, he hadn’t signed a form. She roared on to the runway in hot pursuit.

A legion of cop cars joined the drag race, but the jet was picking up speed. Bulas was neck and neck with the cockpit and running out of runway. She swung in front of the aircraft, forcing the pilot to screech to a halt. Revolver drawn, she leapt out into the heat. Agents with shotguns stormed the cabin and tore open the boxes. Inside, they found more than $5mn in cash — exactly what Bulas was looking for. Cartels were importing a then — new drug, cocaine, by plane and boat, but their challenge was sending their profits in cash back to Colombia.

A government audit of the US banking system’s cash flow had recently discovered more than $6bn in unexplained banknotes flowing from banks in South Florida — more than the entire US currency surplus and theoretically enough to sink the actual American economy. So the government dispatched undercover operatives to stop it. But Bulas wasn’t with the DEA or FBI. She worked for the IRS, on a secret operation that had nothing to do with tax refunds. Her boss had issued his staff with novelty business cards that stated their line of work:

OPERATION GREENBACK.
USED CARS, WHISKEY, PEAT MOSS, NAILS, LAND, FLY SWATTERS, RACING FORMS, BONGO DRUMS. WARS FOUGHT, GOVERNMENTS RUN, BRIDGES DESTROYED, UPRISINGS QUELLED, REVOLUTIONS STARTED. TIGERS TAMED, SALOONS EMPTIED, ORGIES ORGANIZED, VIRGINS CONVERTED, COMPUTERS VERIFIED

The Cuban in the Learjet turned out to be Ramon Milian-Rodriguez, a 32-year-old businessman with a masters degree and an arrogance that stunned investigators. “I’m a launderer of narco-dollars for the Who’s Who of drug dealers,” he boasted to federal agents after his arrest. “Nothing else generates this kind of cash. Not even General Motors.” He told them they, “didn’t know what they had here”.

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© Tania Franco Klein

Milian-Rodriguez was right. American law enforcement had mistaken the narcotics industry for disparate groups of “cocaine cowboys” but in Colombia, Pablo Escobar was building a violent drug empire that stretched from Medellín to Miami. When Bulas’s colleagues searched Milian-Rodriguez’s office, they found a briefcase stuffed with records that showed he had laundered a staggering $146mn in the previous eight months alone. They picked the lock on his closet and discovered a submachine gun in a sack, helpfully labelled “UZI”. They unzipped another bag and found 28kg of cocaine.

Bulas, who is Cuban-American, couldn’t contain her emotions. “I was very upset that a Cuban would do that,” she recalls. “You come here to this country, they give you a chance to prosper, and you go and do illegal stuff. No. Go back to where you came from.”


When Lydia Bulas was eight years old, her father arrived at their apartment in Havana, Cuba, and started stuffing cash into suitcases. It was 1960, and Fidel Castro’s goons had just informed her grandmother that the family farm now belonged to the government. “My dad was a doctor. He studied medicine while Castro was studying law in the University of Havana, so he knew the guy was no good,” she recalls. He said, “We gotta get out of here.” Bulas was spirited out of the country on an aircraft with her mother, grandmother and brother. Like so many Cuban émigrés, she arrived in Miami hoping for a new life.

But being new wasn’t easy, especially for a bookish kid with glasses. “I was kind of shy, sort of a nerd,” Bulas says. “I went to a Catholic school, and I spoke no English. The teacher happened to be a Cuban lady. She stayed after school with me and taught me. Until I got it right, I never left my desk.” By the time she graduated high school, she was fluent in English, a straight-A student and headed to the University of Miami to study accounting. At night, her mother begged her to go to parties, but she preferred to stay home and study the tax code. In 1975, she took an entry-level job at the IRS answering tax-payers’ questions.

Even for a wallflower, cubicle life was dull. “I’m a Gemini, so I’m always a very active person,” Bulas says. A marriage to a cousin’s friend after college lasted only three years. “I fell out of love with him,” she explains. She eventually tried nightclubs, such as The Mutiny in Coconut Grove, a waterfront drinking hole that came to be known as “Hotel Scarface”, where bartenders were selling more bottles of Dom Pérignon than in any other establishment in the world at the time. She was shocked to see people openly snorting white powder. “My father, when I was little, he once took me to a hospital where all the drug addicts were,” she recalls. “It shocked me so bad that today I can say that I have never even smoked a joint.”

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© Tania Franco Klein

By then, drugs had changed Magic City. Bulas watched TV news reports about Wild West-style shoot-outs between rival Colombian drug traffickers in shopping malls. Bullet-riddled bodies were turning up in trunks. “After I started working for the government, I woke up,” Bulas says. While local law enforcement and the DEA struggled to contain the tonnes of cocaine arriving at the border, the IRS became concerned with the spectacular amounts of cash it generated.

One day, a Cuban colleague at the IRS boasted to Bulas about his new job running raids for the “criminal division”. He said they urgently needed Spanish speakers and people who understood numbers. Bulas hoped it might be good for her social life. “You didn’t want to say you worked for the IRS,” she recalls, explaining that people feared she would audit them. “Afterwards I could say, ‘I don’t do taxes, I do criminal division.’”

At a federal training centre in Georgia, Bulas learnt to fire a revolver. She learnt to poke an assailant in both eyes, stamp on his toe, then “kick him in the balls”, she recalls. Instead of a skirt, she wore jeans and a gun on her hip. The glasses were gone. “I felt like it really pulled my ego very high,” she admits. It also gave her life meaning. As only the second woman to join the division, she was eager to make her mark.

In 1980, Bulas was assigned to Operation Greenback, named for the green paper money issued by the Union government during the civil war. The team comprised maths whizzes from the IRS, the US customs service and Justice Department. Being the first Latin woman on the task force gave her an additional responsibility. “I was very, very grateful to this country,” she says, “for having allowed me to become what I was.”

Mike McDonald, the agent in charge of Operation Greenback, wore a sensible, side-parted hairstyle and kept a huge dictionary on his desk. He also liked to pose for photos with a semi-automatic rifle and had a wicked sense of humour. “He was a brain. The most knowledgeable guy regarding money laundering that you could ever meet,” Bulas says. “I looked up to him. He wasn’t like a boss. He was like one of us.”

Operation Greenback quickly outgrew its headquarters at the federal building in downtown Miami and moved into a location recently abandoned by a defunct Miami newspaper. Agents had to steal furniture from their neighbour, the US attorney’s office, in a heist that caused a bureaucratic conflict. Their new headquarters had a pirate-ship vibe. Boxes overflowed with evidence; electric typewriters clattered; people smoked at their desks, if only to mask the smell of rotting food and diapers leaking from bags of garbage taken from traffickers’ homes and awaiting analysis. “It was disgusting sometimes,” Bulas recalls.

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“We were just all kids,” recalls Larry Sands, a special agent with Operation Greenback, who colleagues liked to call “Catfish”. “We were young, we were dedicated to the mission.” According to Jonathan Rosen, an assistant professor and organised crime expert at New Jersey City University, Greenback didn’t need guys with guns to beat the traffickers, but “accountants and an army of nerds”. Brave nerds willing to go face to face with international criminals. “Back then, since I was young, I thought I was invincible,” Bulas says.


Bulas spent the early 1980s watching small Miami banks that cops and criminals called Coin-O-Washers. She studied suspicious customers, who pushed in cart loads of cash with a deposit slip gripped between their teeth. Others carried banknotes that reeked of fish, having sat in bags used by seafaring smugglers. Back then, there were no money laundering laws. Banks were required to file a report when someone deposited $10,000 or more, but few bothered to.

One day, Bulas watched a portly Colombian travel agent arrive at the Great American Bank of Dade County, a known Coin-O-Washer. Greenback agents suspected the man, 46-year-old Isaac Kattan, was a major money launderer. But Kattan didn’t strike Bulas as a drug guy. The softly spoken father-of-two drove an old Chevrolet Citation and carried a mysterious purple satchel. She soon learnt that each of his four rented apartments contained a high-speed money counter. Every day she watched him drive trunk-loads of cash to the bank at recklessly high speeds, depositing up to $4mn a day, between meetings at phone booths and parking lots. One DEA agent on his tail often wondered: “Doesn’t this guy ever stop?”

wads of cash under a car seat
© Tania Franco Klein

Tellers at the bank also worked nonstop, counting Kattan’s millions through the night. Though technically he was doing nothing illegal, his behaviour set alarm bells ringing. One morning in 1981, Bulas watched a car thief drive off in Kattan’s car, leaving him stranded outside the bank. (Miami was, by then, the crime capital of the world.) “What the hell?” she said to herself, as Kattan begged bank employees: “No police! No police!”

Bulas and 20 Greenback agents raided the bank. They arrested three employees who were in cahoots with Kattan and seized boxes of documents that revealed the scope of his operation. Every dollar Kattan deposited was turned into a credit for pesos and cashed out in Colombia, leaving a tidy profit for the bank. “We were able to build a case against him,” she says. They could prove he was involved in drugs, but didn’t know how to prosecute him. Then, a stroke of luck.

In February 1981, six undercover DEA and IRS agents followed Kattan all day. They watched him order a Cuban coffee, before he met two men in a flashy Jaguar and handed them a mysterious red briefcase. Agents were ordered to tail the car and “take ’em”. Inside Kattan’s suitcase, they found 20kg of cocaine with a street value of more than $300,000. After they slapped on the handcuffs, agents found $16,000 in cash under his front seat and $385,000 in cashiers’ checks in his briefcase. Inside his purple satchel? Evidence of hundreds of millions of dollars in money laundering transactions. Bulas recalls seeing Kattan’s face staring out from the front page of the Miami Herald, under the headline: SOUTH FLORIDA’S AL CAPONE.

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“He was a dead duck,” says Charles Blau, who prosecuted the case. Blau, a Midwesterner from Indiana, knew they’d got lucky. “It was fortuitous, I guess, on our part that the one time that he made a dumb mistake and got in the middle of a drug transaction, we were watching him do it.”

It took just 20 minutes for a jury to convict Kattan of drug conspiracy. On August 17 1981, he was sent to prison for 30 years. The Great American Bank of Dade County became only the second ever US bank indicted for money laundering. One employee was caught in a sting operation that foiled a plot to blow up prosecutors and was sent to prison. Blau, the prosecutor, recalls terrifying a first date by holding a mirror beneath his car, checking for bombs. “I don’t think she went out with me [again] for six months,” Blau recalls. (They’re still married.)

Kattan was just the start. In the first few years of the 1980s, Operation Greenback smashed a total of seven money laundering rings involving 16 narcotics organisations that were responsible for $2bn in trafficked cash. The operation boasted 164 arrests, 211 indictments, 63 convictions and $38.5mn in seized currency. Those days whizzed by like dollar bills rattling through a counting machine, and the team who worked in the former newspaper office were now creating their own headlines. “Heck, we wrote the mission, with accomplishments every day,” recalls Catfish.

© Tania Franco Klein

Bulas was finally enjoying her social life, but work often got in the way. One night she was dining with a girlfriend in Coral Gables when she overheard two men talking loudly in Spanish about “merchandise”. “If these people pay with a credit card, we’re going to follow them,” Bulas whispered. When their main course arrived, they had already left. By then, Bulas had tailed the suspects to a warehouse, which she later discovered was full of drug cash.

Another time, an informant tipped off Bulas to some cash hidden at a Colombian safe house, behind a fake wall. During the raid, Bulas knew the location of the cash, but needed to protect her source. So she told the suspects that her sniffer dog barked when he found banknotes. “I kicked the dog in the ass,” she recalls, adding that it was a gentle kick. When she pulled out the cash, one of the suspects lamented: “Shit, that dog is really good.”

The jaw-dropping stings continued. When Bulas stopped the Learjet on the tarmac in May of 1983, it was the biggest cash seizure in US history and a huge splash for Operation Greenback. Even the suspect, Milian-Rodriguez, recalled the bust fondly. “My arrest was a Hollywood arrest, you can see this in any action movie,” he later said. “The anti-hero gets on his private jet . . . and, all of a sudden, 100 police cars chase you down the runway.” Milian-Rodriguez was later sentenced to 43 years in prison for money laundering.

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Yet the jailing of Kattan turned out to be a false victory for Bulas and Operation Greenback. Banks in south Florida were no longer willing to take in truckloads of dirty cash. The party was over. “Miami lost its role as a critical area for money laundering. Our banking system suffered, so did the housing market,” says Bruce Bagley, a former University of Miami professor and expert on money laundering (who, incredibly, was jailed in 2020 for money laundering). Milian-Rodriguez admitted that the $5.4mn on board his Learjet was a “monthly stipend” headed to Panama’s General Manuel Noriega, who was now washing the cartel’s cash and making Operation Greenback harder than ever.


By 1984, Bulas was starting to feel the strain. She was 32 and a single mother, juggling undercover assignments while wrangling babysitters. An unhappy marriage to a Syrian waiter had lasted less than a year, and she had given up on dating. “You don’t want to bring any guy [home] just for the hell of it. If you have a daughter, you have to be careful,” she says. Becoming a mother had made the war on drugs personal. She couldn’t imagine seeing her daughter in rehab or worse. When she took risks at work, Bulas admits, “I did it mainly for her.”

Pablo Escobar and the Medellín Cartel controlled 80 per cent of the world’s cocaine trade at that time. Laundered cash made Escobar rich, and he was eventually added to Forbes’ first ever List of International Billionaires, alongside the owner of car giant Fiat and the Benetton fashion family. He wore a diamond-encrusted Rolex; he purchased a bullet-ridden 1930s touring car purportedly once owned by gangsters Bonnie and Clyde; he stocked his private zoo with a soccer-playing kangaroo and a pair of rare black parrots valued at $20,000 apiece. But his violent trade created misery and death on the streets of Colombia and Miami.

In 1984, at the height of the cocaine boom, McDonald sent Bulas on undercover missions posing as an intermediary. As “Lydia Barrera”, Bulas promised cartel members she could launder dirty cash through corrupt bankers without leaving a paper trail. Once they were on the hook, Greenback agents would launder some of the cash, then follow them back to their stash house, where uniformed agents would seize the money. They called it “ripping” the cash.

“You have to dress like you have money,” Bulas says. She wore fake jewellery and carried herself with extra swagger. After the sting and the big reveal, she led the negotiations too. “If you want to have your sentence reduced,” she told the suspects, “you introduce us to your big guy and tell them I’m very reliable.” It was effective but risky. One night in Puerto Rico, Bulas was partying with cartel members at a disco called Hunca Munca, wearing a blonde wig, when she ran into a friend from high school. She pulled the woman into the restroom and whispered: “You don’t know me!”

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two women  seated inside a car
© Tania Franco Klein

Support for Bulas arrived in 1984, when Greenback recruited more female operatives. Former IRS auditor Debbie Crumley, 32, transferred to the criminal division when her husband’s job took the couple to Miami. She arrived from a small-town in Georgia with blonde bangs and a “bless your heart” southern accent, behind the wheel of a burgundy Nissan convertible, blasting Tina Turner’s “What’s Love Got To Do With It”. “I just wanted to do something with some pizzazz,” she recalls. When she teamed up with Bulas, other agents started calling them “Cagney and Lacey” after the television cop duo.

Crumley’s undercover persona was a ruthless businesswoman who casually dealt in millions. “But you also had to be normal,” she explains. “You couldn’t come across as too anxious. You were just a person trying to make a deal and, fortunately, most of the people we did that with believed us.” On every sting, the female agents were told a secret code-word, like “Disneyland” or “daycare”, to summon armed agents if a deal went south. The cartel’s couriers, Bulas recalls, “were little shitheads”.

The bad guys were not stupid, Crumley says. “They figured out they were being followed sometimes, and then they turned the tables on us and started following us.” One time a suspect told her: “I know where you and your husband had dinner last weekend.” Bulas and Crumley were issued specially designed green leather handbags to carry their handguns, which came with speedloaders and hollow-point bullets with more stopping power.

Back in the office, they posed for goofy mugshots for McDonald, who posted them to a fictional IRS Ten Most Wanted List on the wall. In truth, they were the stars of the whole operation. “They were women out of the ordinary,” says Dick Gregorie, a prosecutor who worked on various Greenback cases. “They were every bit as tough as the guys were and they had no problems in standing up to them and making sure they got heard and things got done.” This put some noses out of joint.

Not long after she joined Greenback, Crumley was driving past a suspect’s house late at night. The road was lined by tall trees, and it was pitch black. She noticed a car drawing closer to her rear bumper. Certain that her cover was blown and armed Colombians were on her tail, she radioed Catfish for back-up. “I pulled out my weapon, and I was ready to do whatever I had to do,” she recalls. Agents rammed the car to a stop. “It was one of the agents from Greenback who was playing a trick on me. I remember Catfish saying, ‘You fool . . . she was ready to take you down.’”

© Tania Franco Klein

Another night Crumley arrested two traffickers, a brother and sister, in possession of several kilos of cocaine. The woman had a six-year-old son, Enrique, who found himself at Greenback headquarters with Crumley. “Against his chest he cradled his mother’s empty purse which seemed to act as his security blanket,” she recalls. When his mother told him she was going to jail, tears streamed down the boy’s face. “She showed no emotion,” Crumley recalls. After she took Enrique to social services, his mother received an eight-year sentence, and never once asked about her son, she says.

In their bid to capture bigger targets, Bulas and Crumley set their sights on two Uruguayan launderers named Roberto del Pino and Carlos Sarmiento. They both looked to them like slick South American smugglers straight from Central Casting. Del Pino was the one with the limp. Both had recently turned 30 and had tired of working in a sausage factory and selling books, before finding success smuggling gold into Colombia in del Pino’s wooden leg. After a tarot reader introduced them to some Colombians, they started sending tonnes of cash in twenties, fives and one-dollar bills from Miami and Los Angeles back to Medellín.

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The key to their operation was a striking Puerto Rican woman named Maria, who wore skyscraper heels and had the type of jet black mullet made popular by Cher. For a 2 per cent commission, Maria arranged to transfer their money undetected by US authorities, through what she called “a dirty banker”. In the space of a few days in January 1986, the Uruguayans slipped Maria nearly a million dollars in cash from the trunk of their car in a Pizza Hut parking lot. Maria was not her real name. She was Awilda Villafane, an undercover US Customs agent working with Bulas and Crumley, and Operation Greenback’s latest undercover operative. “We would tell her what to do,” Bulas explains.

Soon, del Pino and Sarmiento’s luck started to run out. They had $336,000 in cash and $465,000 in cashiers’ checks ripped from a safe during a raid in October 1985. Two days later, agents seized $1.2mn from the trunk of their Volkswagen Jetta. By then, “Maria” had laundered more than $17mn for the Uruguayans, while helping the government seize around $12mn. This earned Sarmiento an uncomfortable trip to Medellín to explain himself to Pablo Correa. Before Escobar had him murdered, the construction magnate was one of the cartel’s most ruthless drug traffickers. On his return to the US, Sarmiento warned Maria that if they lost any more money, the Colombians would “scrape us off the face of the earth”.

The raids continued, says Bulas.

“They were losing millions.”


In early February 1986, Villafane arrived at the Greenback headquarters with a cassette tape that made everyone sit up. A wiretap had recorded Sarmiento and del Pino complaining about their losses and fretting about Escobar sending someone from Medellín to see “what the hell was going on”. Luis Javier Castano-Ochoa (who is not related to the infamous Ochoa brothers, who co-founded the Medellín Cartel) was a lawyer and politician believed to be the cartel’s main financial adviser and frontman. “We were ecstatic because it was the first time we had someone who was really close to Escobar,” Bulas says. McDonald knew that capturing Castano-Ochoa would put a huge dent in the cartel’s operation. He decided to use “Maria” to lure him into a money-laundering sting. “I guess he trusted [her] very much,” Bulas recalls.

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There was rain in the wind on February 7 1986, as Villafane, dressed as Maria, swung into a Burger King parking lot near the airport. Her Colombian connection leaned into her window and said, “The dopers want to meet us.” When the man slipped into the restaurant to buy a Coke, Villafane had a seven-minute window to talk to Bulas through a concealed microphone. Castano-Ochoa was coming, she said. They should scramble a team. “There were a lot of us outside,” Bulas recalls.

In her rear-view mirror, Villafane watched a red Buick Regal pull into the lot. Rain was now beating on the roof of Bulas’s car as she watched two smartly dressed men step out of the Buick. The balding man with closely cropped hair on the sides was Castano-Ochoa, the other was his driver. Villafane followed the men into the Burger King. Inside, Castano-Ochoa found a table away from the other customers. “I am going to take your car,” he told Villafane flatly. “You give me the keys and we are going to have the merchandise put into the trunk.” Villafane realised that if the men discovered the recording equipment whirring under her front seat, she could be killed.

“You can’t take my car because it is registered to me,” she said quickly, and suggested switching to a rental car waiting nearby. Castano-Ochoa pondered for a second, then agreed. Listening to their conversation in her car, Bulas breathed a sigh of relief.

Another of Castano-Ochoa’s men accompanied Villafane to a nearby grocery store to pick up the rental car. He transferred a suitcase and a box from his trunk into hers and drove away. When Villafane delivered the luggage to the Greenback office, agents found it stuffed with $828,000 in cash — enough to warrant an arrest. Six days later, agents surprised Castano-Ochoa at a Holiday Inn and arrested him. In his possession was a briefcase full of documents revealing a cocaine operation involving 2,957kg and approximately $56mn — one of the largest ever smuggling rings discovered on US soil.

three women investigators posing next to a private jet
Lydia Bulas (right) and two colleagues from US Customs next to the aircraft they stopped on the runway in May 1983
Debbie Crumley (left) and Bulas (right) pose for fake mugshots
Awilda Villafane (top), Bulas (middle) and Crumley (bottom) counting money seized during the Ochoa/Sarmiento/del Pino case in late 1985/early 1986

Operation Greenback was now so successful that law enforcement agencies in 35 other US cities adopted its methods. “The best way to get [convictions] is through people ratting or squealing or informing,” explains Bagley, the money-laundering expert. Meanwhile, Isaac Kattan had spent hundreds of hours telling prosecutor Charles Blau exactly how the cartel laundered its cash. “He was probably one of the better teachers I’ve ever had,” Blau says. Those conversations, together with reports from Mike McDonald and Operation Greenback, formed the basis for the money laundering statutes passed into law by Congress in October 1986. Now that money laundering was a federal crime, the stage was set for Castano-Ochoa’s trial.

In May 1987, a court heard that Castano-Ochoa and the Medellín Cartel was responsible for the $6bn in unexplained cash flooding the US banking system. To illustrate his point, Prosecutor Gregorie showed the jury what $2.1mn in cash looked like. “We had to bring it up with the elevators and roll it into the courtroom,” he recalls. During the six-week trial, he introduced colourful witnesses, including the notorious drug trafficker and informant Max Mermelstein, who told the court that the papers found in Castano-Ochoa’s briefcase proved he “was in charge of the entire operation”.

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“We had a lot of evidence, so he was toast,” Bulas recalls. She had also convinced the Uruguayans to testify, despite Castano-Ochoa allegedly warning one of them: “I am going to bring your son’s head on a platter.” Sarmiento and del Pino’s evidence helped to send Castano-Ochoa to prison for 16 years. (The smugglers were released for time served and deported.)

Bulas, Crumley, McDonald and the Greenback team celebrated at a local bar with prosecutors. “For me, it was a major trial. This was a major, major player,” says Gregorie. Putting it another way, Catfish says: “The worst thing that happened to Ochoa was Lydia Bulas.” After US Marshals led the Colombian away to a federal US prison, his lawyer quietly approached Bulas, she recalls. “He told me that if I ever decide to leave the IRS he would hire me as an investigator,” she says. (Castano-Ochoa is now free and still involved in politics in Colombia. He could not be reached for comment.)

Bulas continued working with Operation Greenback until it ended in 1993, shortly after Colombian special forces shot and killed Pablo Escobar on a Medellín rooftop as he tried to flee. The destruction of his money-laundering scheme, along with undercover missions at home and abroad, contributed to the spectacular downfall of the Medellín Cartel. Bulas remembers the jubilation in the office when the news of his death broke, but she was in no mood to celebrate. “I was relieved,” she recalls. Bulas retired in 2002, long after the good old days of Operation Greenback were over, she says. After the September 11 attacks in the US, the war on drugs became the war on terror, and she felt there was too much red tape and paperwork. “I said, ‘screw this,’” she recalls. She went to work for McDonald in the private sector, advising foreign banks on how to abide by American laws. It gave her more time to spend with her family.

Bulas is 71 now and lives in Miami with her 42-year-old daughter, her son-in-law and their two-year-old son. When she hangs out with Crumley, they still call each other by their last names, as if Operation Greenback never ended. She even keeps a photograph of Escobar drenched in his own blood, as a memento of her life’s work. Before he was killed, the drug lord spent his final months on the run. At one point, he found himself freezing to death with his nine-year-old daughter in the mountains above Medellín. He looked for something to burn to keep her warm and reached for some sacks filled with $2mn in American greenbacks. In desperation, he lit a match and — poof — up it went.

ABOUT THE PHOTOGRAPHY
Tania Franco Klein is a Mexico City-based photographer. For this article, FT Weekend Magazine invited Klein to create fictional scenes that reflect aspects of this article. These photographs do not contain individuals or locations featured in the story

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Bus riders to Montgomery retrace old steps while fighting a new fight

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Bus riders to Montgomery retrace old steps while fighting a new fight

A man sings a spirtual song during a voting rally, Saturday, May 16, 2026, in Montgomery, Ala.

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MONTGOMERY, Ala.— In 1965, Black Americans peacefully demonstrated for voting rights and were beaten by Alabama state troopers before returning two weeks later to complete their march under federal protection. Keith Odom was a toddler then.

Now 62 years old, the union man and grandfather of three retraced some of their final steps. On Saturday, he came from Aiken, South Carolina, to Atlanta, where he joined several dozen other activists on two buses to Montgomery, Alabama. A few hours later, he stepped off his bus and onto Dexter Avenue, where the original march concluded.

“The history here — being a part of it, seeing it, feeling it,” said Odom, who is Black.

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His voice trailed off as he saw the Alabama Capitol and a stage that sat roughly where the Rev. Martin Luther King Jr. concluded the original march.

Odom lamented that he and his fellow bus riders were not simply commemorating that seminal day in the Civil Rights Movement. Instead they came to renew the fight. The 1965 effort helped push Congress to send the Voting Rights Act to Democratic President Lyndon B. Johnson to sign, securing and expanding political power for Black and other nonwhite voters for more than a half-century.

Saturday’s “All Roads Lead to the South” rally was the first mass organizing response after a U.S. Supreme Court ruling that severely diminished that landmark law. Striking down a majority Black congressional district in Louisiana, the justices concluded in a 6-3 ruling that considering race when drawing political lines is in itself discriminatory. That spurred multiple states, including Alabama, to redraw U.S. House districts in ways that make it harder for Black voters, who lean overwhelmingly Democratic, to elect lawmakers of their choice.

“I’m not trying to live a life that’s going backwards,” Odom said. “I want to go forward, for my grandchildren to be able to go forward.”

Keith Odom, a forklift driver from Aiken, S.C., looks out from his bus seat as he arrives in Montgomery, Ala., for a voting rights rally Saturday, May 16, 2026.

Keith Odom, a forklift driver from Aiken, S.C., looks out from his bus seat as he arrives in Montgomery, Ala., for a voting rights rally Saturday, May 16, 2026.

Bill Barrow/AP

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An old political battle is new again

The passenger rosters and the scene when riders arrived in Montgomery sounded the echoes and rhymes of past and present.

“I talked to my grandmother before I came, and she was so excited,” said Justice Washington, a Kennesaw State University student named because her mother and grandmother had faith in the American system. “My grandmother told me she did her part, and now it’s time for me to do mine.”

No one on the Atlanta buses had reached voting age when the Voting Rights Act became law. The youngest attendee was born as Democrat Barack Obama was elected the first Black president in 2008.

Kobe Chernushin is 18, white and just graduated high school in Atlanta’s northern suburbs. He is an organizer with the Georgia Youth Justice Coalition and spent the day filming Khayla Doby, a 29-year-old executive for the organization, doing standups for the group’s followers on social media.

“I believe in the power of showing up,” he said.

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The buses launched from the congressional district in Georgia once represented by John Lewis, bloodied on the Edmund Pettus Bridge in Selma, Alabama, when he was 25. Lewis died in 2020, but some on the buses Saturday celebrated that a proposed federal election overhaul is named for him. If some Democrats get their way, the bill would override the U.S. Supreme Court, reinvigorate the Voting Rights Act and outlaw the kind of gerrymandering competition that Republican President Donald Trump has instigated.

“I’m here because of the same forces that pulled on John Lewis when he was a student,” said Darrin Owens, 27. He has worked for former Vice President Kamala Harris and now trains Democratic candidates.

“Political activism is personal,” Owens said, explaining that he attended Saturday as a citizen, not a political professional. “Sometimes those lines are blurred, and as a Black person in America, a Black person living in a Southern state, I’m committed to action that stops what I consider to be un-American, this possibility that the person who represents me is someone who is not from my community and does not understand me or my community.”

When he arrived, Owens saw no federal authorities on Montgomery’s streets. A wounded, recovering Lewis did during the second march in 1965.

This time many of the Alabama troopers and local officers who walked the area were Black.

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The buses and sandwich lunches had been arranged by Fair Fight Action, a legacy of the political network built by Georgia Democrat Stacey Abrams, who became a national figure in her unsuccessful runs in 2018 and 2022 to become the first Black woman elected governor in U.S. history. No Black woman has yet achieved that feat.

Bee Nguyen, left, talks to Carole Burton, center, and Tondalaire Ashford at a voting rights rally Saturday, May 16, 2026, in Montgomery, Ala.

Bee Nguyen, left, talks to Carole Burton, center, and Tondalaire Ashford at a voting rights rally Saturday, May 16, 2026, in Montgomery, Ala.

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Different generations share their stories

At different points, Montgomery has branded itself as the cradle of the Confederacy and the cradle of the modern Civil Rights Movement.

“It feels like our country is stuck in this pattern of making progress, then there’s a huge backlash, and then people have to go through the same battle again just to get to where we were,” said Phi Nguyen, the 41-year-old daughter of Vietnamese refugees. She is now a civil rights lawyer in Atlanta.

She stood across from the church where a young King led the Montgomery Bus Boycott in 1955 and not far from where Jefferson Davis took the oath of office in 1861 as the slavery-defending Confederate president.

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Nguyen and her sister Bee, a 44-year-old who served in the Georgia General Assembly and ran for statewide office, met two other women as they walked. Carole Burton and Tondalaire Ashford are 72-year-old Montgomery residents who have been friends since they were in a segregated junior high school and then newly desegregated Sidney Lanier High School.

“I don’t call it ‘integration,’” Ashford said, pointing at her dark skin. “It was never real integration, and it’s not like we can ever just blend in.”

Burton described them as being “in the second wave” of Black students. “It wasn’t easy,” she said. “And we had to support each other.”

They remember their parents not being able to vote in the era of poll taxes, literacy tests and other racist restrictions that the Voting Rights Act eventually outlawed. But they smiled as they swapped family histories with the Nguyens.

Burton said immigrants, descendants of enslaved persons and Native Americans have different but overlapping paths. “We just want to be treated like people with the same rights and opportunities the country has promised us,” she said. “They’ve never fully lived up to it.”

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Aaron McGuire sings a spirtual song during a voting rally, Saturday, May 16, 2026, in Montgomery, Ala.

Aaron McGuire sings a spirtual song during a voting rally, Saturday, May 16, 2026, in Montgomery, Ala.

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Conflicting legacies are at stake

To Odom, who had begun his journey Saturday in South Carolina, the current U.S. Supreme Court reinforced that history by refusing to see some race-conscious election policy as a way to ensure fair representation, not simply the “technical right to vote.”

He recalls decades of his life being represented by Strom Thurmond, a segregationist Democratic governor who became a “Dixiecrat” presidential candidate and U.S. senator — by now as a Republican — into the 21st century. Odom said he fears his state losing U.S. Rep. Jim Clyburn, a senior member of the Congressional Black Caucus, through redistricting.

“They want to take away that legacy when we’re still living with Strom’s?” Odom said.

Odom said he is also worried that the young people who participated Saturday are not a vanguard but outliers.

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“I was talking to a 20-year-old co-worker about this trip,” he said. “She told me she supported me but didn’t want to do it or work for anybody” running for office. “She wondered what any of them are going to do for her.”

Nonetheless, he said on the way home, “I’m still going to tell her what I saw and what I heard.”

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Louisiana Sen. Bill Cassidy loses in Republican primary, does not advance to runoff

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Louisiana Sen. Bill Cassidy loses in Republican primary, does not advance to runoff

One observer of the current Senate race in Louisiana noted that Sen. Bill Cassidy could lose his reelection bid.

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Sen. Bill Cassidy lost Saturday’s Louisiana Republican primary according to a race call by the Associated Press.

Cassidy, who served two terms in the Senate, was one of seven Republican senators who voted to convict President Trump after the January 6th insurrection at the Capitol. That vote put him at odds with Trump and his MAGA coalition, ultimately leading Trump to push Rep. Julia Letlow to run against Cassidy.

Cassidy’s bid for a third term was viewed as a test of Trump’s grip on the party–and of what voters want from their representatives in Washington. The primary pitted Cassidy, a veteran lawmaker, former physician and chair of the powerful Senate health committee, against Letlow, a political newcomer and a millennial MAGA loyalist.

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A detailed view of a hat that reads, Run Julia Run, is seen at a campaign event for Rep. Julia Letlow (R-LA) on May 6, 2026 in Franklinton, Louisiana.

A detailed view of a hat that reads, Run Julia Run, is seen at a campaign event for Rep. Julia Letlow (R-LA) on May 6, 2026 in Franklinton, Louisiana.

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A former college administrator, Letlow won a special election in 2021 for the House seat her late husband, Luke, was set to assume before he died from COVID in 2020.

In Congress, Letlow sponsored a bill to collect oral histories from the pandemic and has focused on education and children. She introduced the “Parents Bill of Rights Act,” which would allow parents to review classroom materials like library books and require schools to notify parents if their child requests different pronouns, locker rooms or sports teams.

She also serves on the powerful appropriations committee and has embraced Trump’s agenda.

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Letlow, who came first in Saturday’s primary, will face Louisiana state Treasurer John Fleming in the runoff on June 27. Cassidy came in third.

The election result is a victory for President Trump who has put Republican loyalty to the test on the ballot so far this year in Indiana state senate primaries and in Cassidy’s race.

Another major test of Trump’s influence comes in Kentucky’s primary on Tuesday when Republican Rep. Thomas Massie, who has found himself at odds with the president, faces a challenger endorsed by Trump.

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Brass bands in Beijing make way for sticker shock at home as Trump returns to escalating inflation

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Brass bands in Beijing make way for sticker shock at home as Trump returns to escalating inflation

WASHINGTON (AP) — President Donald Trump returned from the spectacle of a Chinese state visit to a less than welcoming U.S. economy — with the military band and garden tour in Beijing giving way to pressure over how to fix America’s escalating inflation rate.

Consumer inflation in the United States increased to 3.8% annually in April, higher than what he inherited as the Iran war and the Republican president’s own tariffs have pushed up prices. Inflation is now outpacing wage gains and effectively making workers poorer. The Cleveland Federal Reserve estimates that annual inflation could reach 4.2% in May as the war has kept oil and gasoline prices high.

Trump’s time with Chinese leader Xi Jinping appears unlikely to help the U.S. economy much, despite Trump’s claims of coming trade deals. The trip occurred as many people are voting in primaries leading into the November general election while having to absorb the rising costs of gasoline, groceries, utility bills, jewelry, women’s clothing, airplane tickets and delivery services. Democrats see the moment as a political opportunity.

“He’s returning to a dumpster fire,” said Lindsay Owens, executive director of Groundwork Collaborative, a liberal think tank focused on economic issues. “The president will not have the faith and confidence of the American people — the economy is their top issue and the president is saying, ‘You’re on your own.’”

The president’s trip to Beijing and his recent comments that indicated a tone-deafness to voters’ concerns about rising prices have suggested his focus is not on the American public and have undermined Republicans who had intended to campaign on last year’s tax cuts as helping families.

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Trump described the trip as a victory, saying on social media that Xi “congratulated me on so many tremendous successes,” as the U.S. president has praised their relationship.

Trump told reporters that Boeing would be selling 200 aircraft — and maybe even 750 “if they do a good job” — to the Chinese. He said American farmers would be “very happy” because China would be “buying billions of dollars of soybeans.”

“We had an amazing time,” Trump said as he flew home on Air Force One, and told Fox News’ Bret Baier in an interview that gasoline prices were just some “short-term pain” and would “drop like a rock” once the war ends.

Inflationary pain is not a factor in how Trump handles Iran

Trump departed from the White House for China by saying the negotiations over the Iran war depended on stopping Tehran from developing nuclear weapons. “I don’t think about Americans’ financial situation. I don’t think about anybody. I think about one thing: We cannot let Iran have a nuclear weapon,” Trump said.

That remark prompted blowback because it suggested to some that Trump cared more about challenging Iran than fighting inflation at home. Trump defended his words, telling Fox News: “That’s a perfect statement. I’d make it again.”

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The White House has since stressed that Trump is focused on inflation.

Asked later about the president’s words, Vice President JD Vance said there had been a “misrepresentation” of the remarks. White House spokesman Kush Desai said the “administration remains laser-focused on delivering growth and affordability on the homefront” while indicating actions would be taken on grocery prices.

But as Trump appeared alongside Xi, new reports back home showed inflation rising for businesses and interest rates climbing on U.S. government debt.

His comments that Boeing would sell 200 jets to China caused the company’s stock price to fall because investors had expected a larger number. There was little concrete information offered about any trade agreements reached during the summit, including Chinese purchases of U.S. exports such as liquefied natural gas and beef.

“Foreign policy wins can matter politically, but only if voters feel stability and affordability in their daily lives,” said Brittany Martinez, a former Republican congressional aide who is the executive director of Principles First, a center-right advocacy group focused on democracy issues.

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“Midterms are almost always a referendum on cost of living and public frustration, and Republicans are not immune from the same inflation and affordability pressures that hurt Democrats in recent cycles,” she added.

Democrats see Trump as vulnerable

Democratic lawmakers are seizing on Trump’s comments before his trip as proof of his indifference to lowering costs. There is potential staying power of his remarks as Americans head into Memorial Day weekend facing rising prices for the hamburgers and hot dogs to be grilled.

“What Americans do not see is any sympathy, any support, or any plan from Trump and congressional Republicans to lower costs – in fact, they see the opposite,” Senate Democratic leader Chuck Schumer of New York said Thursday.

Vance faulted the Biden administration for the inflation problem even though the inflation rate is now higher than it was when Trump returned to the White House in January 2025 with a specific mandate to fix it.

“The inflation number last month was not great,” Vance said Wednesday, but he then stressed, “We’re not seeing anything like what we saw under the Biden administration.”

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Inflation peaked at 9.1% in June 2022 under Biden, a Democrat. By the time Trump took the oath of office, it was a far more modest 3%.

Trump’s inflation challenge could get harder

The data tells a different story as higher inflation is spreading into the cost of servicing the national debt.

Over the past week, the interest rate charged on 10-year U.S. government debt jumped from 4.36% to 4.6%, an increase that implies higher costs for auto loans and mortgages.

“My fear is that the layers of supply shocks that are affecting the U.S. economy will only further feed into inflationary pressures,” said Gregory Daco, chief economist at EY-Parthenon.

Daco noted that last year’s tariff increases were now translating into higher clothing prices. With the Supreme Court ruling against Trump’s ability to impose tariffs by declaring an economic emergency, his administration is preparing a new set of import taxes for this summer.

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Daco stressed that there have been a series of supply shocks. First, tariffs cut into the supply of imports. In addition, Trump’s immigration crackdown cut into the supply of foreign-born workers. Now, the effective closure of the Strait of Hormuz has cut off the vital waterway used to ship 20% of global oil supplies.

“We’re seeing an erosion of growth,” Daco said.

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