The Greatest Robbery of a Government


The government of the Philippines announced on April 23, 1986 that it had succeeded in identifying $860.8 million that had been embezzled by the former President Ferdinand Marcos and his wife Imelda. The total national loss from November 1965 was believed to be $5–$10 billion. Ferdinand and Imelda Marcos fled to Hawaii in 1986, where the former president died. Imelda Marcos returned to the Philippines in 1991, and was found guilty of corruption in 1993. However, she was cleared of all charges on appeal in October 1998. The Philippine Supreme Court acquitted her, setting aside a 12-year jail sentence. The decision — by a majority of 8-5, with 1 abstention — reversed a January ruling by the Supreme Court on her 1993 conviction by a lower court. Today, she is 91 and still living in the Philippines.