and more government corruption than any lawmaker in modern history. Almost everything we now know about the BFEE comes from Kerry's investigations and diligent pursuit of BCCI, IranContra and CIA drugrunning.
You think the Bushes are happy about Kerry exposing all THIS?
A Full Service Bank: How BCCI Stole Billions Around the World
by James Ring Adams, Douglas Frantz (Contributor), Jane Chelius (Editor)
http://www.amazon.com/exec/obidos/ASIN/0671729128/qid=1043078199/sr=2-1/ref=sr_2_1/002-0326214-5431272False Profits: The Inside Story of BCCI, the World's Most Corrupt Financial Empire
by Peter Truell, Larry Gurwin (Contributor)
http://www.amazon.com/exec/obidos/tg/detail/-/0395623391/qid1043078199/sr=1-2/ref=sr_1_2/002-0326214-5431272?v=glance&s=booksThe Outlaw Bank: A Wild Ride into the Secret Heart of BCCI
by Jonathan Beaty, S. C. Gwynne (Contributor)
http://www.amazon.com/exec/obidos/tg/detail/-/0679413847/qid=1043078199/sr=1-3/ref=sr_1_3/002-0326214-5431272?v=glance&s=booksDirty Money: BCCI: The Inside Story of the World's Sleaziest Bank
by Mark Potts, Nicholas Kochan, Robert Whittington (Contributor), Nick Kochan (Contributor)
http://www.amazon.com/exec/obidos/tg/detail/-/0915765993/qid=1043078199/sr=1-5/ref=sr_1_5/002-0326214-5431272?v=glance&s=booksBanking Scandals: The S&Ls and BCCI (The Reference Shelf, Vol 65, No. 3)
by Robert Emmet Long (Editor)
http://www.amazon.com/exec/obidos/tg/detail/-/0824208420/qid=1043078199/sr=1-7/ref=sr_1_7/002-0326214-5431272?v=glance&s=booksThe BCCI affair : hearings before the Subcommittee on Terrorism, Narcotics, and International Operations of the Committee on Foreign Relations, United States Senate, One Hundred Second Congress, first session
http://www.amazon.com/exec/obidos/tg/detail/-/0160372550/qid=1043078199/sr=1-9/ref=sr_1_9/002-0326214-5431272?v=glance&s=booksBank of Credit and Commerce International (BCCI) investigation : hearing before the Committee on Banking, Finance, and Urban Affairs, House of Representatives, One Hundred Second Congress, first session
http://www.amazon.com/exec/obidos/tg/detail/-/0160376653/qid=1043078199/sr=1-10/ref=sr_1_10/002-0326214-5431272?v=glance&s=booksFrom the congressional report on BCCI, all of which relate to what happened on 9-11 and everything else going on in the world of the BFEE.
Kerry's questions:
These questions are still to be answered in the investigation of BCCI in the United States.
1. The extent of BCCI's involvement in Pakistan's nuclear program. As set forth in the chapter on BCCI in foreign countries, there is good reason to conclude that BCCI did finance Pakistan's nuclear program through the BCCI Foundation in Pakistan, as well as through BCCI-Canada in the Parvez case. However, details on BCCI's involvement remain unavailable. Further investigation is needed to understand the extent to which BCCI and Pakistan were able to evade U.S. and international nuclear non-proliferation regimes to acquire nuclear technologies.
2. BCCI's manipulation of commodities and securities markets in Europe and Canada. The Subcommittee has received information that remains not fully substantiated that BCCI defrauded investors, as well as some major U.S. and European financial firms, through manipulating commodities and securities markets, especially in Canada, the Netherlands, and Luxembourg. This alleged fraud requires further investigation in those countries.
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3. BCCI's activities in India, including its relationship with the business empire of the Hinduja family. The Subcommittee has not had access to BCCI records regarding India. The substantial lending by BCCI to the Indian industrialist family, the Hindujas, reported in press accounts, deserves further scrutiny, as do the press reports concerning alleged kick-backs and bribes to Indian officials.
4. BCCI's relationships with convicted Iraqi arms dealer Sarkis Soghanalian, Syrian drug trafficker, terrorist, and arms trafficker Monzer Al-Kassar, and other major arms dealers. Sarkenalian was a principal seller of arms to Iraq. Monzer Al- Kassar has been implicated in terrorist bombings in connection with terrorist organizations such as the Popular Front for the Liberation of Palestine. Other arms dealers, including some who provided machine guns and trained Medellin cartel death squads, also used BCCI. Tracing their assets through the bank would likely lead to important information concerning international terrorist and arms trafficker networks.
5. The use of BCCI by central figures in arms sales to Iran during the 1980's. The late Cyrus Hashemi, a key figure in allegations concerning an alleged deal involving the return of U.S. hostages from Iran in 1980, banked at BCCI London. His records have been withheld from disclosure to the Subcommittee by a British judge. Their release might aid in reaching judgments concerning Hashemi's activities in 1980, with the CIA under President Carter and allegedly with William Casey.
6. BCCI's activities with the Central Bank of Syria and with the Foreign Trade Mission of the Soviet Union in London. BCCI was used by both the Syrian and Soviet governments in the period in which each was involved in supporting activities hostile to the United States. Obtaining the records of those financial transactions would be critical to understanding what the Soviet Union under Brezhnev, Chernenko, and Andropov was doing in the West; and might document the nature and extent of Syria's support for international terrorism.
7. BCCI's involvement with foreign intelligence agencies. A British source has told the Bank of England and British
investigators that BCCI was used by numerous foreign intelligence agencies in the United Kingdom. The British intelligence service, the MI-5, has sealed documents from BCCI's records in the UK which could shed light on this allegation.
8. The financial dealings of BCCI directors with Charles Keating and several Keating affiliates and front-companies, including
the possibility that BCCI related entities may have laundered funds for Keating to move them outside the United States. The Subcommittee found numerous connections among Keating and BCCI-related persons and entities, such as BCCI director Alfred Hartman; CenTrust chief David Paul and CenTrust itself; Capcom front-man Lawrence Romrell; BCCI shipping affiliate, the Gokal group and the Gokal family; and possibly Ghaith Pharaon. The ties between BCCI and Keating's financial empire require further investigation.
9. BCCI's financing of commodities and other business dealings of international criminal financier Marc Rich. Marc Rich
remains the most important figure in the international commodities markets, and remains a fugitive from the United States following his indictment on securities fraud. BCCI lending to Rich in the 1980's amounted to tens of millions of dollars. Moreover, Rich's commodities firms were used by BCCI in connection with BCCI's involving in U.S. guarantee programs through the Department of Agriculture. The nature and extent of Rich's relationship with BCCI requires further investigation.
10. The nature, extent and meaning of the ownership of shares of other U.S. financial institutions by Middle Eastern political
figures. Political figures and members of the ruling family of various Middle Eastern countries have very substantial investments in the United States, in some cases, owning substantial shares of major U.S. banks. Given BCCI's routine use of nominees from the Middle East, and the pervasive practice of using nominees within the Middle East, further investigation may be warranted of Middle Eastern ownership of domestic U.S. financial institutions.
11. The nature, extent, and meaning of real estate and financial investments in the United States by major shareholders of BCCI. BCCI's shareholders and front-men have made substantial investments in real estate throughout the United States, owning major office buildings in such key cities as New York and Washington, D.C. Given BCCI's pervasiveness criminality, and the role of these shareholders and front-men in the BCCI affair, a complete review of their holdings in the United States is warranted.
12. BCCI's collusion in Savings & Loan fraud in the U.S. The Subcommittee found ties between BCCI and two failed Savings and Loan institutions, CenTrust, which BCCI came to have a controlling interest in, and Caprock Savings and Loan in Texas, and as noted above, the involvement of BCCI figures with Charles Keating and his business empire. In each case, BCCI's involvement cost the U. S. taxpayers money. A comprehensive review of BCCI's account holders in the U.S. and globally might well reveal additional such cases. In addition, the issue of whether David Paul and CenTrust's political relationships were used by Paul on behalf of BCCI merits further investigation.
13. The sale of BCCI affiliate Banque de Commerce et de Placements (BCP) in Geneva, to the Cukorova Group of Turkey, which owned an entity involved in the BNL Iraqi arms sales, among others. Given BNL's links to BCCI, and Cukorova Groups' involvement through its subsidiary, Entrade, with BNL in the sales to Iraq, the swift sale of BCP to Cukorova just weeks after BCCI's closure -- prior to due diligence being conducted -- raises questions as to whether a prior relationship existed between BCCI and Cukorova, and Cukorova's intentions in making the purchase. Within the past year, Cukorova also applied to purchase a New York bank. Cukorova's actions pertaining to BCP require further investigation in Switzerland by Swiss authorities, and by the Federal Reserve New York.
14. BCCI's role in China. As noted in the chapter on BCCI's activities in foreign countries, BCCI had extensive activity in China, and the Chinese government allegedly lost $500 million when BCCI closed, mostly from government accounts. While there have been allegations that bribes and pay-offs were involved, these allegations require further investigation and detail to determine what actually happened, and who was involved.
15. The relationship between Capcom and BCCI, between Capcom and the intelligence community, and between Capcom's shareholders and U.S. telecommunications industry figures. The Subcommittee was able to interview people and review documents concerning Capcom that no other investigators had to date interviewed or reviewed. Much more needs to be done to understand what Capcom was doing in the United States, the United Kingdom, Egypt, Oman, and the Middle East, including whether the firm was, as has been alleged but not proven, used by the intelligence community to move funds for intelligence operations; and whether any person involved with Capcom was seeking secretly to acquire interests in the U.S. telecommunications industry.
16. The relationship of important BCCI figures and important intelligence figures to the collapse of the Hong Kong Deposit and Guaranty Bank and Tetra Finance (HK) in 1983. The circumstances surrounding the collpase of these two Hong Kong banks; the Hong Kong banks' practices of using nominees, front-companies, and back-to-back financial transactions; the Hong Banks' directors having included several important BCCI figures, including Ghanim Al Mazrui, and a close associate of then CIA director William Casey; all raise the question of whether there was a relationship between these two institutions and BCCI-Hong Kong, and whether the two Hong Kong institutions were used for domestic or foreign intelligence operations.
17. BCCI's activities in Atlanta and its acquisition of the National Bank of Georgia through First American. Although the Justice Department indictments of Clark Clifford and Robert Altman cover portions of how BCCI acquired National Bank of Georgia, other important allegations regarding the possible involvement of political figures in Georgia in BCCI's activities there remain outside the indictment. These allegations, as well as the underlying facts regarding BCCI's activities in Georgia, require further investigation.
18. The relationship between BCCI and the Banca Nazionale del Lavoro. BCCI and the Atlanta Branch of BNL had an extensive relationship in the United States, with the Atlanta Branch of BNL having a substantial number of accounts in BCCI's Miami offices. BNL was, according to federal indictments, a significant financial conduit for weapons to Iraq. BCCI also made loans to Iraq, although of a substantially smaller nature. Given the criminality of both institutions, and their interlocking activities, further investigation of the relationship could produce further understanding of Saddam Hussein's international network for acquiring weapons, and how Iraq evaded governmental restrictions on such weapons acquisitions.
19. The alleged relationship between the late CIA director William Casey and BCCI. As set forth in the chapter on intelligence, numerous trails lead from BCCI to Casey, and from Casey to BCCI, and the investigation has been unable to follow any of them to the end to determine whether there was indeed a relationship, and if there was, its nature and extent. If any such relationship existed, it could have a significant impact on the findings and conclusions concerning the CIA and BCCI's role in U.S. foreign policy and intelligence operations during the Casey era. The investigation's work detailing the ties of BCCI to the intelligence community generally also remains far from complete, and much about these ties remains obscure and in need of further investigation.
20. Money laundering by other major international banks. Numerous BCCI officials told the Subcommittee that BCCI's money laundering was no different from activities they observed at other international banks, and provided the names of a number of prominent U.S. and European banks which they alleged engaged in money laundering. There is no question that BCCI's laundering of drug money, while pervading the institution, constituted a small component of the total money laundering taking place in international banking. Further investigation to determine which international banks are soliciting and handling drug money should be undertaken.
from:
http://www.fas.org/irp/congress/1992_rpt/bcci/24appendic.htmAND MORE:
From "The Outlaw Bank", pp.119-121, by Jonathan Beaty and S.C. Gwynne, Random House, 1993:
"...Kerry and Mueller duelled politely over whether the plea bargain with BCCI in the Tampa money-laundering case was a giveaway. Mueller insisted that the Justice Department had won a major victory. He also disputed any charges that his department had not proceeded vigorously with further investigations, and he ignored Senator Kerry's attempt to bring up the subject of the missing tape of Blum's interviews with the former BCCI bankers who talked about political payoffs and BCCI's secret ownership of First American. When Koppel tried to point out that the assistant attorney general had not answered the Senator's question about the missing tapes, Mueller ignored him too and bragged that BCCI's offices in Florida had been shut down as a result of information the Justice Department provided the Florida banking regulators.
Kerry was beginning to sputter, and Beaty, outraged enough at Mueller's deceptive tactics to forget that he was on national television, jumped in. "But Mr. Mueller--I'm sorry, but the senator is quite accurate. You may have provided the reason for shutting down the bank by convicting it of money laundering, but then a very high-level person in your own department turned around and asked the State of Florida to keep this bank open, despite the fact that your own prosecutors had testified that drug-money laundering was a policy of the bank and that it wasn't a matter of employees taking some kind of independent action. When you plea-bargained out, you let the bank go and took the low-level employees, which is kind of in reverse..."
...Koppel <...> broke it up and turned to Time's charges that U.S. intelligence agencies employed BCCI as a means of funding covert operations and asked if that might have had something to do with the Justice Department's limited response to evidence. "That is absolutely incorrect...there is just no truth to the allegation and unsupported allegation that the intelligence community is in any way trying to shape or stop this investigation.," Mueller stated...
..."Mr. Mueller," Beaty cut back in, "we haven't made the accusation that this has been shaped by the intelligence community. All we have tried to do is point out the stunning lack of curiousity and aggression on the part of the Justice Department."....