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Octafish Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-10-07 12:28 PM
Response to Reply #101
110. Jackson Stephens
In certain circles, friends don't turn on friends... if there's anyway it'll get back to them.

Jackson Stephens, a billionaire investment banker out of Arkansas, backed Bill Clinton.
He also backed Poppy Bush. Dunno about how he feels toward Smirko.
Anyway, Mr. Stephens helped get BCCI into the USA and a whole lot more.



The Strange Saga of BCCI

"The Bank of Crooks and Criminals International"


EXCERPT...

1978

Hillary Clinton, the Arkansas governor's wife, is getting considerable business from Stephens Inc.

George W. Bush begins operations of his oil firm, Arbusto Energy. He assembles several dozen investors in a limited partnership including Dorothy Bush (a friend of BCCI figure Robert Altman), Lewis Lehrman, William Draper, and James Bath, a Houston aircraft broker who bought several planes from Air America, a CIA front. Bath's firm appears to be owned by Saudi investors. He also was a part-owner of a Houston's Main Bank, along with a couple of BCCI figures.

Stephens brokers the arrival of BCCI to this country, and steers BCCI's founder, Hassan Abedi to Bert Lance.

Stephens Inc tries to sell Riady stock in the National Bank of Georgia. The Washington Post quotes a US banker suggesting that Riady is working for Suharto, who is trying to butter up Carter: "They think of this country like a 'regime' similar to their own and they just don't realize that such a ploy wouldn't work." There's no deal. Lance's bank will eventually be taken over by a BCCI front man -- Ghaith Pharaon. Pharaon later sells his bank to First American. Pharaon will be fined $37 million by the Federal Reserve Board and become a fugitive.

Abedi moves to secretly take over First American Bankshares -- later the subject of the only BCCI-connected scandal to be prosecuted in the US.

1979

Mochtar Riady and Stephens Inc set up Stephens Finance Ltd. In Hong Kong.

Lance is indicted on charges of violating federal banking laws. Clifford's partner, Robert Altman, represents Lance who eventually achieves a hung jury.

During this same period, Stephens is, according to Peter Truell and Larry Gurwin in "False Profits," playing "a crucial role in BCCI's penetration of the US market."

1984

Mochtar Riady buys a stake in the Worthen holding company whose assets include the Stephens-controlled Worthen Bank. Price: $16 million. Other Worthen co-owners will eventually include BCCI investor Abdullah Taha Bakhish. Deal handled by C. Joseph Giroir II. Giroir is the Rose law firm chair who hired Hillary Clinton. Giroir will continue to be a deal-maker for the Riadys.

1985

Arkansas state pension funds -- deposited in Worthen by Governor Bill Clinton -- suddenly lose 15% of their value because of the failure of high risk, short-term investments and the brokerage firm that bought them. The $52 million loss is covered by a Worthen check written by Jack Stephens in the middle of the night, an insurance policy, and the subsequent purchase over the next few months of 40% of the bank by Mochtar Riady. Clinton and Worthen escape a major scandal. Mochtar's son James Riady comes back to Arkansas to manage Worthen as president.

Worthen is investigated by the Office of the Comptroller of the Currency for improper loans to companies owned by the Riadys and Stephenses.

1986

George W. Bush and partners receive more than $2 million of Harken Energy stock in exchange for a failing oil well operation, which has lost $400,000 in the prior six months. After Bush joins Harken, the largest stock position and a seat on its board is acquired by Harvard Management Company. The Harken board gives Bush $600,000 worth of the company's publicly traded stock, plus a seat on the board plus a consultancy that pays him up to $120,000 a year. When Harken runs short of cash it hooks up with Jackson Stephens, who arranges a $25 million stock purchase by Union Bank of Switzerland. Sheik Abdullah Bakhsh, who joins the board as a part of the deal, is connected to BCCI.

1988

Stephens' wife Mary Ann runs George Bush's campaign in Arkansas. He is a member of Team 100 -- individuals who have given $100,000 to the Republican party.

A few days before the supposedly surprise arrest of five BCCI officials, some of the world's most powerful drug dealers quietly withdraw millions of dollars from the bank. Some government investigators believe the dealers were tipped off by sources within the Reagan administration.

1989

Bahrain officials suddenly break off offshore drilling negotiations with Amoco and decide to deal with Harken Energy, George W. Bush's firm. Harken has had a series of failed ventures and no cash, so the Bass brothers are brought in to finance Harken's efforts at a cost of $50 million. Harken's investment banker is the same firm that helped in BCCI's acquisition of First American. Among the other BCCI-connected figures that help the deal: Bahrain's prime minister.

1990

Bush's attorney general, Richard Thornberg, is warned about BCCI but does nothing.

1991

Stephens Inc gives $100,000 to a Bush dinner committee.

With Stephens, Mochtar Riady buys BCCI's former Hong Kong subsidiary from its liquidators.

A former top aide to White House Chief of Staff John Sununu goes to work for a prominent figure in the BCCI scandal less than a month after leaving the Bush administration. Edward Rogers Jr. signs a $600,000 contract to give legal advice to Sheik Kamal Adham, an ex-Saudi intelligence officer who is being investigated for his role in BCCI's takeover of First American Bankshares.

The Miami acting US Attorney is reportedly rebuffed by the Justice Department in his efforts to indict BCCI and some of its principal officers on tax fraud charges. Justice Department later denies this occurred.

1992

Ronald Reagan is introduced at the GOP convention by former senator Paul Laxalt, whose law firm represented BCCI in a drug money case. The chair of the convention, Craig Fuller, has been the number two official of Hill & Knowlton which was involved in the BCCI-First American case. Bush's campaign press representatives has done PR for a Saudi sheik accused of involvement in the BCCI affair, earning $200,000 in fees in just two months.

Employees of Stephens Inc. give more money to the Clinton campaign than those of any other firm except Goldman, Sachs and the NY law firm of Wilke, Farr & Gallagher.

Stephens' Worthen Bank gives Clinton a $3.5 million line of credit allowing the cash-strapped candidate to finish the primaries. Little Rock Worldwide Travel provides Clinton with $1 million in deferred billing for his campaign trips. Without the Worthen and Worldwide largess, it is unlikely that the cash-strapped candidate could have survived through the later primaries.

CONTINUED...

http://www.the-catbird-seat.net/BCCI.htm



For the connected, it really is a small, small world...



And very, very bad.

Thank you for the info and the shout-out, riderinthestorm.

Keep spreading the light, my Friend.
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