Reply #10: Jackson Stephens-funded BCCI, Walmart, Harken both Bushs and Bill Clinton:

[mod mom]

There has always been something incongruous about Stephens Inc. Despite the Little rock firm's attempts to portray itself as a small- city operation that closes for the duck season and got fabulously lucky on a couple of down-home deals like Wal-Mart, it was, at the incinerator's inception, the ninth-largest investment bank in the country. Since it is not headquartered in New York, its dealings are local news, little noticed by the national press, even when they have national implications. And, as a source close to the company once remarked, "The farther you get from Arkansas, the better it looks."

Stephens Inc. was founded by Witt Stephens, a state legislator's son who parlayed a Depression-era belt-buckle, Bible, and municipal-bond business into an immense personal fortune. After his retirement in 1973, the company was run by his shy younger brother, Jackson (a classmate of Jimmy Carter's at the Naval Academy). Witt Stephens and Stephens Inc. did much to create the economic paradox that is modern Arkansas: a desperately poor state with a scant 2.3 million inhabitants that is nonetheless home to a number of wealthy companies. Without the financial assistance of the Stephens brothers, Sam Walton might have ended his days as the most innovative merchant in Bentonville. Stephens money was also important to the fortunes of enterprises as various as Tyson Foods and Linda Bloodworth-Thomason, the television producer and reigning First Friend. Stephens Inc. is an important client of the Rose law firm, whose chairman, C. Joseph Giroir, made Hillary Rodham Clinton a partner. And back in 1977, Stephens assisted BCCI's infiltration of the American banking system by brokering the latter's purchase of National Bank of Georgia stock held by Bert Lance, former President Jimmy Carter's friend and disgraced budget director.

Jackson Stephens (who turned over the reins to his son, Warren, in the late eighties) and his firm were both substantial contributors to the campaigns of Presidents Reagan and Bush (to the tune of at least $100,000 in 1980 and 1989), but they have been closer still to Bill Clinton (whom Witt Stephens had been known to call "that boy").

On two occasions, once when Clinton was running for reelection in Arkansas in 1990 and again in March 1992, when his battered presidential campaign was broke, the Stephens family saved Clinton's bacon with an infusion of money. Indeed, it may not be too much to say that their Worthen Bank's emergency $3.5 million line of credit saved the presidential campaign from extinction. --L.J.D.

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http://www.motherjones.com/news/feature/1993/11/davis.html





Who is the octopussy that might be lurking in the Ohio River Valley? Perhaps we should start by asking shy Arkansas billionaire Jackson T. Stephens. After all, Stephens introduced BCCI from Pakistan to the United States and the WTI waste incinerator to East Liverpool, Ohio. Stephens would be a good sketch artist because he's seen some monstrous scandals in his day. Stephens' family firm is the largest privately owned investment bank outside Wall Street. In September 1977, President Jimmy Carter's Budget Director Burt Lance was forced to resign amid allegations about his bank dealings with Stephens (Stephens and Carter were classmates at the Naval Academy). In 1978, Stephens, Lance and BCCI were charged with violating U.S. security laws. The charges were dropped after the defendants promised not to violate security laws in the future, even though they admitted no guilt.

The New York Post reported in February 1992 that it was Stephens who enabled BCCI to gain a foothold in the U.S. and helped the fraud-plagued bank secretly acquire U.S. banks. In Peter Truell and Larry Gurwin's book, False Profits, perhaps the best account of the BCCI scandal, the authors outlined how opium revenue from Afghanistan Mujahedin fighting the Soviets ended up in the accounts of BCCI, founded by Agha Hasan Abedi. The Post reported that Stephens allegedly introduced Abedi to Lance shortly after Lance resigned.

In 1991, Lance testified that he urged Abedi to acquire a Washington bank holding company, but he denied any knowledge of BCCI's subsequent secret ownership of First American Bankshares. The Post reported that Securities and Exchange Commission documents from 1977 substantiate that the idea originated with Stephens.

During Bill Clinton's 1992 presidential run, Stephens and his son Warren boasted of raising more than $100,000 for the campaign. The Stephens family also owned a 38 percent share in Worthen National Bank that extended a crucial $2 million line of credit to Clinton in January 1992.

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http://www.ohiocitizen.org/campaigns/wti/bob.html



Waste Technologies Industry, Inc. (WTI)


WTI has also gained significant political support, as one of the original partners in the corporation was Jackson Stephens. Stephens, an Arkansas investor, was known as a significant contributor to Reagan, Bush, and Clinton campaigns.

U.S. Environmental Protection Agency

The EPA has been accused of having bias in favor of WTI and carrying out decision-making activities without required public participation. The agency also violated rules established in RCRA during the WTI permit application process. EPA admitted such wrong-doing at a hearing before the House Judiciary Committee's subcommitteeon Administrative Law and Government Relations, as well as the Senate Environment and Public Works Committee.

http://www.umich.edu/~snre492/mcormick.html#Key%20Actors




Ask Hillary About This Tonight. I Dare You.
by Zwoof

Thu Jan 31, 2008 at 03:40:46 AM PST


While I was writing the original piece on the history of this foul project, a new ruling from the Ohio EPA allowed this incinerator, located 1,100 feet from an elementary school, to accept even more hazardous waste (anthrax, radioactive waste, infectious medical waste and mixed hazardous waste from Hurricane Katrina) than the original permit that was shrouded in corruption and approved by the Clinton Administration
Clinton and Al Gore promised the residents of East Liverpool, Ohio that they would not allow this incinerator originally approved by Bush '41 to operate. However, a Clinton EPA appointee, recommended by his classmate Hillary Clinton, approved the permit.

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The Politicians,Contributers and Conflicts
Jackson Stephans seems to have had a knack for picking winners.

Stephens staked Sam Walton when he started Wal-Mart in 1970, financed Tyson Food'stakeover of Holly Farms in 1988 and bankrolled Linda Bloodworth-Thomason, the television producer and Former First Friend.

Jackson Stephens hired the Rose Law Firm where Hillary Rodham Clinton was a partner.

In 1979, she became the first woman to be made a full partner of Rose Law Firm, hired by managing partner C. Joseph Goroir, Jr,.

Stephens later hired Goroir as director of his Worthen Bank in Little Rock.

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http://www.dailykos.com/story/2008/1/31/21045/9822/688/446786