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emad Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-28-05 09:54 AM
Original message
Riggs Bank fined over Pinochet ties
Friday, January 28, 2005 - Page updated at 12:00 A.M.
By Andrew Zajac

Chicago Tribune

WASHINGTON Riggs Bank agreed to pay a $16 million fine yesterday after pleading guilty to violating the Bank Secrecy Act by hiding transfers of millions of dollars in accounts controlled by Chilean despot Augusto Pinochet and top officials of Equatorial Guinea.

The bank, one of the oldest and most prestigious in the nation's capital, set up accounts under deceptive or phony names, ignored requirements to file federal reports on transfers of significant sums and helped establish dummy corporations in the Bahamas, where banking laws are notoriously lax, federal investigators said.

U.S Attorney Kenneth Wainstein described Riggs' failings as "long-term and systemic misconduct," at a news conference after the court hearing.

In addition to the fine, Riggs agreed to five years of probation and to cooperate in ongoing investigations of former Riggs officers.

http://seattletimes.nwsource.com/html/nationworld/20021...

THAT makes a total of $41million if you add the Equatorial Guinea scam fine of $25mil......
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BikeWriter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-28-05 09:56 AM
Response to Original message
1. What else would anyone expect from Uncle jonathon bush?
:(
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blm Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-28-05 09:58 AM
Response to Original message
2. When do the Bushes get punished for complicity with Pinochet's crimes?
Why doesn't the press do its job and tell the American people that Bush1 and his cronies were up to their ears with the crimes against humanity in Chile.
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emad Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-28-05 09:59 AM
Response to Original message
3. Some Key Features of Riggs Bank


By The Associated Press
Parent company: Riggs National Corp.

Headquarters: Washington, D.C., building across Pennsylvania Avenue from the Treasury Department.

Employees: About 1,450.
Assets: About $6.4 billion.
Branches: 51 in Washington, Virginia and Maryland.
ATMs: About 100.

History: Founded in 1836, became known as the "bank of presidents" with 21 First Families keeping accounts there. Helped finance the Mexican-American War and the purchase of Alaska from Russia. Joseph Allbritton, a media executive, acquired it in 1981 and built up its embassy business.
http://www.latimes.com/business/investing/wire/sns-ap-r...
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Al-CIAda Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-28-05 10:01 AM
Response to Reply #3
4. $audi-Bu$hco 9/11 funding -eom
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susu369 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-28-05 10:09 AM
Response to Original message
5. Question for you, Emad -
What are your thoughts on PNC Financial Services Group pending buyout of Riggs (Rigged) Bank? Do you think it will go through?
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emad Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-28-05 10:19 AM
Response to Reply #5
6. Not until Mark Thatcher has been cleared to return to the US for
a reunion with his wallet, bank accounts, wife and kids.

He is currently squirming in Lady Thatcher's Belgravia house, probably trying to bribe the CIA desk man in charge of issuing US visas, or maybe offering little sweeteners of information about the vast role Riggs played in the EG coup plot financing which has not yet hit the newsstands.

As a convicted felon, his official chances of getting into the US are less than zilch, even despite his heavy connections with Carlyle, former Republican presidents and Mommy's spook chums.

I reckon Riggs's market worth will take another nosedive after this latest fine. PNC knows it is scraping the bottom of the barrel in this acquisition and may try to lop off another $100mil or so.

Given that Riggs has been fined a massive $41 million for the sort of corruption that should have got it closed down like Banco Ambrosiano and BCCI, it is hanging in there by the tips of its fingernails - while Joe Albritton keeps his fingers crossed that his disgusting past misdemeanours viz the Children of God sect and his intricate false testimony re Ronnie Raygun's own participation in it remain under secure lock and key.

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susu369 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-28-05 10:35 AM
Original message
As always, very interesting
Edited on Fri Jan-28-05 10:49 AM by susu369
and a curious story. You nailed it (pardon the poor pun) "hanging in there by the tips of its fingernails."

Gerard Cassidy, an analyst at RBC Capital Markets who rates PNC shares a ``hold,'' said the guilty plea may discourage customers from banking there, lower the offering price for Riggs. ``This lowers the likelihood of the deal going through at the originally negotiated price,'' he said.

http://www.bloomberg.com/apps/news?pid=10000087&sid=ayE...

So, they will buy "damaged goods" for a lower price but admit customers will probably be discouraged from using the bank.

?????????????




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susu369 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-28-05 10:35 AM
Response to Reply #6
7. Delete
Edited on Fri Jan-28-05 10:36 AM by susu369
posted twice in error


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emad Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-28-05 11:11 AM
Response to Original message
8. "Banker sentenced for rigging bets"
POSTED on merit of headline alone....not connected to the Riggs/Pinochet biz..........

Banker sentenced for rigging bets
28 January 2005
London Evening Standard

A City banker nicknamed The Walrus was due to be sentenced for pocketing an insider-trading fortune.

Asif Butt, 35, was supposed to prevent information leaks at Credit Suisse First Boston.

Instead he rigged bets on the stock market with the help of some old school friends.

http://www.thisislondon.com/news/londonnews/articles/PA...
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seemslikeadream Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-28-05 11:23 AM
Response to Original message
9. 9/11 relatives sue bank in terror attacks
Islander joins action accusing Washington's Riggs National Bank of aiding al-Qaida backers
Tuesday, September 14, 2004
By TERENCE J. KIVLAN

WASHINGTON -- Lawyers for Sept. 11 families suing the Saudis have filed a related class-action legal action accusing a major bank here of aiding financial backers of the al-Qaida terrorist group through negligence.

The bank, Riggs National Bank, was fined $25 million in May for failing to properly monitor millions of dollars in Saudi financial transactions, including withdrawals now being investigated for possible connections to terrorism.

The suit charged that Riggs officials "impeded the battle against terrorism and substantially contributed to the terrorists being permitted to evade detection."

Riggs has been under investigation since regulators reportedly traced the "charitable contributions" to the hijackers two years ago. Since then investigators have discovered tens of millions of dollars in questionable transactions at Riggs by Saudi diplomats.

more
http://www.silive.com/news/advance/index.ssf?/base/news ...


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struggle4progress Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-28-05 06:57 PM
Response to Original message
10. kick
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emad Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-29-05 08:48 AM
Response to Original message
11. $15mil fine "largest criminal penalty ever imposed": AP update
Associated Press
Update 6: Riggs Bank Accepts $16 Million Fine
01.28.2005, 11:44 AM

SNIP:
The plea could throw into question Riggs' deal, announced in July, to be acquired for $779 million by regional bank PNC Financial Services Group of Pittsburgh. The Wall Street Journal, citing unnamed people familiar with the merger deal, reported Friday that PNC is balking at buying Riggs' parent at that price. PNC representatives are said to have told Riggs that they believe there has been a "material adverse change" in Riggs' condition in the last six months, allowing the Pittsburgh bank to walk away from the deal under terms of the merger agreement.

Shares of the parent, Riggs National Corp., rose 1.5 percent in Thursday trading on the Nasdaq Stock Market, suggesting that investors expected the merger to go through now that Riggs has resolved the case and avoided prosecution with the plea agreement. But shares fell 94 cents, or 4.2 percent, to $21.50 in morning trading Friday.
........................

"Despite numerous warnings from regulators, Riggs courted customers who were a high risk for money laundering and helped them shield their financial transactions from scrutiny," Kenneth Wainstein, the U.S. attorney for the District of Columbia, said at a news conference.

"This long-term and systemic misconduct was more than simply blind neglect; it was a criminal breach of the banking laws that protect our financial system from exploitation by terrorists, narcotics dealers and other criminals," he said.

http://www.forbes.com/work/feeds/ap/2005/01/28/ap179014...
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