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Robbien Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-19-04 01:32 AM
Original message
At Riggs Bank, a Tangled Path Led to Scandal
By TIMOTHY L. O'BRIEN

Published: July 19, 2004

ASHINGTON, July 18 Riggs Bank, which for years billed itself as "the most important bank in the most important city in the world," now finds itself the most scrutinized bank in the most unforgiving city in the world.

The Senate's Permanent Subcommittee on Investigations has concluded that Riggs executives and bank regulators, even after the events of Sept. 11, 2001, failed to monitor suspicious financial transactions involving hundreds of millions of dollars.

A report it released last week in connection with a hearing on the bank's operations gives a detailed picture of events that snowballed into a financial scandal and appear to have ended the venerable bank's independence. On Friday, the parent of Riggs announced that PNC Financial Services of Pittsburgh had agreed to buy it for $779 million. Still, Riggs, and those who ran it, face more regulatory, Congressional and law enforcement investigations.

. . .
The scrutiny of the bank involves accounts it held for Gen. Augusto Pinochet, the former Chilean dictator, and for the Saudi Arabian Embassy. It comes at a time when several new books and the documentary "Fahrenheit 9/11" have put a spotlight on the kingdom's ties to the Bush administration. The sources of about $700 million in cash and investment accounts at Riggs Bank owned by the African nation of Equatorial Guinea or some of its leaders are also being examined, at a time when American companies have been courting that oil-rich nation to secure petroleum sources outside the Middle East.

much more
http://www.nytimes.com/2004/07/19/business/19BANK.final...
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punpirate Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-19-04 02:28 AM
Response to Original message
1. No surprise that another Bushie...
... is in the middle of it, either.... :eyes:
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gandalf Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-19-04 02:36 AM
Response to Reply #1
2. only somehow they forgot to mention Jonathan
in this article.
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punpirate Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-19-04 02:39 AM
Response to Reply #2
3. No surprise there, huh?
The Times has a very selective memory, or they're afraid mentioning the creep could influence the current political milieu.... :think:
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gandalf Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-19-04 03:08 AM
Response to Reply #3
4. But it's the same with German newspapers
on Friday, there was an article on Riggs in the Handelsblatt (business newspaper), but without mentioning Jonathan Bush. Certainly he is personally not involved and his presence in this bank is just a coincidence.
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fearnobush Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-19-04 12:05 PM
Response to Original message
5. NYT's and the rest of the media are pure COWARDS!!!
Afraid to print the truth.
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Beetwasher Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-19-04 12:08 PM
Response to Original message
6. Just Imagine If Clinton's Uncle Was Involved W/ This Bank
and Clinton were President.

How convenient that the Bush ties are left out of just about every single article on this scandal. Oopsy!
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gratuitous Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-19-04 12:11 PM
Response to Reply #6
8. That does it Beetwasher!
Quit posting what I post just before I post it! It's very annoying.
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Beetwasher Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-19-04 12:51 PM
Response to Reply #8
11. LOL!
Great minds and all that!!
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Mr_Charlie Donating Member (54 posts) Send PM | Profile | Ignore Mon Jul-19-04 12:47 PM
Response to Reply #6
10. AMEN
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gratuitous Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-19-04 12:10 PM
Response to Original message
7. The same question applies
What if it was a close relative of John Kerry in the middle of all this? What do you suppose the headline would be? And how many questions would be raised, all of which were answered with "The Kerry campaign had no comment {subtext: the weaselly lying bastards}."

But the Bush Family Evil Empire gets a pass. Over and over again. Nothing to see here. No sirreebob. No corruption. No malfeasance. Nothing at all. Quit looking over here. Quit it, I say!
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seemslikeadream Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-19-04 12:41 PM
Response to Original message
9. I guess the Patriot Act
is only to be used on other banks that launder money and fund terrorists.



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al bupp Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-19-04 01:22 PM
Response to Original message
12. Who Will Fill the Void?
Now that Riggs Bank seems to have had its cover blown, I wonder which financial institution(s) will step into the market space? I mean it's not like the need to launder funds for covert coups, and other nefarious activities has diminished. In fact, it may be greater now than any time in the recent past.


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osaMABUSh Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-19-04 01:37 PM
Response to Original message
13. At PNC Financial this is being touted as a great
takeover. It gives PNC entrance into a wealthy market (DC, NoVA, MD suburbs) outside of the Oh, KY, PA, NJ mid-Atlantic static footprint it now holds.

However, in none of the raving releases was this dirt mentioned. I will have to read about Riggs and factor that into any future company communications I hear.
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