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Response to ehrnst (Reply #13)

Wed Aug 14, 2019, 08:55 PM

33. A little info about the ownership of Politico

 



Robert Allbritton (born February 16,[1] 1968 or 1969[2]) is the owner and founder of Capitol News Company, the parent company of Capitol Hill political newspaper and website Politico.[3]

Allbritton also served as the Chairman and CEO of Allbritton Communications, which owned several ABC-affiliated television stations in Washington, D.C.[4] Allbritton was previously the CEO of Riggs National Corporation, the parent of Riggs Bank, from 2001 to 2005.[5] Allbritton has been described by The New Republic as having "reshaped the way we follow politics."[6] He is a Trustee of the Lyndon Baines Johnson Library and Museum.[7]

https://en.wikipedia.org/wiki/Robert_Allbritton





Riggs Bank was a bank headquartered in Washington, D.C. For most of its history, it was the largest bank headquartered in that city. On May 13, 2005, after the exposure of several money laundering scandals, the bank was acquired by PNC Financial Services.

(snip)

The bank was investigated for several money laundering scandals, including going to great lengths to allow former Chilean dictator Augusto Pinochet to hide his fortune after his accounts were subjected to asset freezing and for unknowingly allowing the hijackers involved in the September 11 attacks to transfer money due to lax controls at the bank.

(snip)

On May 13, 2005, after the exposure of several money laundering scandals, the bank was acquired by PNC Financial Services.[11][12][13]

(snip)

Hiding the fortune of Augusto Pinochet
Further information: Augusto Pinochet's arrest and trial
Augusto Pinochet, the former dictator of Chile, was widely accused of corruption, illegal arms sales, and torture. In 1994, Riggs officials invited Pinochet to open an account at the bank. In 1998, Pinochet was arrested in the United Kingdom for possible extradition to Spain, and his accounts were subjected to asset freezing by court orders. By using a shell company and hiding accounts from federal regulators, Riggs illegally allowed Pinochet to hide and retain access to much of his fortune.[18]

(snip)

The disclosure of the Riggs accounts reignited the case against General Pinochet. A ruling that he was not mentally competent to stand trial was overturned when it was proven that the general himself had orchestrated some of the huge transactions. In 2004, Pinochet was ordered to stand trial for crimes against humanity, and additional claims of mental and physical incompetence were overruled. However, Pinochet died in December 2006 before being judged. In September 2007, Pinochet's widow and five children were indicted by a Chilean court on charges including embezzlement.[20]

In January 2005, the bank pleaded guilty and agreed to pay $16 million in fines for helping Pinochet.[21][22] The bank and the Albritton family, which controlled the bank, agreed to pay $9 million to victims of the regime of Pinochet.[23][24] The bank also paid $8 million to settle the legal case in Spain.[25]

Embezzlement of oil revenues from Equatorial Guinea
In July 2004, the United States Senate published a report that showed that at least $35 million was siphoned off by Teodoro Obiang Nguema Mbasogo, the long-time dictator of Equatorial Guinea, from the account held by the Embassy of Equatorial Guinea in Washington, D.C. at Riggs.[26][27]

(snip)

In May 2004, the bank was fined $25 million by the Office of the Comptroller of the Currency and the Financial Crimes Enforcement Network for violations of money-laundering laws.[29][30][31]

A long running Justice Department investigation was wrapped up quickly in February 2005 with Riggs pleading guilty and paying a $16 million fine for violations of the U.S. Bank Secrecy Act after a Wall Street Journal article reported December 31, 2004, that Riggs had extensive ties to the CIA, including that several bank officials held security clearances. Also in February 2005, the bank and Albritton family agreed to pay $9 million to Pinochet victims for concealing and illegally facilitating movement of Pinochet money out of Britain.[32] No similar payment has been made with regard to Equatorial Guinea, as reported in this weekly Anti-Money Laundering Report from the Fair Finance Watch The abuses at Riggs led Congress to consider forming a single agency with greater authority to enforce money laundering and currency control laws. Daniel E. Stipano, deputy chief counsel for the Office of the Comptroller of the Currency, said, "What happened with Riggs is unacceptable. It cannot be repeated."[33] Riggs admitted criminal liability for failing to prevent money laundering.[34]

Acquisition by PNC
In the wake of the money laundering scandals, members of the Albritton family resigned from the bank board. On February 10, 2005, PNC Financial Services agreed to acquire Riggs.[35] The merger was completed on May 13, 2005,[36] and the Riggs name was retired and all Riggs branches became PNC Bank branches three days later.[37] Soon after the merger's completion, PNC phased out the scandal-plagued embassy business.[35]


https://en.wikipedia.org/wiki/Riggs_Bank




I will take Common Dreams any day over Politico.
If I were to vote in a presidential
primary today, I would vote for:
Bernie Sanders

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