Newsmaker of the year: Riggs Bank

[seemslikeadream]

Newsmaker of the year: Riggs Bank
By Tim Mazzucca
Washington Business Journal
Updated: 7:00 p.m. ET Dec. 26, 2004
The Riggs Bank name in Washington was like Tiffany.


The bank's reputation was unparalleled.

Then, the summer of 2003 rolled around, and Riggs found itself at odds with regulators over its handling of a Saudi princess's accounts in the wake of Sept. 11.

In 2004, those problems snowballed into an avalanche of bad news no one predicted -- accusations of money laundering, hefty federal fines, dealings with Chilean dictator Augusto Pinochet.

Of course, Riggs' trouble caught the eye of national media, and the floodgate of stories remained open throughout the year. Even the Albritton family, controlling shareholders of the bank, found itself under scrutiny.

By July, despite a valiant effort to maintain its composure while the news came fast and furious, Riggs realized it was time to sell. PNC Financial of Pittsburgh offered $779 million for what once was Washington's premier bank.

The deal is still pending.

Bank secrecy
Riggs had been teetering on the brink of noncompliance with the Bank Secrecy Act since about 1997. After the Sept. 11 terrorist attacks, regulators intensified their scrutiny.

...

The result? It's not your father's Riggs Bank anymore.

more
http://msnbc.msn.com/id/6757892/

No mention of Jonathan Bush? :shrug:


Riggs and Equatorial Guinea
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=125&topic_id=9558&mesg_id=11993&page=

9/11 relatives sue bank in terror attacks - Riggs
http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=102&topic_id=826447
Trouble on Oily Waters (DoD/Feith link to EG coup)
http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=102&topic_id=866406
Bank with close ties to Bush administration engulfed in scandal
http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=102&topic_id=775366
WaPo: Criminal Probe of Riggs Bank Underway
http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=102&topic_id=766616
WaPo: Allbritton Loses Riggs Bank (front page, day 3)
http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=102&topic_id=691609
WaPo: Justice Dept. to Probe Former Examiner at Riggs
http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=102&topic_id=714649
The Fall of Riggs
http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=102&topic_id=699623
Bank 'ignored laundering laws' in handling dictator's accounts
http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=102&topic_id=686504
A Fantastic Tale Turkey, Drugs, Faustian Alliances & Sibel Edmonds
http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=102&topic_id=655980
In Pakistan, dead men tell no tales
http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=102&topic_id=867507