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Reply #5: and of course, Riggs Banks and uncle Jonathan Bush [View All]

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phoebe Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-21-05 02:02 PM
Response to Reply #4
5. and of course, Riggs Banks and uncle Jonathan Bush
Edited on Thu Jul-21-05 02:03 PM by phoebe
http://www.davidsirota.com/2004/05/bushs-uncle-is-executive-at-bank-fined.html

Bush's Uncle Is Executive At Bank Fined for Lax Oversight of Saudi Money

RIGGS BANK FINED FOR LAX OVERSIGHT OF SAUDI MONEY, WHICH MIGHT HAVE GONE TO TERRORISTS
According to the 5/14/04 New York Times, Federal regulators fined the Riggs National Corporation, the parent company of Riggs Bank, $25 million yesterday for "failing to report suspicious activity, the largest penalty ever assessed against a domestic bank in connection with money laundering. The fine stems from Riggs's failure over at least the last two years to actively monitor suspect financial transfers through Saudi Arabian accounts held by the bank." The 5/14/04 Wall Street Journal reported that of particular concern, Riggs failed to monitor "tens of millions of dollars in cash withdrawals from accounts related to the Saudi Arabian embassy," including "suspicious incidents involving dozens of sequentially numbered cashier's checks and international drafts written by Saudi officials, including Saudi Ambassador Prince Bandar bin Sultan." According to the 4/18/04 Washington Post, Saudi Prince Bandar's wife, Princess Haifa al-Faisal, "may have used a Riggs account to donate money to a charity that then gave some of it to the Sept. 11 terrorists." According to the Washington Post, federal regulators "called Riggs actions a "'willful, systemic' violation of anti-money-laundering law." Riggs officials have "acknowledged years of deficiencies in reporting to law enforcement hundreds of millions of dollars in suspicious financial transactions by foreign customers, particularly those connected with the embassies of Saudi Arabia."

PRESIDENT BUSH'S UNCLE IS A CHIEF EXECUTIVE AT RIGGS BANK
According to the nonprofit Texans for Public Justice, Jonathan Bush is the President and CEO of Riggs Investment Management - a major arm of Riggs Bank. He is also the uncle of President George W. Bush. The President "credits the investors sent his way by this banker uncle as a key to his 'success' in the Texas oil industry in the early '80s." According to Public Citizen, the uncle Jonathan was a Bush Pioneer, having raised more than $100,000 for his nephew in 2000.
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