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Riggs-PNC deal under strainSpanish judge recommends charges against Riggs

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seemslikeadream Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Sep-17-04 11:17 PM
Original message
Riggs-PNC deal under strainSpanish judge recommends charges against Riggs
By David Weidner, CBS.MarketWatch.com
Last Update: 1:20 PM ET Sept. 17, 2004


NEW YORK (CBS.MW) -- New allegations against Washington-based Riggs National may threaten the bank's agreement to be sold to PNC Financial.

Late Thursday, a Spanish judge recommended that U.S. regulators criminally charge Riggs (RIGS: news, chart, profile) and seven senior executives at the bank for allegedly hiding as much as $10.3 million in funds for Augusto Pinochet, the former Chilean dictator.

Spanish and Chilean authorities are seeking to recoup Pinochet's assets in an effort to provide restitution to victims of his regime.

But the increased scrutiny -- and deepening potential liability -- isn't just looming over Riggs. PNC Financial has yet to close its $779 million acquisition of Riggs. Pittsburgh-based PNC (PNC: news, chart, profile) agreed to pay a 7 percent premium for the bank in July.

Indeed, the new allegations add to a growing list of obstacles to the deal. Earlier this year, Riggs was shamed in a money-laundering scandal involving Saudi Arabian diplomats and ordered to pay $25 million in fines. A community group has opposed the deal, saying PNC is acquiring a "crime scene."
more
http://cbs.marketwatch.com/news/story.asp?guid=%7B40357...
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proud patriot Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Sep-17-04 11:23 PM
Response to Original message
1. The wicked web we weave when we practice to deceive
this is getting really interesting
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seemslikeadream Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Sep-17-04 11:30 PM
Response to Reply #1
2. georgie promised a full investigation
U.S. President George W. Bush has promised a full investigation into the allegations of wrongdoing involving Riggs Bank and Pinochet's accounts.

http://edition.cnn.com/2004/WORLD/europe/09/16/spain.ri...
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amber dog democrat Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Sep-17-04 11:32 PM
Response to Original message
3. Its a new BCCI
I would like to see them put out of business and the officers held accountalbe.
Helping Pinochet to hide his money puts them in league with them.

So much for de regulation

:nopity:
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Karenina Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Sep-18-04 03:53 AM
Response to Reply #3
4. Kick!
:kick:
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emad Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Sep-18-04 09:10 AM
Response to Reply #3
5. May be the Big Daddy of all BCCI-type scams including Banco
Ambrosiano (God's Banker scandal)...

Riggs flourished throughout the 20th century as an eminent bastion of probity, serving diplomats and politicians and claiming the moral high ground to attract top calibre clients......

In 1985 it was reported in the UK press that Riggs was instrumental in turing a blind eye to account irregularities of UK-based Thatcherite mercenaries who tried to stage a coup in Liberia: Andrew Parker Bowles (then husband of Camilla), night-club owner and gambling addict Henry Tonga, John Aspinall (pro-Nazi casion owner and old time mucker of Lord Lucan, Edward Van Cutsem (De Beers exec and chum of Prince Charles) and Mark Thatcher, son of the evil one, and currently charged with coup plotting in Equitorial Guinea.

Can't find the relevant article about this on the internet but seem to remember Riggs was also fined for 'serious lack of judgement' in passing account irregularities without calling in the Feds to investigate.

Similar trouble for Riggs subsidiaries linked with the subsequent coup attempt of Sierra Leone where doctored accounts fed arms dealing mercenaries without any prior checks via Interpol.

Again all references to Riggs involvement in that particular coup plot appear to have been excised from the internet. Wonder why?
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amber dog democrat Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Sep-18-04 10:16 AM
Response to Reply #5
6. But if they are shut down
Edited on Sat Sep-18-04 10:18 AM by amber dog democrat
where will the war criminals, spooks and mercenaries get their financing, do their money laundering and hide their money? i am floored by this extra information on Riggs.

Usually off shore banks provide these kinds of services - unless they are protected?

If this one blows up, it may take them a while to regroup. We need to keep the pressure on all the same. Its still another BCCI. There will always be political pirates and crooks needing these kinds of banks.
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emad Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Sep-18-04 10:27 AM
Response to Reply #6
7. Poppy's bagman William "Stamps" Farish III mysteriously quit as
US Ambassador to UK in July....but he's still reportedly running Junior's blind trust portfolio. Nothing ever said about any shares held in Riggs or whether the blind trust was held by Uncle Jonathan (Riggs CEO)....BUT....if Riggs goes all the way down the pan, a new Riggs must surely rise....

"Farish Bank & Trust Co of Midland, Texas"???????????????
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amber dog democrat Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Sep-18-04 11:13 AM
Response to Reply #7
10. It must be true
They really ARE a Mayberry Mafia.

Just wondering, what is your sense of Tony Blairs continuing political viability?
I used to respect him.
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emad Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-19-04 09:52 AM
Response to Reply #10
15. 6/4 ON favourite to be charged with treason by the end of the week!
Tone's a spent force, a cold-war relic installed by Thatcher and sponsored by Poppy to cover his own ass....

The wife Cherie ditto. She's Robert Maxwell's daughter!
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northzax Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Sep-18-04 04:13 PM
Response to Reply #7
12. details, details
not that this is normaily a problem.

Jonathan Bush is not the CEO of Riggs Bank, he is the director of a subsidiary of the bank, which is in essence his investment company that the bank purchased in 1987.

Joe Albrittron is the CEO of Riggs Bank.

sorry, but details count in conspiracy theories.
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Snazzy Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Sep-18-04 04:37 PM
Response to Reply #12
13. yep
He also ran RIMCO, Riggs' own investment arm. Providing wealth management and investments to select clients.

Would that be certain Saudi's (notably Bandar Bush), Obiang, Pinochet? Maybe even Dole and Carlucci? Hopefully the 150hrs of newly discovered tapes will put Uncle Bush at some of the board meetings, conspiring.

Joe Albritton (Bush* Pioneer) stepped down a few years ago, his son Robert is CEO since 2001 when the shit started to hit the fan.

(No need to put this thing in the realm of conspiracy theories.)
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sattahipdeep Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Sep-18-04 03:09 PM
Response to Reply #5
11. Like poppy told tom brokaw right after 9/11..
We have got to clean up the internet...I wonder why.

In 1996 they set up a unit called the Bin Laden Issue
Station, codenamed "Alex", dedicated to tracking him
down, only to have one operation after another aborted
as too politically dangerous.

http://www.dawn.com/2004/08/21/int6.htm



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PeaceProgProsp Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Sep-18-04 10:35 AM
Response to Original message
8. If Balthazar Garzon is the judge doing this, sainthood's on horizon.
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KoKo Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Sep-18-04 10:55 AM
Response to Original message
9. The bank that Bob Dole has his "assistant" withdraw $8,000 a week from.
with ties to DC politicians in the diplomatic and intelligence fields.
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bobthedrummer Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Sep-18-04 06:20 PM
Response to Original message
14. Sounds like it's managed by a Nazi escort service.
Hey, it is managed by a Nazi escort service!
:think:
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