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Bank of Crooks and Criminals International?

by Josh Rodin


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THE BANK OF CROOKS AND CRIMINALS INTERNATIONAL?

By JOSH RODIN

New York Times columist William Safire calls it the ``megascandal of the underworld bank.'' Time magazine describes it as ``the largest corporate criminal enterprise ever, the biggest Ponzi scheme, the most pervasive money-laundering operation and financial supermarket ever created.'' And New York District Attorney Robert Morganthau called it simply ``the largest bank fraud in world financial history.''

With no end to the superlatives, the B.C.C.I. story just keeps growing. The latest installment in the ever-widening scandal involves reports that the Justice Department failed to investigate and prosecute the bank's officials despite strong evidence of wrongdoing. Sources claim that the Justice Department did not follow up on leads, including eyewitness accounts that the bank was involved in widespread corrupt activities, including money laundering, drug trafficking, illegal arms deals, fraud, embezzlement, extortion and bribery.

The Senate Foreign Relations Subcommittee on Terrorism, Narcotics, and International Operations reopened hearings on the scandal Aug. 1. Witnesses included former United States Customs Commissioner William von Raab and former Senate Special Counsel Jack A. Blum, both of whom have extensive experience investigating the bank. Chaired by Sen. John Kerry of Massachusetts, the subcommittee's interest in the bank's shady dealings with covert operations and the drug trade dates back to 1986.

Von Raab, a Republican, was customs commissioner from 1982 to 1989. He criticized the Justice Department's handling of the B.C.C.I. drug money-laundering case in Tampa, Fla., which ended in January 1990 with a plea bargain described by von Raab as a ``shameless agreement.'' The deal resulted in a $15-million fine against the bank, but the penalty ``less than the bank had made from its money-laundering activitees,'' Von Raab said.

Von Raab was dismissed from his duties because his superiors considered him ``overzealous'' and wanted him ``cut out'' of the B.C.C.I. investigation, he said.

Blum testified about his own efforts to expose the bank, including risking his life to interview dangerous informants while secretly recording the conversations. ``I had taken considerable risk and gone to great lengths to put serious evidence in front of the Department of Justice,'' he said. But his efforts were not strong enough to counteract the ``high-priced anesthesia'' of B.C.C.I. lobbyists which effectively paralyzed the investigation. Blum called the Justice Department's handling of the case ``worse than abysmal.''

Frustrated with the lack of response from Justice, Blum took his evidence to Manhattan District Attorney Robert Morganthau, who metwith further resistance. Says Morganthau: ``We have had no cooperation from the Justice Department. . . . In fact, they are impeding our investigation, and Justice Department representatives are asking witnesses not to cooperate with us.''

Following the plea bargain in Tampa, Gerald Lewis, the Florida state comptroller of the department of banking and finance, decided to close B.C.C.I. operations in the state by letting its license expire. One month before the expiration, he received a letter from the Justice Department asking him to back off. ``We are . . . requesting that B.C.C.I. be permitted to operate in your jurisdiction with the understanding that certain accounts may be maintained by the bank at the request of the Department of Justice which otherwise would be closed to avoid legal and regulatory violations,'' the letter said.

Investigators believe the lack of action by Justice may be attributed to the clandestine relationship between the bank and United States intelligence agencies. In addition to the C.I.A., the Defense Intelligence Agency and the National Security Council had secret accounts at B.C.C.I. to fund covert operations.

Further investigations revealed that over $18 million in arms money flowed through B.C.C.I. to the Nicaraguan contras. The United States Attorney in Tampa who negotiated the $15-million-dollar slap on the wrist for B.C.C.I. was Robert Genzman, formerly Republican counsel for the Congressional Iran-Contra investigating committees.

In addition to its involvement in C.I.A. operations, the bank may have been running covert actions of its own. Time magazine repported the existence of a clandestine ``black network'' within B.C.C.I. which ``used sophisticated spy equipment and techniques, along with bribery, extortion, kidnapping and even, by some accounts, murder.''

According to Time, ``the C.I.A. may have used B.C.C.I. as more than an undercover banker: U.S. agents collaborated with the black network in several operations, according to a B.C.C... black- network `officer' who is now a secret government witness. Sources have told investigators that B.C.C.I. worked closely with Israel's spy agencies and other Western intelligence groups as well, especially in arms deals. The bank also maintained cozy relationships with international terrorists, say investigators who discovered suspected terrorist accounts for Libya, Syria and the Palestine Liberation Organization in B.C.C.I.'s London offices.''

Perhaps the most mysterious aspect of the investigation involved B.C.C.I. bank records from Panama City relating to General Noriega which simply ``disappeared'' in transit to Washington while under heavy guard by the Drug Enforcement Administration. After an internal investigation, the D.E.A. said it had no idea what happened to the documents.

Continuing investigations by the C.I.A., Justice Department, Federal Reserve and various Congressional committees promise to reveal many more oordid details of the bank's illicit dealings, but some questions about ``the world's sleaziest bank'' may forever remain unanswered.

Christic Institute, 1991

 
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