Riggs, Pinochet and the CIA
This is a scandal more journalists should be covering. It involves the Riggs Bank, money laundering charges, a $25 million fine imposed by Congress, and suspicious cash withdrawals by Pinochet. There's also the bank's relationships with Saudi ambassador Prince Bandar, and Federico Obiang, of Equatorial Guinea. And the bank's relationship with the C.I.A.
The Public Accountability Initiative, which researches fraudulent relationships between business and government, has been covering the story. It advises:
The CIA link raises important questions about national security, foreign policy, the culpability of high-level Riggs execs, government officials, etc, but none of these angles will be explored if media coverage continues to be so poor. The congressional investigation cut a lot of corners—they even decided not to touch the Saudi aspect of the story until a later date (probably never). That money (out of the Bandar account) allegedly went to 9/11 hijackers. The Saudi angle is a bit of a hook, what with all the recent public interest in the Bush-House of Saud relationship following the release of Farenheit 9-11.
Public Accountability's report (pdf) concerned one inside director, Carter Beese, who had CIA and Bush connections (he has held some major Bush appointments, and is a cose friend of the family). His name has never been reported in the press, though he was supposed to oversee compliance with anti-money laundering laws. ... Riggs also has connections to the Bush family through its owner, Joe Allbritton, and Jonathan Bush, head of a subsidiary.
Slate ran this piece. Poorman had a detailed summary. Where's everyone else?
Update:
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