Posted on 12/19/2004 7:52:45 AM PST by flitton
Senator John Kerry has slated the Bank of England over its handling of the BCCI banking disaster and warned that the City remains vulnerable to another major scandal. The defeated presidential candidate's words will boost BCCI's creditors, who are suing the Bank of England for allegedly turning a blind eye to fraud at BCCI. Kerry expressed solidarity with the creditors yesterday and told The Observer: 'The Bank of England failed to supervise BCCI properly.'
Kerry is an acknowledged expert on the long-running BCCI affair, having led a US Senate investigation into the rogue bank more than 10 years ago. BCCI, headquar tered in London, collapsed in 1991 with undeclared debts of £7 billion.
Kerry also said yesterday that banking supervision had improved since BCCI but warned it was 'still necessary' for regulators on both sides of the Atlantic to tighten their anti-money laundering procedures. 'Financial transparency is more important than ever, and we're going to need to continue to be vigilant to prevent any would-be rogue bank from creating another round of victims,' he said.
Following BCCI's crash, the Bank of England was criticised by Kerry and others for failing to protect investors and depositors. It was later stripped of its regulatory functions, which were passed on to the newly-created Financial Services Authority.
BCCI's victims are currently suing the Bank of England for up to £1bn compensation, alleging that Thread- needle Street officials acted with wilful negligence amounting to 'misfeasance in public office'.
The high-profile case at the High Court in London is expected to run for at least another year.
The Bank of England denies the allegation and is fiercely resisting the claim, which threatens to remove the statutory immunity that government departments have against being sued. A Bank spokesman declined to comment on Kerry's remarks, but added: 'Public officials in America enjoy the same immunity'.
Christopher Grierson of Lovells, the law firm representing BCCI's creditors, said: 'We are very pleased to hear that Senator Kerry supports our action.'
Yeah, Kerry actually did run the Congressional committee that investigated BCCI. His name is on the front page of the report.
Who is Kerry?
Is it time to get the band together???
I miss the old scandals.
Pinz
IIRC, Clark Clifford, the 'venerable' Demo'rat operative was a major mover of BCCI.
My impression is that there is a behind the scenes war for control of the party. I agree with you that the Clintons have the upper hand.
But this article is proof to me that Kerry is going to be a tougher competitor than the semi-psychotic Gore.
You can color me dense, but what does the author MEAN by "has slated"?
Absolutely true. AND he knows where the Clintons buried some of the bodies. By that I mean he has hard proof of bribery on a colossal scale.
Perhaps this is why he brings this up now.
It means criticised. Once again divided by a common language :-)
The Bank of England basically runs the world, I don't think I'd be getting on their bad side unless: (a)my life insurance is all paid up, or (b)it's all a scam, and everyone at the top knows it is. I vote for (b).
The name sounds vaguely familiar - what's a Kerry?
Well a little search revealed this gem from 1998.
http://www.freerepublic.com/forum/a36819f2841a3.htm
Hillary Clinton and Webb Hubbell Represented Systematics During The BCCI Takeover Of First American
Allegations Regarding Vince Foster, the NSA, and Banking Transactions Spying, Part IV
by J. Orlin Grabbe
In an April 5, 1995, letter to Michael Geltner (10 E Street, S.E., Washington, D.C. 20003)--an attorney for Agora, Inc.-- Charles O. Morgan asserts;
"6. Webster Hubbell never served as an attorney or in any other capacity for ALLTEL Corporation, or for any of its operations or subsidiaries, other than a single instance in 1983, when Systematics, Inc., engaged Mr. Hubbell to pursue a competitor that was using Systematics, Inc.'s propriety software without authorization; ..."
In his admirable zeal to defend his client Systematics, Mr. Charles O. Morgan apparently forgot to do any research regarding the allegations he was denying. For his denial is mistaken. Web Hubbell (along with Hillary Rodham Clinton) represented Systematics in a 1978 lawsuit.
In 1978 Jackson Stephens tried to take over Financial General Bankshares (FGB) in Washington, D.C. (FGB was later acquired by BCCI, renamed First American, and run by Robert Altman and Clark Clifford. Robert Altman was later acquitted of misleading regulators, and the case against Clifford was dropped due to his age and infirmity.) In the Stephens' takeover attempt, FGB sued--among others--Systematics. Briefs for Systematics were submitted by C.J. Giroir, Web Hubbell, and Hillary Rodham Clinton.
The essential details may be found in the article "Who is Jack Ryan?" (Wall Street Journal, Monday, August 1, 1994):
"Attorneys for Mr. Clifford and Mr. Altman included independent counsel Robert Fiske and Deputy Attorney General Jamie Gorelick, as well as Robert Bennett, president Clinton's attorney in the Paula Corbin Jones case. And, of course, Arkansas investment banking giant Stephens Inc., which says all connections with the BCCI front men ended in 1978, does acknowledge it handled their initial brokerage for the purchase.
"Indeed, in the early takeover maneuvers Financial General Bankshares, First American's predecessor company, brought a 1978 lawsuit naming 'Bert Lance, Bank of Credit & Commerce International, Agha Hasan Abedhi, Eugene J. Metzger, Jackson Stephens, Stephens Inc., Systematics Inc. and John Does numbers 1 through 25.' The suit was ultimately settled, but intriguingly, briefs for Systematics, a Stephens property, were submitted by a trio of lawyers including C.J. Giroir and Webster L. Hubbell and signed by Hillary Rodham."
First American was subsequently used by the CIA to manage and launder money for covert operations. As noted in a U.S. Senate report:
"After the CIA knew that BCCI was as an institution a fundamentally corrupt criminal enterprise, it continued to use both BCCI and First American, BCCI's secretly held U.S. subsidiary, for CIA operations. ...
"Kamal Adham, who was the CIA's principal liason for the entire Middle East from the mid-1960s through 1979, was the lead frontman for BCCI in its takeover of First American, was an important nominee shareholder for BCCI, and remains one of the key players in the entire BCCI affair." (Senator John Kerry and Senator Hank Brown, *The BCCI Affair: a Report to the Committee on Foreign Relations, United States Senate*, GPO, December 1992.)
The Arkansas connection to CIA covert operations and First American may help explain why "independent" counsel Robert Fiske failed to find much evidence of wrong-doing in his investigation into Whitewater.
And perhaps it also helps explain why Charles O. Morgan does such sloppy research, for as we have seen, Web Hubbell represented his client Systematics Inc. five years prior to the "single instance in 1983" that Charles O. Morgan claims. Does Charles O. Morgan have a blind spot where intelligence activities are concerned?
Surely he has thought about the issue, for in his April 5, 1995, letter to Michael Geltner, Morgan sweepingly asserts:
"4. None of ALLTEL's operations or subsidiaries has ever had any connection in any capacity with the Central Intelligence Agency, the National Security Agency, or any other similar agency in the United States Government; ..."
How can Charles O. Morgan possibly know this about his client, given that he doesn't even know about that Systematics Inc. was a defendent in a lawsuit brought by Financial General Bankshares, or that Systematics was involved in a takeover attempt of FGB/First American even prior to BCCI's? The BCCI affair was hardly a minor political story.
So what does Charles O. Morgan deny about Vincent Foster?
"Senator John Kerry"
Hanoi Kerry is NOT a US Senator!
Kerry was an illegal candidate
and is an illegal US Senator per
US Constitution 14th Amendment Section 3
http://www.freerepublic.com/focus/f-news/1300479/posts
Our suspicions are further aroused,we admit, because of the relationship of senior Justice officials to the BCCI case. The most powerful person at Justice now is Jamie Gorelick, the deputy attorney general who in private life played a role in representing Clark Clifford and Robert Altman, the pair who ran Washington's First American Bank when it was illegally owned by BCCI.
Well, if you're picking on banks, Kerry, how about Paribas?
The BCCI Affair
... Former Defense Secretary Clark Clifford was an essential BCCI frontman. High-ranking
Republicans and Democrats played a crucial role, as well as top corporate ...
www.mediawar.info/CIObcci.htm - 101k -Cached - Similar pages
This one says that remnants of BCCI funded the Bush "election fraud" in this year's election
Unverified ,but thought everyone would like to read this.. ...
... was invested in by Abu Dhabi's ruler (the main owner of BCCI) and whose ... Submitted
by Democrats.com Blog (trackback) (not verified) on November 25, 2004 - 12 ...
blog.democrats.com/node/887 - 40k -Cached - Similar pages Sen. Kerry Reaps Political Rewards for His Part In BCCI ...
... "People won't understand all the details of BCCI, but BCCI itself plays ... about politics
in America right now is, `Nobody's representing us.'" Democrats, she says ...
rope.wrko-am.fimc.net/howie/xfiles/kerry/kerry_3.htm - 11k -Cached - Similar pages Daily Kos :: It was BCCI after all (aside from the fraud)
... How does Rove attack BCCI? "Uhhhh....Kerry ... as President. Un...See, Democrats
are always trying to be negative and break things up!". ...
pronin2.dailykos.com/story/2004/12/3/34430/2399 - 20k -Cached - Similar pages
This may also be a shot across the bow for Hillary... "you fight me in 2008 and I'll lay this at your feet"
Kerry Emerging From Obscurity on High Profile Investigations
... Kerry said he has not hesitated to point out the prominent Democrats involved with
BCCI and that the BCCI case, and Paul's connection to it, emerged after he ...
rope.wrko-am.fimc.net/howie/xfiles/kerry/kerry_2.htm - 9k -Cached - Similar pages Progressive News - The Democrats V-Word by David Corn
... (In another demonstration of his values, Kerry investigated the corrupt BCCI
bank—a ... It is not only right for Democrats—progressive or otherwise—to promote ...
progressivetrail.org/articles/040707Corn.shtml - 18k -Cached - Similar pages Democrats & Liberals:: Kerry - Capable!
Democrats & Liberals: Archives. ... As a Senator he showed in his leadership of the BCCI
investigations he has the tenacity to delve into complex situations ...
www.watchblog.com/democrats/archives/001588.html - 38k -Cached - Similar pages
This one is priceless (along with the rest of the fantasy on the page). You have to go down a bit to find the BCCI references, but they state, but then ignore, the Democrat's direct connections while implying that this is a Republican scandal because the cousin of a friend or Bush's knew someone who may have worked for a company BCCI invested in. That's an exageration, but not by much.
RECOVERED HISTORY: Tales from the memory hole. The Progressive ...
... 1888: The same one point divided the Democrats(Cleveland) and the Republicans (Harrison)
with the Prohibitionists and Union Labor getting 2 ... The BCCI affair. ...
prorev.com/recovered2.htm - 51k -Cached - Similar pages
Folks, this is an organized campaign by the lunatic left. Watch for this to push the Oil-for-Food scandal totally off the radar screen for the MSM in the next week or so. They have their marching orders.
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