Adnan Khashoggi
Gullible? Really?
Posted on 01/20/2005 12:00:57 AM PST by Ramtek57
Edited on 01/20/2005 12:11:53 AM PST by Sidebar Moderator. [history]
I read an article here a few months back claiming Carter was trying to extort money on a business deal from the Shah of Iran. When The Shah told him to shove it, Jimmah aided in the Shah's fall. Carter is a scumbag of the worst kind.
Yes you did *L*
I believe that data came from members of the Shah's family and state department people who weren't controlled by Carter.
He is as you noted, the worse of the left wing Scumbags!
I like had Jimmy won't comment on this matter *L*
I have to say this is the best news I have heard in years.
Thanks for posting. Needs another bump.
Evidently you din't git the DNC fax memo!!!
The bilious buzzword for the day in Demoland is... HUBRIS!!!
Therefore, your adjective should be "Hubris filled," rather than "arrogant!" (grin)
Oh how I wish they would nail that smirking hypocrite Carter on the Oil-for-Food thing.
He hasn't been sucking up to the world's commies and tyrants for nothing. There's always a quid-pro-quo.
Rotten stinking Commie posing as a Christian.
The devil is sharpening his pitchfork for when Peanut-man kicks the bucket.
Peanut Oil for peanut butter, perhaps!
Face it, Jimmuh is not smart enough or hip enough to have gotten involved with these parasites.
It is amazing to think that someone this naive could have been elected President of the United States.
Makes me even more grateful that Reagan came around and got him out of the White House before he did any more damage.
You may want to check this out
http://www.freerepublic.com/focus/f-news/1304541/posts
I had a suspicion at the time something was brewing but didn't know what, maybe this is it.
Feeling inspired, I found what appears to be a 9 year-old article from the Guardian (so take it with a grain of salt):
Copyright 1996 Guardian Newspapers Limited The Guardian December 14, 1996 SECTION: THE GUARDIAN CITY PAGE; Pg. 22 LENGTH: 2534 words HEADLINE: UNRAVELLING A GLOBAL COBWEB; The BCCI inquiry threw Stephen Akers into rather murky waters. But he can't be bothered with a bodyguard, PATRICK DONOVAN discovers BYLINE: Patrick Donovan BODY: WHEN someone knows as much about the murky finances of the world's top cocaine barons and arms dealers as Stephen Akers does, one is probably entitled to feel concern about one's personal safety. Ever the down-to-earth accountant, 42-year old Mr Akers can't be doing with the bother of a full-time bodyguard. But he does a dmit that he goes through phases of checking for sinister packages under his car. And he parries questions about whether his home (somewhere in Buckinghamshire is the closest he'll go) is linked up with a hot line to the police with a wry "no comment". But then this is the price you pay for leading the 500-strong army of Deloitte & Touche accountants who for the past five-and-a-half years have devoted themselves to unravelling the biggest and most audacious fraud in the history of world banking: the collapse of the Abu Dhabi-based Bank of Credit and Commerce International. Costing $ 1 million a week in travel and hotel expenses alone, these battalions of highly paid auditors crawled through more than 150 million documents. This week it was announced that the bank's 25,000 creditors are to be repaid almost 25p in the pound on everything they lost. It was an operation which created its own esprit de corps, like the regular quiz evenings at a local City pub packed out with everybody on the BCCI team. There was a hefty personal price to pay, even though some of the young single accountants took advantage of being thrown together for long periods in often exotic locations with members of the opposite sex. At least a dozen relationships have been one of the byproducts of the BCCI affair. But for family men like Mr Akers it has clearly been a gruelling five years of skimped holidays, jet lag and hotel dinners watching CNN. As he thinks back on how his life changed on July 5, 1991 (when BCCI came crashing down), Mr Akers gratefully acknowledges that in Jane he has a very supportive wife. For from that date he spent most of his life on aeroplanes, leaving little time for his children, Nicola, 11, and Richard, aged eight. THE drama began to unfold just before lunch at Heathrow's Penta Hotel. Mr Akers is hardly likely to forget it. Joining the firm after studying maths at Leicester University, Mr Akers quickly rose to become one of Deloitte's youngest partners, specialising in corporate recovery. He quickly established a reputation in the textiles business, and there were ripe pickings as Britain's industry tipped into recession. And he had arrived at the regular partners' meeting to talk shop, schmooze with colleagues and no doubt chew over office politics. Fat chance. A call came through from the Bank of England. It was picked up by the lead partner, Brian Smouha, who was immediately asked to take over BCCI as provisional liquidator. Within a couple of hours Mr Akers and four hand-picked colleagues were in a taxi back to central London. And just about to start work on a task which would take over their lives and that of 500-plus colleagues. The scale of the crisis became apparent as soon as the Deloitte team commandered an office in BCCI's London headquarters at 70 Leadenhall Street. There was the misery of depositors confronted with a worldwide freeze on their deposits. Mr Akers tells the story of a woman tourist who had arrived on the day the bank shut to change a hefty wedge of traveller's cheques to finance her stay in London. Told this might take a little time, she was advised to come back later. Unfortunately, when she returned, the entire BCCI network had been closed down. And a Barlow Clowes victim put all his compensation into the bank just before its assets were frozen. Customers were traumatised. Staff were running around like frightened rabbits. This bank, which after all had representation in 60 countries, still had potentially financially catastrophic postions open in some of its activities such as trade finance. To complicate matters, Mr Akers and his staff had discovered that one of their adjoining offices at BCCI had been taken over by the intelligence services. Polite inquiries were met with the flash of a warrant card and the order to get out. Worse still, Deloitte could not even trust the BCCI staff. "The bank had got 1,200 employees. Because of the scale of the accusations, we didn't know who we could rely on among the staff. We couldn't take that risk. We had to replace them with our people or from clearing banks." From the start, it was a case of logistics. A "war room", open 24 hours a day to co-ordinate worldwide developments was established on the first floor of BCCI's head offices. Travel expenses began to rise as a handful of partners flew out Club Class to stay at the Inter-Continental in Abu Dhabi to try to get access to the BCCI headquarters. Accountants had to negotiate their way past armed guards. And BCCI initially prevented them from removing files. The investigation, which has cost the almost unimaginable sum of $ 200 million, spread to 130 countries. "From the very start we knew the bank was riddled with fraud," says Mr Akers. "There was a very strong smell of fraud and connections with drug money." AS the web of international intrigue widened, Deloitte found itself in contact with the police and other agencies such as the National Drugs Intelligence Unit, also interested in investigating BCCI. "We were told by Robert Morganthau, District Attorney of New York, that this bank was rotten," he says. But the big breakthrough came in the first year. The key was organisation, co -ordinating the hundreds of accountants around the world. From the London headquarters which operated a daily "prayers meeting" at 8am, staff were divided into a dozen task forces headed up by a Deloitte partner. Functions spanned loans, treasury, information technology (BCCI used a mainframe system which was rejected as unsafe by clearing banks a decade before), trade finance and forensic. The forensic division came up trumps, discovering a huge web of suspect loans to the Gulf Shipping Group, which had itself been looked at by the Serious Fraud Office. Such was the scale of the $ 1.5 billion exposure to Gulf that the loans were more than the bank's entire share capital. At the same time, Deloitte was fighting to get its hands on BCCI's US assets. This resulted in the farcical situation of Deloitte having to plead guilty in court to charges including assisting terrorism and money laundering in order to be given control of half the bank's North American interests. Within the first two years, progress really came on apace as the mountain of 150 million documents was wired up to a computer system: a phenomenally time-intensive process with about 100 people carrying out the indexing. But as the extraordinary saga draws to a close, Mr Akers reflects that several shadowy characters have slipped through the net. Like the elusive Saudi, Ghaith Pharoan, who at one point had the US Sixth Fleet on his tail when he was rumoured to be on the run in a yacht in the Mediterranean. Or the identity of the thousands of BCCI depositors who have yet to lay claims to outstanding funds worth $ 1 billion. Mr Akers now has more time to coach his son's football team, the Chesham United Under 9s. But he accepts that if the same opportunity to carry out such a wide-ranging fraud came along, he'd probably be ready to do it all over again. New readers start here * Pakistani banker Agha Hasan Abedi founds BCCI in 1972 to act as bridge between the first and the third world. It is incorporated in Luxembourg and has headquarters in London. Within a year it has six offices. * By 1975 BCCI has expanded to 146 branches in 32 countries with assets of $ 2.2 billion and $ 113 million in capital. It is the largest foreign-owned bank in the UK. * Black holes start appearing in accounts in 1977. The following year the Bank of England refuses a full banking licence. * By the early 1980s BCCI has become the preferred bank for customers who require a discrete service including the CIA, Colombian drugs cartels, arms smugglers and various third world dictators. * By the mid-eighties, there is gathering evidence of financial irregularities, corruption and criminal involvement. A 1985 Price Waterhouse audit of Cayman Islands offshoot highlights loan irregularities and an internal CIA report from 1986 shows the agency knew the bank was corrupt. * By 1990 the cracks are showing. In March a PW audit suggests hundreds of millions are missing. Sheikh Zhahed, ruler of Abu Dhabi, ups his stake to 77 per cent. In November, founder Abedi and chairman Swaleh Naqvi are sacked. * In March 1991 the Bank of England asks PW to carry out a Section 41 inquiry. They find evidence of massive fraud. The bank is wound up in July with liabilities of $ 14 billion. In submission to the winding up hearing, the Bank of England says '(BCCI) may never have been profitable in its entire history'. * The first creditors' agreement was initialled in 1992, but blocked by an appeal. A second agreement in 1994 was also blocked by the appeal of four former employees. The appeal was withdrawn later and the courts approved the payout. * December 1996: payouts to creditors begin.
Adnan Khashoggi
Gullible? Really?
Yes!
bump
bumping your link!
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