Make sure you read this - I will be proud to have Kerry as President!
thenation.com
"After the contra investigation, Kerry next turned to a far more sensitive target: a bank connected to a prominent Democratic Party fundraiser. During their investigation of Noriega, Kerry's staff discovered that the Bank of Credit and Commerce International had facilitated Noriega's drug trafficking and money laundering. This led to an inquiry into BCCI, a worldwide but murky institution more or less controlled by the ruling family of Abu Dhabi. BCCI was a massive criminal enterprise, although this was not yet publicly known. It had engaged in rampant fraud and money laundering (to help out, among others, drug dealers, terrorists and arms traffickers) around the world. Its tentacles ran everywhere. Its political connections reached around the globe. Jimmy Carter and Henry Kissinger both became involved in the scandal. When banking regulators finally shut down BCCI in 1991, an estimated 250,000 creditors and depositors from forty countries were out billions of dollars.
One key issue was whether BCCI had secretly and illegally acquired control of First American bank in Washington, DC. The top officials of First American were Clark Clifford, a longtime Democratic graybeard and a party fundraiser, and Robert Altman, his protégé. Democratic senators grumbled about Kerry's crusade, which put Clifford in the cross-hairs. "This really pissed people off," Blum says. BCCI hired from both Democratic and Republican quarters an army of lawyers, PR specialists and lobbyists (including former members of Congress) to thwart the investigation. The Justice Department of the first Bush Administration did not respond to information on BCCI uncovered by Kerry's staff. So Blum took the material to New York District Attorney Robert Morgenthau, who then commenced an investigation of BCCI that led to indictments. And Kerry again found himself tussling with the CIA, for the agency had been using the services of BCCI even after it had learned that the bank was crooked and in league with terrorists (including Abu Nidal).
In the fall of 1992 Kerry released a report on the BCCI affair. It blasted everyone: Justice, Treasury, US Customs, the Federal Reserve, Clifford and Altman (for participating in "some of BCCI's deceptions"), high-level lobbyists and fixers, and the CIA. The report noted that after the CIA knew the bank was "a fundamentally corrupt criminal enterprise, it continued to use both BCCI and First American...for CIA operations." The report was, in a sense, an indictment of Washington cronyism. In the years since, there's been nothing like it. Senator Hank Brown, the ranking Republican on Kerry's subcommittee, noted, "John Kerry was willing to spearhead this difficult investigation. Because many important members of his own party were involved in this scandal, it was a distasteful subject for other committee and subcommittee chairmen to investigate. They did not. John Kerry did." |
