Riggs Negotiating Settlement With Justice Department

[emad]

By Terence O'Hara and Kathleen Day
Washington Post Staff Writers
Wednesday, January 5, 2005; Page E01

Riggs Bank is trying to reach a settlement with the Justice Department by the end of the month that would end the federal government's criminal probe of the company and remove the biggest roadblock to its pending merger with PNC Financial Services Group Inc., sources familiar with the negotiations said yesterday.

The negotiations aim to settle any criminal claims against District-based Riggs Bank, its parent company, Riggs National Corp., and other company affiliates in connection with the company's scandal-plagued embassy banking operations, including widespread alleged violations of laws intended to thwart money-laundering.

The settlement talks have reached a critical stage because of Riggs's pending merger with PNC, sources said. To complete the $766 million deal by an April 30 deadline the two companies set months ago, PNC must be satisfied that it would not be inheriting any unknown criminal liability, said the sources, who spoke on the condition of anonymity because of the sensitivity of the negotiations.

Any settlement would be with only the Riggs corporate entities. Individuals alleged to be involved in wrongdoing would remain open to prosecution, the sources said. The settlement being discussed would be a deferred prosecution, in which a company avoids prosecution by acknowledging its failings, agrees to correct them and cooperates fully with the government on any further criminal prosecutions of individuals. Sources said any settlement would probably involve a substantial fine, but amounts under discussion could not be determined yesterday.

http://www.washingtonpost.com/wp-dyn/articles/A48744-2005Jan4.html

WITH GEN PINOCHET in the dock for murder in Chile, Riggs might want a speedy conclusion to this one...

[emad]

1. Recent DU on Riggs:

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=1106319&mesg_id=1120299

[ret5hd]

2. would this leave jonathan bush open to prosecution...

i only bring this up because i want everyone to remain aware the dubyas uncle is involveed in this.

[emad]

3. Here's hopin'..............

fingers crossed for 2005

[sandnsea]

6. By who?

Not with Gonzales as AG.

http://www.lightupthedarkness.org/blog/?view=plink&id=191

[seemslikeadream]

4. Individual alleged involved in wrongdoing would remain open to prosecution

:hi:

[emad]

5. Hi Seems!

Post #5 yesterday :http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=1106319&mesg_id=1120299
about Riggs's UK MD David Bachetti

From UK's Daily Mail (can't get it on any search engine).

This column has previously published (July 18 2004 I think) article on extensive business connections between Riggs's Albritton and Charles Windsor, aka Prince of Wails....

Given that Raine had her Riggs bank accounts frozen in 1997 after the Princess Di car crash and had to fight tooth and nail stories about her own use of Riggs as a moneylaundering tool, I thought the toyboy angle was bizarre in the extreme....

[struggle4progress]

7. kick