Scandal dooms `bank of presidents' Riggs Bank

[seemslikeadream]

Associated Press
Published May 14, 2005


WASHINGTON -- The imperial-looking eagle came down from Riggs Bank branches Friday, as Washington's oldest bank, sullied by a money-laundering scandal, was absorbed in a merger with a much larger bank from out of town.

...

U.S. District Judge Ricardo Urbina, noting Riggs' 169-year-old history as a prestigious Washington institution, said at a March hearing that it now stands "as a greedy corporate henchman of dictators and their corrupt regimes."

A federal prosecutor has said that new charges will be brought soon against individuals involved in the Riggs affair, based in large part on information obtained through the bank's cooperation in the criminal investigation.

The FBI, banking regulators and a Senate committee have investigated large cash transactions in Riggs accounts, controlled by Saudi diplomats in Washington, for possible links to terrorism financing.

more
http://www.chicagotribune.com/business/chi-0505140141may14,1,1836995.story?coll=chi-business-hed

[katmondoo]

1. Neil Bush and I think an uncle is involved in this bank.

They probably bailed out just in time to escape prosecution

[seemslikeadream]

2. That would be Uncle Jonathan

the bailee
Scandal: Jonathan Bush
http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=104&topic_id=1672605
British businessman accused of leading role in failed coup
http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=102&topic_id=557727
Bank 'ignored laundering laws' in handling dictator's accounts
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x686504
Riggs and Equatorial Guinea
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=125&topic_id=9558&mesg_id=11993&page=
Senate investigators grill Riggs officials
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x689802
PNC to Buy Riggs Bank for $779 Million
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x689797
WaPo: Ex-Riggs Manager Won't Testify About Accounts (front page)
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x689210

[aquart]

3. Barbara raised immaculately ethics-free children.

If a Bush touches it, you know it's rotten.

[Just Me]

6. LMFAO,...

,...not only ethics-free, but immaculately heartless and greedy and destructive, as well.

Congratulations, Barb,...you raised demons. No wonder you have had to work so hard to protect your "beautiful mind".

[stillcool]

4. ...no more dots....please....

i have too many to connect as it is!

[UpInArms]

5. a kick for the BFEE

:kick:

Truth to Power

look up corruption in the dictionary - you should find a picture of the Buxh family

[osaMABUSh]

7. I'm in the middle of the systems conversion from Riggs to PNC

I work in IT at PNC and we are all heads down in pulling off the seamless technical conversion this weekend. At the end of the day we'll all feel good about our technical accomplishments but we will wonder what lurks down the road as far as legal battles and "damaged goods". Will PNC also bring itself down ultimately in the greedy pursuit of getting a toe hold in the lucrative Metro DC market?

[Zorra]

8. Couldn't happen to a nicer bunch of folks. *snarf*....

:rofl:
:popcorn:
'it now stands "as a greedy corporate henchman of dictators and their corrupt regimes".'

The Bush family in particular?

[struggle4progress]

9. kick

[mahatmakanejeeves]

10. Don't Forget the Damage Done by the Allbritton Family

The Personal Side Of Riggs's Money

>>
Investigators Examine Benefits Allbritton Gained From Bank's Assets

By Terence O'Hara
Washington Post Staff Writer
Friday, May 6, 2005; Page E01

On Feb. 4, 2003, John Koloszar, the personal driver and bodyguard for Joe L. Allbritton, drove off the Euro Motorcars lot in Bethesda in a sparkling new, emerald green Mercedes sedan, fully loaded. The S430, with a V-8 engine and all-wheel drive and tan interior, had 12 miles on it. The price tag: $91,444.

According to sources, Koloszar drove Allbritton's new ride to the 17th Street NW headquarters of Riggs Bank and presented the invoice to David Eisner, a manager in accounts payable. Eisner -- a longtime Riggs employee who was accustomed to cutting checks for items purchased by the Allbritton family for the bank -- refused to authorize payment.

Eisner was backed up by bank Chief Financial Officer Steven T. Tamburo: Allbritton was not a bank employee; it wasn't company policy to provide cars for directors, and the automobile had not been bought through normal channels.

Then Koloszar asked the president of the bank, Lawrence I. Hebert, to authorize payment.

Hebert did. And Allbritton had his green Mercedes, paid for by the shareholders of Riggs.
....
<<

[lovuian]

11. I'm waiting for us to Invade Saudia Arabia and take over

the oil wells there!!! Its possible if we link them to 9/11 !!!