There once was a bank outta Australia that helped the connected class move money and other stuff around this "small world."
Details about Nugan-Hand Bank (and later BCCI) from SourceWatch:
Nugan Hand BankFrom SourceWatch
The Nugan Hand Bank developed in that grey area of the intelligence community involving alumni, assets, allies, and affiliated companies that handle much of the CIA's covert work. Although not a propriety of the agency like the Castle Bank and Trust of Nassau, Bahamas, Nugan Hand was started by and filled up with CIA alumni and personnel. Frank Nugan, a drunk, mediocre lawyer from Australia with a wildly exaggerated resume teamed up with ex CIA operative and Green Beret Michael Jon Hand who had experience in Vietnam and with the Hmong guerrillas of Laos. The third major player in the beginning and direction of the bank was a mysterious expatriate from Texas named Bernie Houghton who was much alive in intelligence community. Many of the actions involved with the bank are shrouded by destroyed records and sudden deaths, but two things remain certain: 1) The bank employed many retired CIA operatives 2) They were heavily involved with drug trafficking.
Unable to secure all the money needed to wage covert wars around the world, the CIA has maintained front companies, banks, and illegal trades to supply the needed revenue. Connections and leverage in the outland world of drugs and weapons allows for factions within the agency and like minded interests to act outside the confines of laws to influence the futures of countries in the process of defining themselves.
The Nugan Hand Limited was established in 1973 with $80 in the company's bank account and $5 in paid up capital. Frank Nugan went ahead and wrote the company a $980,000 check out of his personal account to purchase $490,000 in shares of its stocks. Since he did not have $980,000 in his personal account, he wrote himself a check from the bank's account to cover it, claiming at the same time the company's paid up capital was a million dollars. This is not advanced accounting fraud, however it worked, and the bank continued to bring funds in through crude methods of deception.
SNIP...
The connections sewing the fabric of the bank could not continue. The bank had never made a real profit, rather it ripped people off, laundered drug money coming out of the Golden Triangle (Australia experienced their first heroin epidemic in over fifty years at the height of the bank's activities), and blocked investigations through its connections. Due to increased obviousness, the fabric rotted, Frank Nugan was found dead in his car by apparent suicide, Michael Hand escaped Australia with the help of Thomas Cline and ex-Green Beret James O. Spencer, only after months of pulling funds out and declaring the bank insolvent.
Despite the fantastic abuse of position and connections, and the immediate criminality of funneling drug money to support arm transfers to places determined to be Cold War conflicts by people who were not in a legal position to make that determination, this story was reported in the U.S. almost only by Jonathan Kwitney, a Wall Street Journal reporter who made the front page three days in a row with it, and then it was buried. Kwitney went on to write The Crimes of Patriots, a True Tale of Dope, Dirty Money, and the CIA; New York: W.W. Norton, 1987 ISBN# 0-393-02387-7 which is one of only a few studies of the Nugan Hand disaster. Alfred McCoy adds it in the second edition of his The Politics of Heroin: CIA Complicity in the Global Drug Trade New York: Harpers and Row, Publishers Inc.,1972, 1991 ISBN# 1-55652-125-1, but it is not in the later revised edition with the ISBN# 1-55652-483-8. The story was covered extensively in the then National Times of Australia, but still remains on the fringe of common knowledge in the U.S. with other bank scandals like Savings and Loan and the Bank of Credit and Commerce International ringing the memory bells.
SOURCE w Links:
http://www.sourcewatch.org/index.php?title=Nugan_Hand_Bank Money really does make people do the most antisocial things.