With the election less than four weeks away, the chattering classes must be getting nervous about 9/11 again. Today's Washington Post has another one of those aren't-conspiracy-theorists-wacky stories -- focusing mainly on the folks (and there's more than you probably realize) who've convinced themselves that something other than the real Flight 77, a Boeing 757, struck the Pentagon that morning.
In case you didn't already think these people come straight from the looney bin, reporter Carol Morello (ex- of Philly) tracks down one Flight 77 conspiracy theorist:
Interviewed by telephone from what she said is a 17-bedroom castle outside Toulouse, where she lives with her Polish physicist husband and five children, Knight-Jadczyk acknowledged that her group is considered "fringe." Knight-Jadczyk, 52, a Florida native, has been a psychic and a channeler. She is now involved in experiments in what she calls "superluminal communication," which she described as involving "time loops" that would enable people to communicate with their former selves.
Here's the thing: Of course it's really true that a Boeing 757 hit the Pentagon on 9/11! Numerous eyewitnesses saw it happen, and there's supporting physical evidence as well. If the Washington Post wanted to kill this thing off once and for all, it could have done a much better job by addressing it head on: i.e., talking to the witnesses, etc.
Instead, this piece is a textbook "straw man argument." By knocking down the most ridiculous 9/11 theory (well, one of the most ridiculous) with its most ridiculous advocates, then anyone with legitimate questions about the unfortunate events of Sept. 11 becomes too embarassed to voice them. Because anyone who does is a "conspiracy theorist," which is just a fancy way of saying "nut."
And so only "a nut" would ask how come the government refuses to release key information from that day -- such as the cockpit voice recorder and flight data recorder from Flight 93 (whose fate is a lot more dubious than Flight 77). And only "a nut" would wonder why an air-defense system with well-established guidelines for intercepting hijacked jets failed so miserably on that day. Only "a nut" would wonder where the hell Donald Rumsfeld was on 9/11 -- aside from hatching plans to blame it all on Saddam Hussein. Or wonder whether Bush and Cheney lied to the 9/11 Commission about who was calling the shots. Or why Bush's EPA lied to hundreds of thousands of New Yorkers about the air quality in lower Manhattan.
Or why Bush failed to ask any questions or even utter one word when he was informed the nation was under attack.
There was a time when people who thought that the JFK assassination was a conspiracy were also considered "nuts" -- and there are a lot of people who still think that. The funny thing is that -- as Salon editor David Talbot showed us recently -- some of the "nuts" who thought there was a conspiracy in Dealey Plaza included LBJ, J. Edgar Hoover, Richard Nixon, and the leadership of the Soviet Union, France, etc.
Then this week there was this fascinating story on Slate.com -- an interview that Ann Louise Bardach scored with ex-CIA man and Watergate convict E. Howard Hunt, who's 85 (and with his wife Laura):
Slate: I know there is a conspiracy theory saying that David Atlee Phillips—the Miami CIA station chief—was involved with the assassination of JFK.
Hunt: [Visibly uncomfortable] I have no comment.
Slate: I know you hired him early on, to work with you in Mexico, to help with Guatemala propaganda.
Hunt: He was one of the best briefers I ever saw.
Slate: And there were even conspiracy theories about you being in Dallas the day JFK was killed.
Hunt: No comment.
Laura Hunt: Howard says he wasn't, and I believe him.
Do you believe him? Or are you another one of those "nuts"?
Sorry for the non-sequitor but I am writing to others that have mentioned this "group" in the past to see if you can help me find out the truth here...
It seems that MoveonforAmerica.org is now taking donations and running their ads. OR so they say. I don't believe it for one second.
Plus, I think they are fraudulently taking money from the knotheads who might think the ads would be a good idea. (Maybe poetic justice, but still not good.)
I'm just looking for one person who has actually seen one of the ads on T.V. (Fat chance.)
Posted by: Marty at October 7, 2004 02:26 PM" Bush failed to ask any questions or even utter one word when he was informed the nation was under attack."
More so than that, he didn't do ANYTHING. THE SECRET SERVICE GUARDING HIM DIDN'T DO ANYTHING.
The secret service's one and only job is to protect the president!! It was public knowledge that Bush was going to be at that school in FL, yet somehow both he and his secret service knew that he was safe just sitting there reading that children's book.
Yep, perfectly safe.
Posted by: fred at October 7, 2004 02:41 PMThe speed at which he debris, rubble and metal supports were whisked away from the 9/11 site without any scientific forensic examination does not follow standard operating procedures for 'murders' in New York City. Other unanswered questions include the trading of options betting the share price of United and American Airlines would fall by mystery investors, the stated inability of cellphones to work on those planes and so many others that beggar belief that nothing remotely like a true investigation was undertaken. It is no wonder conspiracy theories abound. There was one
Posted by: Rob Gaia at October 7, 2004 03:04 PMThe only conspiracy theory is the official 911 theory.
www.whatreallyhappened.com
Congratulations, will. You seem pretty popular with the Democratic Underground contingent.
Do you blame the J-E-W-S for 9-11 too?
Posted by: jeff at October 7, 2004 03:08 PMHistory is one conspiracy after another !
Anyone (like Mr. Bunch) who calls the possiblity that it wasn't a plane that hit the Pentagon "the most ridiculous 9/11 theory" and then uses inadequate sources to back up this "claim," is doing as great a disservice to the American people as is the Washington Post.
Notice that the picture provided by Mr. Bunch (originally released by the Pentagon) of the explosion is dated September 12, 2001. Why? Then there's the fact that there is NOT ONE PHOTO of a plane hitting the Pentagon(just an explosion). Even around the MOST PROTECTED BUILDING IN THE WORLD there is not one security camera that has a picture of a plane. Yeah, right.
The ONLY eyewitness video interview that I have seen was a man who said (and I quote) "It was like a Cruise Missle, with wings, slammed , right there into the Pentagon." (as he pointed toward the impact).
It's on the video "9/11. In Plane Site" found here: http://www.thepowermall.com
This man (Mike Walter) IS interestingly listed in the slew of quotes on the link provided by Mr. Bunch as an eyewitness. But, his quotation has additional text added to it (about it being an American Airlines jet) that AREN'T FOUND in the supporting additional link to the CNN source article. (see Mike Walter's account)
http://www.criticalthrash.com/terror/identification.html
and
http://www.cnn.com/2001/US/09/11/attack.in.their.words/
Another "eye witness" (Tim Timmerman) is quoted as saying "and I saw it hit right in front of -- it didn't appear to crash into the building; most of the energy was dissipated in hitting the ground, but I saw the nose break up, I saw the wings fly forward.."
WHY THEN IS THERE LITTLE TO NO DAMAGE TO THE GROUND IN FRONT OF THE PENTAGON ???
Then Mr. Bunch's link to "phsyical evidence" that a plane hit the Pentagon is a one page PDF file that shows NOTHING !!!
http://seattlepi.nwsource.com/dayart/20010913/PentagonDamage.pdf
In short, I believe Mr. Bunch is suffering from denial. I have seen this condition in people whom I know and trust. The idea that their own government could actually be behind something like 9/11 is just too painful for their minds to comprehend. I truly feel sorry for these people. But, it's time to WAKE UP AMERICA !! Your government is lying to you more than you can possibly believe !
If you still don't believe it....
Follow the money....
http://www.861.info
Ken Evans
873 East Baltimore Pike #464
Kennett Square, Pennsylvania 19348
610 636 4407
Well - that's because we cant blame the Jews - there were Jewish citizens in Iraq and Syria. But we can blame the fascist hall of fame preaching Zionism - and they all ain't J-E-W-S, Tom Delay - for all them ripped off people in Webster Texas - asside from letting our shuttle program slip into poverty and allowing the space station to become a floating garbage barge - felt the rapture, and exclaimed: "I am a Christion Zionist".
So basically it's not the jews - it's the willy winkers that can't think for them selves and the money changers they get porked by (dat be u?) that got us in this mess. When religion tells you to bough your head and close your eyes to pray - you should - every once in a while - peek dufo!
Posted by: Ku Klux Zion at October 7, 2004 03:49 PMIt is obvious to me that the official version of events surrounding 911 put forth by the government and reinforced by the main stream media is so full of contradictions, changed timelines, withheld evidence and contrived explanations that they are simply not credible. Additionally, there is rather convincing photographic, videographic and eyewitness testimony, universally suppressed by the main stream press, that raises serious questions about government complicity. To be kind, let’s say possible involvement by extreme elements within the government. Surely you are aware of several sites on the internet that exhaustively examine the events of that day.
What convinced me was the total collapse of WTC 7. This forty-seven story, steel girder building collapsed like a retired Las Vegas Casino….all four corners coming down simultaneously. The building suffered only collateral damage resulting in two fires, not even encompassing an entire floor. Additionally, there is a video interview with firefighters who were contemporaneous witnesses to the collapse. They use words like, “floor by floor detonations, boom..boom..boom..boom” and “as if charges had been planted”. Presumably these veteran firemen are familiar with fires and fire damage. There is no reason to doubt their account.
How can one argue with this evidence? No one has adequately investigated this anomalous collapse. Interesting how the forensic evidence was removed and sold as scrap in totality. Of course, there is other, more damning evidence, but the collapse (controlled demolition) of WTC 7 is obvious to anyone who considers it.
Posted by: brisa at October 7, 2004 04:58 PM "The Terror timeline" by Paul Thompson and
"The New Pearl Harbor" by David Ray Griffin are two books that everyone should read/buy . When you read(in 'Timeline') that the fire alarm system in WTC7 is placed on "TEST" status early on the morning of the attack (so when it went off it would be ignored ) , when you read how a rookie is asked to take over the National Military Command Center FROM JUST BEFORE THE ATTACKS BEGIN UNTIL JUST AFTER THEY END , what's left of your blood will finally boil off .
http://www.math.missouri.edu/~rich/911/pentagon121.swf
It's maybe 12MB, and wont start until it is fully downloaded.
flash presentation that makes the case that the mainstream Pentagon story is wrong, with photos/diagrams. If you watch thru to end, you will see all the main arguments and a lot of the convtoversial photos. The beginning gives the wrong impression, this flash thing digs far more deeply than the 'Snopes' page.
note: the backing music might not be something you want coming out of your computer at work.
This is a distinct Bush family 'finger print' on 9/11, and not a conspiracy theory, for it is fact: From a President whom did "nothing" to prevent the attacks according to his own former top Counter-Terror Czar, and then didn't want an investigation as he sought to manipulatively use the catastrophe(eg. Iraq), to a brother and Florida Governor whom just happened to control the state where 14/19 of the hijackers lived, including three of the pilots(Jeb had Florida flight school documents rounded up and shipped out of the country in 9/11's aftermath according to Phil Berg), to another brother whom was surprisingly a principle of a security company doing work for the WTC up until the day it fell down(also shockingly did work for Dulles airport, and United Airlines), to an Uncle involved in a Bank with very curious Saudi, and Equatorial Guinae(Thatcher oil coup) transcations that have led to it being severely fined, and sold off..... Of course, the Patriarch, Bush Sr., is the only reason Bush Jr. is in power, and his long established ties with the Saudis where 15/19 of the hijackers came from. We also know where Cheney, and Baker come from, Papa's administration.
1) George Bush is President, and as President did nothing to prevent the catastrophe according to his own former top Counter-Terror Czar, Richard Clarke. He then sought to prevent an investigation, and use the catastrophe as a false pretext akin to invading Mexico for Pearl Harbor.
2) Brother Jeb Bush was a founding member of PNAC which approximately one year prior to Bush being 'installed' as President produced the report 'Rebuilding America's Defenses'. This document is regarded by many as a blueprint for global domination. In it the document states the agenda(included Iraq, Middle East, increases in defense spending) would come about slowly absent a 'catastrophic' and 'catalyzing' event like a new 'Pearl Harbor'. Beyond being linked to PNAC, Jeb was also Governor of Florida where 14/19 of the hijackers lived, including three of the pilots. This could have been to protect the terrorist 'assets', and for purposes of cover-up. According to Phil Berg, who's the lawyer for 9/11 widow Mariani, Jeb surprisingly had Florida flight school documents rounded up in the aftermath of 9/11 and flown out of the country.
3) Brother Marvin Bush was on the Board of a security company which handled security for the WTC, Dulles, and United, all involved in 9/11. The company was also linked to the Bush family:
"George W. Bush's brother[Marvin] was on the board of directors of a company providing electronic security for the World Trade Center, Dulles International Airport and United Airlines, according to public records. The company was backed by an investment firm, the Kuwait-American Corp., also linked for years to the Bush family.
The security company, formerly named Securacom and now named Stratesec, is in Sterling, Va.. Its CEO, Barry McDaniel, said the company had a ``completion contract" to handle some of the security at the World Trade Center ``up to the day the buildings fell down."
It also had a three-year contract to maintain electronic security systems at Dulles Airport, according to a Dulles contracting official. Securacom/Stratesec also handled some security for United Airlines in the 1990s, according to McDaniel, but it had been completed before his arriving on the board in 1998.
David Ray Griffin also references this article in his 9/11 book:
http://www.commondreams.org/views03/0204-06.htm
Incidently, the FBI agent whom knew more about al-Quaeda than anyone else also quit his job in frustration shortly before 9/11, and became head of security for the WTC, and died in the attacks, taking his testimony of angst with him.
4) George Bush Sr. is the patriarch, and father of the above individuals. His name and connections helped win his son the Presidency. Cheney, and Baker were part of Bush Sr's administration and are very prominent in the current administration. Many believe Cheney is the de facto President. Baker has an office in the White House, is defending the Saudis against the 9/11 victims Bush did nothing to protect, and is also Envoy on Iraq debt which was significantly Saudi owned. Bush Sr. also has long established ties to the Saudis, and was "...in a business meeting at the Ritz Carlton Hotel in Washington on the morning of September 11th with one of Osama Bin Laden's brothers.":
Canada's CBC Television:
http://www.cbc.ca/fifth/conspiracytheories/saudi.html
5) The President's uncle, Jonathan Bush, was a top level executive with the Bank responsible for handling high value clients from the the Middle East and East Asia. Yesterday, 168 years of independence came to an undignified end as Riggs was sold off. Poorly monitored Saudi accounts could have been used to funnel money to hijackers, and talk of Princess Haiffa sending money to two of the hijackers has been an issue.
http://www.911citizenswatch.org/modules.php?op=modload&name=News&file=article&sid=363
The OCC said Riggs failed to properly supervise the bank's relationships with foreign governments, including Saudi Arabia and Equatorial Guinea[think Thatcher's son, and the oil coup attempt]. Riggs Bank agreed to the penalty without admitting or denying any wrongdoing or relevant findings.
http://www.forbes.com/2002/10/24/cx_aw_1024fine.html
6) Cheney was a founding member of PNAC, and CEO of Halliburton(lobbied Clinton concerning Saddam while with company). He is considered by many the de facto President. As Secretary of Defense under Bush Sr. his decisions re-engineered rules which gave the company an advantage in the later Iraq bidding which Halliburton has received a high level of scruitany concerning.
7) Family Friends: Bush Jr. got his start in the oil business with the Bin Laden clan because of his father's connections, and the Bush clan has multi-generational ties to the Saudis where 15/19 of the hijackers are believed to have originated. From the post-9/11 evacuation of the Saudis, and Bin Ladens, to the redaction of 27 pages of a 9/11 report, Saddam has taken the fall as the Saudis are let off the hook. Bush's personal lawyer, and a lawyer from Baker's firm, was also appointed U.S. Ambassador to Saudi Arabia after Bush became President.
Oil, and a potential Oil Empire: Expert Testimony:
The former U.S. Ambassador to Saudi Arabia during the oil crisis in the 1970's, whom was also Envoy to Kuwait, and Iraq calls what we are seeing Kissinger's plan. Kissinger was incidently appointed to head the 9/11 Commission but was forced to resign because of conflicts of interest. He says the team looks all too familiar:
To Akins, who has just returned from Saudi Arabia, it's a team that looks all too familiar, seeking to implement the plan first outlined back in 1975. "It'll be easier once we have Iraq," he says. "Kuwait, we already have. Qatar and Bahrain, too. So it's only Saudi Arabia we're talking about, and the United Arab Emirates falls into place."
"Controlling Iraq is about oil as power, rather than oil as fuel," says Michael Klare, professor of peace and world security studies at Hampshire College and author of Resource Wars. "Control over the Persian Gulf translates into control over Europe, Japan, and China. It's having our hand on the spigot."
By 2020, the Gulf will supply between 54 percent and 67 percent of the world's crude, the document said, making the region "vital to U.S. interests."
http://www.motherjones.com/news/feature/2003/03/ma_273_01.html
Cheney Energy Advisor: $182/barrel oil:
Oil prices have recently climbed over $50/barrel, and Cheney's energy advisor believes it is worth $182/barrel. Think of the potential massive transfer of wealth to the Middle Eastern oil producers. If the U.S. policy is already compromised by its dependence on Middle Eastern oil(eg. the Bush family relations to the Saudis), how dependent could it be on the 'House of Saud' in the future, as well as Kuwait, etc.?
From the BBC,
Monday, June 7, 2004:
If you think oil prices are high at $40 a barrel then wait till they are four times that much.
This is the message from the Association for the Study of Peak Oil (ASPO).
The group of oil executives, geologists, investment bankers, academics and others has been warning the world of high oil prices, and the ensuing fallout, for some years now.
The end of cheap oil
It includes a diverse range of oil industry insiders.
People like Ali Bakhtiari, head of strategic planning at Iran's National Oil Company (NOIC), Dr Colin Campbell, a former executive vice president of Total-Fina, and Matthew Simmons, an energy investment banker and adviser to the controversial Bush-Cheney energy plan.
They are united by one idea, that global oil production is about to peak, which in turn will signal the permanent end of cheap oil.
And they warn that this is the foundation of the current rise in oil prices.
Who hurts when prices explode?
"Oil is far too cheap at the moment," says Mr Simmons.
"The figure I'd use is around $182 a barrel. We need to price oil realistically to control its demand. That is because global production is peaking."
http://news.bbc.co.uk/1/hi/business/3777413.stm
You're a jack-ass Silly Willy. More leftist
nonsense.
Sean
Posted by: Sean Hally at October 8, 2004 07:00 AMThis is very interesting: Here is an article about Riggs Bank where Bush's uncle worked. Money went from Princess Haifa, the wife of Saudi Ambassador to the U.S., to two men who helped finance the 9/11 hijackers. This is potentially very damning given the totality of the Bush family 'finger print' to 9/11 as outlined in a prior post, including to the Saudi Ambassador. This is an oil coup, and interesting Equatorial Guinae(Margret Thatcher's son implicated in a potential coup attempt) was also an issue for Riggs which has been fined for improper monitoring of accounts, and sold.
The FBI investigated charitable contributions made to an individual by Princess Haifa al-Faisal, wife of Saudi Arabia's ambassador to the United States, because some of the money was used by two men to help two of the Sept. 11, 2001, hijackers with rent and other expenses.
Correction to This Article
An April 18 article about Riggs Bank incorrectly stated that the Muslim World League was founded by Osama bin Laden. The league was established by the Saudi government during the early 1960s.
The FBI investigated charitable contributions made to an individual by Princess Haifa al-Faisal, wife of Saudi Arabia's ambassador to the United States, because some of the money was used by two men to help two of the Sept. 11, 2001, hijackers with rent and other expenses. An April 18 article incorrectly reported that the ambassador's wife made the contributions to a charity. The article did not address the status of that investigation; an FBI spokesman says investigators have found no evidence that the men who gave the money to the hijackers knew they were helping terrorists.
U.S. Ready To Fine Riggs Bank
Saudi Embassy Money Reports Scrutinized
By Kathleen Day and Terence O'Hara
Washington Post Staff Writers
Sunday, April 18, 2004; Page A01
Federal bank regulators are preparing to impose fines on Riggs Bank as soon as this week for not reporting millions of dollars in suspicious transactions at its embassy banking division, and have notified bank officers and directors that they may be sanctioned individually, according to people familiar with the investigation.
Those notified include Chairman Robert L. Allbritton; his mother, Barbara B. Allbritton, a director; and the nine other members of the bank's board, according to the sources.
Until last year, Riggs Bank rarely filed suspicious- activity reports on money moving through embassy accounts. The bank filed about 30 of the reports in 2003. (Robert A. Reeder -- The Washington Post)
The penalties would come as the FBI, bank regulators and three congressional committees continue to delve into Riggs's international banking relationships, particularly its two-decade role as chief banker for the Embassy of Saudi Arabia in Washington.
Investigators are looking at the Saudi accounts for evidence of money laundering, which is the use of complex transactions to hide the origin or destination of funds related to illegal activities such as drug smuggling or terrorist acts. The investigators have reached no conclusions about the reasons for the transactions in the embassy accounts, including the personal accounts of the Saudi ambassador, Prince Bandar bin Sultan.
Riggs said in a written statement that it has cooperated fully with the federal investigation. "Neither the investigative agencies nor the regulatory agencies have ever informed Riggs that such accounts were used for illegal purposes," the bank said. Riggs has said it ended its business relationship with the Saudis in March, though the Saudis say they initiated the termination of the accounts.
The Allbritton family, which has controlled Riggs since 1981, through a spokesman declined to comment.
Regulators and congressional investigators say the Saudi accounts at Riggs provide a window into how the Saudi royal family moves millions of dollars around the world each year without sufficient monitoring of where the money ends up. They say the records indicate lax oversight by Riggs and by bank regulators. For example, the officials say, Riggs rarely until last year filed suspicious-activity reports, or SARs, to law enforcement agencies when spotting unusual and unexplained activity in embassy bank accounts.
Copies of more than a dozen SARs were obtained by The Washington Post. The reports detail various transactions by Riggs's embassy customers, but mostly about those involving Saudi officials. Riggs filed about 30 SARs in 2003 for transactions totaling $25 million to $30 million after an internal audit of recent years of activity in Saudi accounts, the sources said.
Information from the reports and the Saudi accounts are being studied by investigators including those in the FBI, which has been looking into Saudi-funded charities for several years for any potential financial links to al Qaeda and other terrorist organizations.
According to one SAR, on Jan. 13, 2003, the Muslim World League, an Islamic charitable organization, wired $461,341.72 into an account at Riggs in the name of the "Ministry of Defense and Aviation-Riyadh, Saudi Arabia." The Muslim World League, which was founded by Osama bin Laden but was taken over by the Saudi government years ago, is largely funded by the Saudi royal family and by most accounts funds a variety of worthy causes around the world. But it is also the subject of scrutiny by congressional investigators and federal law enforcement agencies for possible terrorist connections in some countries, and some of its officials abroad have been linked to al Qaeda. Treasury agents seized files at the league's offices in Falls Church in March 2002.
The SAR contains no explanation for the January 2003 transaction. A source close to the Saudi embassy said the money was reimbursement for expenses related to a summer 2003 visit here by World Muslim League officials from around the world. The travel and lodging for the visit was arranged by the embassy's Office of Islamic Affairs, the source said.
Another SAR concerns a $6 million check drawn on the Saudi embassy's Riggs account and deposited into the personal account of Ahmed A. Kattan, the No. 2 official at the embassy, on Oct. 19, 2001. In transactions on Oct. 22 and Oct. 24, Kattan had $5.5 million wired out of his account to two men operating a private school in Cairo. The transfers triggered an SAR because Egypt at the time of the transfer was viewed by the U.S. government as lacking anti-money-laundering safeguards.
An embassy source said the $6 million transfer was of personal funds for private purposes.
Riggs internal investigators also found a $50,000 payment in October 2001 from the embassy to the American Muslim Council, whose founder, Abdurahman Alamoudi, was charged last September with accepting hundreds of thousands of dollars from Libya, which then was designed by the United States as a sponsor of terrorism. The check was deposited in a Morgan Stanley account after being endorsed by Alamoudi without reference to the council, according to an SAR filed by Riggs. An embassy source said the payment was part of the embassy's long-standing practice of donating money to charities and nonprofit organizations.
Another SAR details more than $17 million in payments last August from the account of the Saudi Arabian Ministry of Defense and Aviation to Ibrahim Shorbatli in Saudi Arabia. Riggs determined that the ministry had been paying Shorbatli $4 million each quarter. Saudi officials told Riggs that the money was for building palaces in Saudi Arabia and that Shorbatli coordinates construction projects for Bandar, but in the SAR Riggs said it could not determine the ultimate use of the funds. The transaction was previously reported in Newsweek.
An embassy source said the money was for a government construction project in Saudi Arabia.
Bandar and his staff were out of the country yesterday and could not be reached, nor could a spokesman for the embassy. An embassy source who asked not to be identified because he is not the official spokesman said diplomats there continue to cooperate with every aspect of the FBI investigation. The source said that as recently as two weeks ago the FBI met with embassy officials and expressed no concern that Saudi officials had done anything wrong or illegal.
But a law enforcement official said that few of the transactions have been adequately explained and that the matter remains under investigation.
Riggs began filing its suspicious-activity reports about the Saudi accounts after examiners from the Office of the Comptroller of the Currency (OCC) -- the Treasury Department unit that oversees banks -- began to crack down a year ago on what it considered to be the bank's weak procedures for catching money laundering. Riggs filed about a dozen SARs in the spring of 2003, and 20 more after November when Riggs began an audit of past Saudi transactions.
Because of its questions about the rigor of the bank's supervision, the OCC recently designated Riggs a "troubled institution," which gives the unit sweeping powers to order changes that could include replacing senior executives.
Riggs also faces a probe into its business with another embassy. A federal grand jury is investigating possible money laundering in accounts held by officials of Equatorial Guinea, and an official at Riggs who managed the West African nation's accounts has been fired and is under investigation for possible embezzlement. The grand jury also is looking into whether bribes were paid by U.S. oil companies through Riggs accounts to the dictator of Equatorial Guinea, according to people who have been briefed on the matter.
A source close to the Equatorial Guinean Embassy said embassy officials have not been notified of any grand jury investigation.
FBI scrutiny of Riggs's international business began soon after the Sept. 11, 2001, terrorist attacks and widened to include parallel probes by the OCC and Riggs itself after a Newsweek report in November 2002 suggesting that the Saudi ambassador's wife, Princess Haifa al-Faisal , may have used a Riggs account to donate money to a charity that then gave some of it to the Sept. 11 terrorists. In the course of the inquiries, bank and federal investigators found tens of millions of dollars in questionable transactions that had not previously been reported by Riggs, as the law requires. That led to the flurry of suspicious-activity reports filed by the bank last November.
Riggs's failure to file suspicious-activity reports had been noted by regulators years ago but no action was taken. In annual bank exam reports for 1999, 2000 and 2001, OCC officials outlined problems in Riggs's procedures to guard against money laundering or other illicit activities by bank customers, sources familiar with the reports say. But the OCC never fined or sanctioned the bank, sources familiar with the examinations said.
The FBI investigated charitable contributions made to an individual by Princess Haifa al-Faisal, wife of Saudi Arabia's ambassador to the United States, because some of the money was used by two men to help two of the Sept. 11, 2001, hijackers with rent and other expenses.
Posted by: Jacob at October 8, 2004 10:09 AMAs a blogger, what are your thoughts on Podcasting?Mark
Posted by: Mark - The Podcasting Guy at December 1, 2004 01:43 PMAs a blogger, what are your thoughts on Podcasting?Mark
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