Posts Tagged ‘BCCI’

Since British bank examiners first shut down its London branch in 1991, BCCI (the Bank of Credit and Commerce International) has become known as “the world’s crookedest bank”-or, as CIA Director Robert Gates called it, the Bank of Crooks and Criminals International. He, of all people, should know.

Throughout its entire history, the CIA has set up an elaborate shell game of “proprietaries” (front companies), money-laundering operations and off-the-books projects so complex that no outsider- and few insiders-could ever keep track of them. BCCI was neither the first nor the last of these.

An important predecessor was the Nugan Hand Bank, which helped the CIA topple a pesky government in its host country, Australia. Capitalized with booty from drug and weapons deals in the last years of the Vietnam War, it helped finance agency operations in Angola and the Middle East

Nugan Hand’s board was loaded with spooks, including former CIA Director William Colby. When Australian bank examiners closed in on the bank in 1977, Nugan killed himself and Hand disappeared with billions in depositors’ funds.

The CIA flirted with a similar operation in Hawaii, but eventually chose the Pakistan-based BCCI. It welcomed anyone with large amounts of cash to launder, from narcotics traffickers to arms merchants, terrorists to gangster governments.

Naturally, the CIA felt right at home. In fact, one former BCCI official claims to have been told that the CIA, and Director Richard Helms in particular, actually started the bank, and that it “wasn’t a Pakistani bank at all.”

Before collapsing, BCCI managed to facilitate a host of CIA covert operations, notably George Bush’s efforts to pump weapons to Saddam Hussein’s Iraq and Edwin Wilson’s “unauthorized” arming of Libya.

Efforts to unravel all of BCCI’s mysteries will never succeed. Its directors had the good sense to feather the nests of enough prominent US politicians, of both parties, to ensure that any investigation will be half-hearted at best.

Not surprisingly, CIA-connected lobbyists have worked to undermine any probe. Roughly $20 billion of BCCI’s assets remain unaccounted for.


Originally posted January 21, 2010

The CIA was created at the behest of the bankers on Wall Street. OSS spook and Wall Street lawyer Frank Wisner was recruited by Dean Acheson to work under Charles Saltzman, at the State Department’s Office of Occupied Territories in 1947. The CIA’s first director, Allen Dulles, was a Wall Street lawyer.

The CIA is Wall Street’s finely honed tool for the neoliberal agenda of the banksters. “A considerable proportion of the developed world’s prosperity rests on paying the lowest possible prices for the poor countries’ primary products and on exporting high-cost capital and finished goods to those countries. Continuation of this kind of prosperity requires continuation of the relative gap between developed and underdeveloped countries – it means keeping poor people poor,” former CIA agent Philip Agee wrote. “Increasingly, the impoverished masses are understanding that the prosperity of the developed countries and of the privileged minorities in their own countries is founded on their poverty.”

“Throughout its entire history, the CIA has set up an elaborate shell game of ‘proprietaries’ (front companies), money-laundering operations and off-the-books projects so complex that no outsider — and few insiders — could ever keep track of them. BCCI was neither the first nor the last of these,” writes Mark Zepezauer.

Excerpt from the Campaign for Liberty Regional Conference in Atlanta, GA.

As the crowd begins to cheer, Ron Paul states, “We need to take out the CIA”.

“They are a government unto themselves. Their in buisnesses, their in drug buisnesses… and… they take out dictators. We need to take out the CIA.”

Also, the CIA have infiltrated the Ron Paul Presidential Campaign:…

From Raw Story:

US House Rep. Ron Paul says the CIA has has in effect carried out a “coup” against the US government, and the intelligence agency needs to be “taken out.”

Speaking to an audience of like-minded libertarians at a Campaign for Liberty regional conference in Atlanta this past weekend, the Texas Republican said:

There’s been a coup, have you heard? It’s the CIA coup. The CIA runs everything, they run the military. They’re the ones who are over there lobbing missiles and bombs on countries. … And of course the CIA is every bit as secretive as the Federal Reserve. … And yet think of the harm they have done since they were esablished [after] World War II. They are a government unto themselves. They’re in businesses, in drug businesses, they take out dictators … We need to take out the CIA.

Paul’s comments, made last weekend, were met with a loud round of applause, but they didn’t gather attention until bloggers noticed a clip of the event at YouTube.

Paul appeared to be referring to news reports that the CIA is deeply involved in air strikes against Al Qaeda targets in Afghanistan and Pakistan. A suicide bombing late last year against Forward Operating Base Chapman in Afghanistan took the lives of seven of CIA operatives, including two contracted from Blackwater. The event highlighted the CIA’s deep involvement in the war effort.

Paul’s reference to the CIA being “in the drug business” refers to long-running allegations that the CIA has funded some of its covert operations with proceeds from drug-running. That claim was most famously made in a 1996 investigative report from the San Jose Mercury-News, which alleged that cocaine from the Contra-Sandinista civil war in Nicaragua was making its way to the streets of L.A. via the CIA.