August 30th, 2014
Page     Profile     Twitter     Youtube     LinkedIn     News Feed     Comments

Tag Archives: Penn Square Bank

1991-2011: THE BCCI SCANDAL 20 YEARS LATER

It’s now been almost exactly 20 years since the last meltdown and exposure of a fraudulent bank, in this case, the notorious Bank of Credit and Commerce International, or BCCI as the scandal became known. Sarcastically, as the exposure of the CIA, drug cartels, Manuel Noriega and a host of others in the affair slowly came to light, the bank was known as the Bank of Crooks and Criminals International.

It followed a long series of other such scandals: the Franklin Bank scandal, the collapse of Penn Square, the Banco Ambrosiano and Banco Lavoro scandals, tied to the Vatican, the whole P-2 affair, Roberto Calcvi – you remember him, the banker found hung to death under London’s Blackfriars’ bridge who had bricks in his pants, ruled a suicide of course – the Nugan Hand Bank scandal, the savings and loan scandal (you remember the Bush family’s role in that don’t you?), ITT….on and on it marches, and each financial meltdown, each looting of the depositors and the public treasuries with which the proverbial “they” are associated gets bigger and bigger and more and more corrupt.

I remember, as some of you do, the Washington Post columnist Meg Greenfield. Her post – the closest any major syndicated columnist ever came to veering into conspiracy theory – on the subject of BCCI in Newsweek, and for those of you who don’t remember or have never read that fascinating expose of her own personal frustration with the march of hidden politics in the last century, here it is:

Meg Greenfield\’s Time for the Grand Finale

One source, one theme, one Wagnerian Leitmotif in Greenfield’s “opera” seems to be recurring again and again: that is the connection of organized crime (drug money) to fraudulent banks and to intelligence agencies and in particular the CIA. What are we looking at here?

In my opinion, one of the things we’ve been looking at is the vast funding mechanism for a “breakaway civilization” ala Richard Dolan’s idea (on which I’ve written a paper in the members’ only section here). This civilization, in order to fund its massive research projects and the covert operations conducted in conjunction with them, would need a continuous and large source of funding that could be kept off the books and away from public scrutiny.

We thus have a methodological implication here: can banking scandals such as these also be traced to “coincidental” or synchronous activity in research, or to revelations of black projects technologies? Following the money here will be difficult, but not, I don’t think, impossible. A simple matter of coordinating overlapping board directorates and personnel within major international “defense contractors” will go a long way to connect dots and outline relationships. It is, at the minimum, food for thought.