| Show NATIONWORLD The Salt Lake Tribune Did US Officials Cover Up BCCI Mess? By March Gordon THE ASSOCIATED PRESS WASHINGTON — Was it simply a case of bureaucratic bungling or did federal officials succumb to influence-peddlin- g by powerful lawyers and lobbyists? Did the CIA stifle investigations? Was there a government cover-up- ? Lawmakers are asking those questions about the Bank of Credit and Commerce International and what they believe was the government's failure to prosecute the foreign-owne- d bank They want to find out how much federal officials knew about BCCI's operations which were shut down in July by financial regulators around the world amid evidence of widespread fraud money laundering and hidden investments A congressional report released last week charged that officials ignored danger signs concerning BCCI and even "squelched" actions recommended by investigators missing a chance to stop illicit activities much earlier "It may be that one hand of the government didn't know what the other hand was doing but we cannot rule out that something else happened" said Rep Charles E Schumer chairman of the House Judiciary subcommittee that compiled the report Three other congressional committees have held or are planning hearings on BCCI Summer vacations were canceled or postponed last month as House Banking Committee aides pored over thousands of documents pried from the Federal Reserve with subpoenas Legislators are scrambling to call government officials to account They also want to question two prominent figures in the BCCI debacle: former Defense Secretary Clark Clifford and his law partner Robert Altman A decade ago the Federal Reserve approved the purchase of Financial General Bankshares a bank holding Washington-baseof Persian a group by company Gulf investors Clifford and Altman vouched for the investors and assured the Fed that Financial General would operate independently of BCCI which supposedly acted only as an "investment adviser" to the Arab group This summer the Fed announced it had uncovered evidence that the Arab investors acted as fronts for BCCI in its illegal takeover of Financial General now called First American Bankshares Inc "We must determine when the Federal Reserve knew about BCCI's fraudulent activities and what actions it took to force corrections" said Rep Henry B Gonchairman of the zalez : i N t ii'' it t t 1 : i''1" 4 4 '''' -- k Ifp' '4 1 7 -4 i t t r I : Z:: I i ''8 '' ::: ? !4 ") s'' i itt ' ! 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' 4 tc V : - 0 r i : a 1 t -- 1: i - v On Aug 13 Clifford resigned aq chairman of First American Bankshares the bank holding company the Fed says was illegally acquired by ECU Altman stepped down as a First American director and president of an affiliate goy- ernment's failure to pursue alleged criminal activity by BCCI Also scheduled to testify this week before the House Banking Committee are the venerable Clifford 84 and 011tman his protege Their statements followed 1 A7 — were responsible for the charges by former US Customs chief William von Raab that "lackadaisical" Treasury and Justice Department officials— and prominent Washington power brokers opera- 4 f5 — :: i ') ‘' 1 -- 0 1 ? i :' ! — pr 1 N: Z 'Z' 1-- i i 11R ?? 1 - 1 - 1 ::' 1 ' 11 ently learned of illegal BCCI activities in the United States tions Mattingly and Taylor said they received no information from the CIA or the Treasury Department when those agencies appar t : $ high-flyin- g D-N- Y cotes and international Seidman as chairman of the Federal Deposit Insurance Corp During testimony last month before the Senate Foreign Relations subcommittee on terrorism nar Sundav September S self-potenti- m al Teenscope NOW and help your teen find a new direction 1 :::: Call 1111 'GO - -- A Program of ik 583-250- 0 The Western Institute 501 Chipeta Way Salt Lake City UT d House Banking Committee "Surely the Federal Reserve schemes knew of these before they appeared in the news far-flun- g media" This week the banking committee plans to hear testimony from two top officials of the Fed: General Counsel Virgil Mattingly and William Taylor the director of banking supervision Taylor recently was nominated by President Bush to replace William SOTH ANNIVERSARY GEORGE AND ARMANELL FRANCOM They are the 1991 Farrel and Debbie Neal and Christine Nei and Mork Atkins and ten Oonciellikken An Caen Nouse wrn be held in their honor at the home of Neal and Christine Francom 10119 Sottlh 2130 from 6 is She cocrwany °WY - g N4 k zoo' t F - bat ( grn itwV '441440 IP 1: 0 - ADRIE: ARPEL ii E Your vegetable peel skin vacuuming finning face and neck massage penetrating heat mask 14 r-- " transparent Skinlastic Lift ' — 1 r:-0"'"- t tkt! tt Ic '"4 1 season's new colors Our pro will then choose 0 Ni A — it your take-hom- e color compact cassettes filled six lipsticks two with four eveshadows ''4 ' tk - camouflage creams over makeup pearlizer - and lip gloss -- 99 i - Call for your appointment: 1 - I ''‘- I i - s 1 1 4 - — r- Hearing aid evaluation and fittings Computerized matching of hearing aid and loss Sales and service y trial period Licensed and certified ( 1 I V ' s two tl 1":") k S concealer under-ey- e it - g and ---- blushes an KNOW for face neck Next a makeup application with this i neske stalt-E01T- 141 hand massage treatment with thermal tritts and an under makeup $ You deep cleansing facial nature-base- d includes gentle electm brush skin scrub &it TRUST To Take Home 2950 i Ilk 17 All For SO - ) : q of :J Pmducts ' COLOR COMPACT CASSETTES ) 4I — Color Compacts I 4 4 It Ar 1 14'41) -a s ' a three-ste- p Framorn on September ) This Week Only Facial And Makeover Plus Four I-- 151 f East Sandy i' to 8 pm Friends and family are in- Aid So attend The Pleasure of your I A will cele- The family of George and ArmieII brate itwir SOth Wedding Anniversary Parents of Kirk I - 9 Salt Lake Downtown — 7 f i & 7 — I 4 South Towne 321-689- 7 3 f '"(9999k I or"' I 321-623- ' 40-da- I ‘ audiologists I i Comprehensive hearing services 1 Free hearing screenings for adults 104 dere"--- 7J 321-312- A Service of 5 Intermountain Health Care Shop all stores Monday through Saturday 10-- 9 gladl F (except Salt Lake DOWMOWII ekeldiere in Utah and in the US order by phone: in Salt Lake 579-666- 6 Ogden and ZCM111: Saturday 10-Canr VISA' Ameritan Express' DineN Club' Carte Blanche' and Disrmer' eanls 7) accept your ZCMI Option Charge Master 1 I I - - - - - - - - -'- -- 4 '' ION |
