SE^k
Congressional Enquiry Regarding BCCI
[3>
a1 letter from Sen. John Kerry, the DCI is askedopyemorandum (if one exists] shown to customs Commissioner Von Raab by Robert Gates8 regarding the Bank of Credit and Commerce Internationalen. Kerry also asks that he be provided specifics of any CIA use of BCCI.
I have found nothing in the files of this office which points to the existence of the memorandum referred to by Sen. Kerry.
With respect to the Agency's use of BCCI, ought to be considered.
APPROVED FOR RELEASE DATE:3
SECRET
FIRST AMERICAN BANKS HARES
There has been considerable discussion in the press regarding the ownership of First American Bankshareshe majority holder of FAB stock is Credit and Commerce Americanubsidiary of BCCI. FAB is the owner of several banks in.irginia, Maryland, Georgia, New York, ands the story is emerging, Clark Clifford and Robert Altman are two lawyers
SE^ET
who represented certain forsign nationals who bought FAB. (Both Clifford and Altman later became officers ofn obtaining permission from the Federal Reserve (Fed) for these individuals to. bank, Clifford and Altman represented that these individuals (who were major owners of BCCI) were buying FAB on theirwould have no control over FAB and would not finance the purchase.
The District Attorney in NYC discovered evidence thatborrowed money from BCCI to purchaseof FAB. They pledged their stock in FAB as collateral payments on these loans became
eneficial owner of FAB, by default.
Clifford and Altman deny having any knowledgereconceived plan to do that, and they further suggest that the assurances they gave to the Fed were only with respect to the initial purchase, that is, the subsequent loan and pledge of FAB stock was beyond any representation they gave regarding the application to buy the bank.
J Some mightiew
tbat because 1st American Is owned by FAB which is ownedCCI subsidiary, that we are using BCCI. This is an extreme (and silly) notion, but we need to recognize that those who do not care for the Agency or its mission might wish to use that information against us.
The Fed decided this spring that BCCI must divest itself of control of FAB. BCCI recentlyivestiture plan to the Fed.
We are not using 1st American Bank In any way which would embarrass the Agency.
ay 91
SE2RET
Original document.
Comment about this article, ask questions, or add new information about this topic: