Skip to comments.Kerry slams Bank on BCCI
Posted on 12/19/2004 7:52:45 AM PST by flitton
Senator John Kerry has slated the Bank of England over its handling of the BCCI banking disaster and warned that the City remains vulnerable to another major scandal. The defeated presidential candidate's words will boost BCCI's creditors, who are suing the Bank of England for allegedly turning a blind eye to fraud at BCCI. Kerry expressed solidarity with the creditors yesterday and told The Observer: 'The Bank of England failed to supervise BCCI properly.'
Kerry is an acknowledged expert on the long-running BCCI affair, having led a US Senate investigation into the rogue bank more than 10 years ago. BCCI, headquar tered in London, collapsed in 1991 with undeclared debts of £7 billion.
Kerry also said yesterday that banking supervision had improved since BCCI but warned it was 'still necessary' for regulators on both sides of the Atlantic to tighten their anti-money laundering procedures. 'Financial transparency is more important than ever, and we're going to need to continue to be vigilant to prevent any would-be rogue bank from creating another round of victims,' he said.
Following BCCI's crash, the Bank of England was criticised by Kerry and others for failing to protect investors and depositors. It was later stripped of its regulatory functions, which were passed on to the newly-created Financial Services Authority.
BCCI's victims are currently suing the Bank of England for up to £1bn compensation, alleging that Thread- needle Street officials acted with wilful negligence amounting to 'misfeasance in public office'.
The high-profile case at the High Court in London is expected to run for at least another year.
The Bank of England denies the allegation and is fiercely resisting the claim, which threatens to remove the statutory immunity that government departments have against being sued. A Bank spokesman declined to comment on Kerry's remarks, but added: 'Public officials in America enjoy the same immunity'.
Christopher Grierson of Lovells, the law firm representing BCCI's creditors, said: 'We are very pleased to hear that Senator Kerry supports our action.'
It's at least as clever a ploy as all of his other "plans" advanced during the campaign. He should be watching Hillary, who is positioning herself as a friend of the military, which she surely is not.
that's kerry/osama 2008.
Oh well if he has a plan that's OK. I'm sure there's no need for anyone to know about it until January 2009. :-)
"Kerry is an acknowledged expert on the long-running BCCI affair..."
Kerry's an expert on everything. He has a plan, you know...
Had to scratch my head to see what ages-old scandal John Kerry is catching up with. And as I think about it, I seem to recall a direct Clinton connection. Was there not a BCCI outpost bank right there in Little Rock?
Who cares what he thinks! I want to know Tereza's opinion on the matter!!
Jeez, this goes all the way back to Carter and Bert Lance?
Is Kerry running against Blair?
Have I missed something?
Yes you're right a quick google search told me that there is indeed a connection I'll have to look further.
Maybe the Bank of England can get John "the weazel" Kerry, who is no Irishman, to sign his form 180 and release all of his military records that hide the real facts about this traitor.
There are three connections:
and Jackson Stephens
LOL Yeah, and next he'll snatch credit for the Internet from Al.
Amazingly Kerry ACTUALLY IS somewhat of of an expert on BCCI. He knows of the Clintons' involvment. BCCI was a notorious conduit for dirty money the the democrat party and bribes to its sleazy leadership.
The message from Kerry is clear: Back off, Clintonistas. The party is MINE.
P.S. I wonder if the Clinton Library will have an open and honest archive on this one? Hahahahahahahahawhawhawhaw!
All the usual suspects were involved with Worthen Bank in Little Rock: Jackson Stephens, Lippo Group, some guy from BCCI, Bill Clinton.
Stephens and Mochtar Riady bought the Hong Kong branch of BCCI (and I think other Asian branches) after the scandal broke.
Oooh, that sounds familiar! :-)
I thought Kerry was somehow involved in the banking scandal? If my memory is correct, then I will assume he's involving himself now to threaten people to keep them quiet.
Speaking of which, where are you, Uncle Bill?
My second thought(after the one you just posted) was that Kerry better be real sure he doesn't have any of Vince Foster's antique weapons lying around or take any flights on fact-finding missions to Croatia.