from Russia Insider:
Another Clinton connection to the CIA and the Iran-Contra affair runs through the family’s connection to Arkansas financier Jackson Stephens and the CIA-linked Bank of Credit and Commerce International (BCCI), which critics nicknamed the “Bank of Crooks and Criminals International.” Stephens was among the richest people in Arkansas and was also a major donor and backer of Ronald Reagan, George H.W. Bush and Bill Clinton. He also played a key role in the rise of Walmart.
Jackson Stephens and other members of the Stephens family bankrolled Bill Clinton’s rise to political prominence, contributing large sums of money to both Clinton’s gubernatorial and his later presidential campaigns. In addition, Worthen Bank, which was majority-owned by Stephens, provided Clinton’s first presidential campaign a $3.5 million line of credit. In addition, Stephens’ many businesses were frequently represented by the Rose Law Firm, where Hillary Clinton was a partner.
A redacted FBI report from 1998 describes Stephens as having “lengthy and continuing ties to the Clinton administration and associates” and also discusses allegations that Stephens has been involved in the “illegal handling of campaign contributions to the Democratic National Party.”
BCCI had originally been founded by a group of bankers from Pakistan, though Newsweek later reported that CIA officials appeared to have been involved in the bank’s founding and that BCCI founder Agha Hasan Abedi had been encouraged by the CIA to found the bank after “the agency realized that an international bank could provide valuable cover for intelligence operations.” CIA documents that later surfaced during congressional hearings on the bank’s activities and related scandals stated that BCCI was directly involved in “money laundering, narco-financing, gunrunning and holding large sums of money for terrorist groups.”
Evidence in the case against BCCI shows cocaine seized from a warehouse and suitcases full of cash to be laundered. Photo | FLMD District Court
Though BCCI was known for its CIA links, Catherine Austin Fitts — former Assistant Secretary for Housing–Federal Housing Commissioner at HUD during the George H. W. Bush administration, and investment banker with the firms Hamilton Securities Group and Dillon, Read & Co. — believes that those links went well beyond the CIA. Fitts — who was placed on the board of the BCCI subsidiary First American Bank following BCCI’s collapse — told MintPress that, after reading through troves of documents regarding the bank’s activities prior to its implosion, it was clear to her that there was “no way” its clandestine activities were carried on without the full knowledge of the Federal Reserve, specifically the Federal Reserve Bank of New York, and the White House.
BCCI also played a key role in the Iran-Contra affair and accounts of the bank were used to send payoffs to individuals linked to the scheme. Adnan Khashoggi, a key figure and intermediary in the scandal, used one BCCI account to move more than $20 million related to illegal arms sales and BCCI created fake documentation, including checks signed by Oliver North, allowing the sale to go forward. The bank later, when its activities subsequently came under congressional scrutiny, claimed it had no records of these transactions.
In addition, BCCI appears to have been involved in the sex trafficking of underage girls, including girls that had not yet reached puberty. According to the report entitled “The BCCI Affair,” by then-U.S. Senators John Kerry (D-MA) and Hank Brown (R-CO), BCCI officials were alleged to have obtained leverage with powerful individuals, including prominent members of the ruling families of the United Arab Emirates (UAE), by providing them with young virgins.
The report (page 70) specifically states:
According to one U.S. investigator with substantial knowledge of BCCI’s activities, some BCCI officials have acknowledged that some of the females provided some members of the Al-Nahyan family [one of the ruling families in the UAE] were young girls who had not yet reached puberty, and in certain cases, were physically injured by the experience. The official said that former BCCI officials had told him that BCCI also provided males to homosexual VIPs.”
BCCI was largely brought into the United States business community through the efforts of Jackson Stephens and Bert Lance, former budget director for Jimmy Carter, who assisted with BCCI’s acquisition of First American Bank. The law firm involved in this effort was Arkansas’ Rose Law Firm and it involved several of the firm’s lawyers, including Hillary Rodham Clinton, Webster Hubbell and C.J. Giroir. Also involved in the effort was Clark Clifford, former Secretary of Defense under Lyndon B. Johnson, and Kamal Adham, former director general of Saudi intelligence.
One of the men added to the BCCI board after the acquisition of First American Bank was Robert Keith Gray, whom Newsweek described as often having “boasted of his close relationship with the CIA’s William Casey; Gray used to say that before taking on a foreign client, he would clear it with Casey.” As was discussed in Part II of this series, Gray was also an expert in homosexual blackmail operations for the CIA and was reported to have collaborated with Roy Cohn in those activities. Some of Gray’s clients at the powerful PR firm he led, Hill & Knowlton, included BCCI clients and Mossad-linked individuals, such as Adnan Khashoggi and Marc Rich [Khashoggi claimed that his grandfather was a Jew. Rich is a Jew. -RI].