Allbrittons, Riggs to Pay Victims Of Pinochet -WP

[Rose Siding]

Riggs Bank and two members of the bank's controlling Allbritton family yesterday agreed to pay $9 million to victims of former Chilean dictator Augusto Pinochet for the bank's role in concealing and spiriting Pinochet's money out of Britain in 1999.

In return for the payment to a foundation established for victims of Pinochet's repressive 17-year rule and their survivors, a Spanish court agreed to dismiss criminal charges against current and former directors and officers of the bank, including the Allbrittons. Riggs will pay $8 million.

Joe L. Allbritton, who was chief executive of the bank until 2001, and his son Robert, who is chief executive of its holding company, will pay $1 million as part of the settlement with Spanish officials. The agreement marks the first time the Allbrittons have been held personally accountable for Riggs's long-standing money-laundering compliance problems, which have resulted in the bank pleading guilty to a felony last month, paying more than $41 million in civil and criminal fines and agreeing to be acquired by PNC Financial Services Group Inc. of Pittsburgh.

It also was the first time any institution or person other than the Chilean government has been forced to pay recompense to Pinochet's victims, according to lawyers involved in the case.

http://www.washingtonpost.com/wp-dyn/articles/A53805-2005Feb25.html

[cosmicdot]

1. fwiw, Albritton is one of Poppy's trustees

http://www.georgebushfoundation.org/bush/asp/OverView/Trustees.asp


hoped to have found some comments by those familiar with this case ... on the one hand, compensation is good, I suppose ... but, wonder if there's a 'bigger picture' compromised or closed by this settlement .....

googling the terms BCCI and Riggs Bank and Pinochet results in right many hits

re the buyout by PNC Financial Services of Pittsburgh ... wonder if there is a Richard Mellon Scaife connection?

[loudsue]

2. Dubya's uncle is/was a director of Riggs Bank....

The bush family evil empire is all over the Riggs $$ laundering scandal....as well as Poppy's involvement w/ Pinochet.

Anywhere there's crime, there's bush!!

:kick::kick: