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HIGH FINANCE
There is one estimate that Barry Seal ran as much as $100 million worth of cocaine a month--$1.2 billion a
year--through the Mena airbase.
Former Mena pilot Terry Reed has testified that large sums of money were being laundered through
leading Arkansas banks and bond brokers (a pattern of investment also being examined by a federal
investigator just as his researches were abruptly terminated).[1] For a period, he says, satchels containing
$10 million in laundered cash were airdropped weekly at the airfield. These funds did not include other
secret bank arrangements.
CBS News correspondant Bill Plante has said that there is trail of "tens of millions of dollars in cocaine
profits [from Mena], and we don't know where it leads. It is a trail that has been blocked by the National
Security Council."[2]
But despite the efforts of the NSC, there actually is a pretty good indication of where the money went
(beside's the Secret Team's pockets). Money from CIA drug smuggling operations is known to have been
laundered through BCCI, a massive transnational mega-bank set up and run to launder "covert funds" for
intelligence and criminal clients.[3]
Coincidentally, BCCI has extremely deep roots in Arkansas. In fact, President Clinton has ties with some of
BCCI's top shareholders. Most of the money for Clinton's 1992 campaign came from these people. They
are1 of
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same people who were also raking in fortunes through companies which wereAug
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are the same people who were also raking in fortunes through companies which were supplying the Mena
operation. In plain words, President Clinton was elected with money from CIA guns-and-drugs operations.
'COMPANY' PROPERTY & BIOWARFARE
One business in the CIA's Arkansas network was Park-on-Meter, or POM Inc. Based in Russellvile, AR its
current annual revenue is estimated at $18 million.[4]
Commercially, it produces parking meters and machine parts. Covertly, it was manufacturing untraceable
custom weapons parts for the Contras and shipping them to Mena. POM had subcontracted the job from a
CIA front called Iver Johnson's Firearms
(now bankrupt), of Jacksonville, AR.[5]
Former CIA scientist Michael Riconosciuto[6] has told reporters that he was closely involved in these
covert arms operations at POM. He claims that he supervised high-tech equipment transfers to POM, and
had developed software to help launder the Mena drug money.[7]
He also says that POM manufactured external fuel tanks for C-130 transport planes.
This would have allowed the massive cargo planes to travel the long distances to Central and South
America.[8] He also claims to have worked on fuel-air explosives specifically for use in the Contra war.[9]
But Riconoscuito's most disturbing allegations concern his work in developing chemical and biological
weapons in a project connected to POM. He says that in 1983 the company, in conjunction with the
infamous "private" police force Wackenhut and Stormont Laboratories in Woodland, CA, began production
of the delivery system for the new chemical and biological warfare CBW weaponry for use in the Contra
war.
He claims that POM was to receive chemical agents from the 354th Chemical Company of the Army
Reserve, located on property across from the corrugated barn housing the POM facilities, for use in small
explosive devices made with the same equipment POM used to produce parking meters.[10]
When contacted by journalist Alexander Cockburn, Stormont Labs acknowledged only "discussions" with
Wackenhut about biological weapons. Wackenhut denied ever working with POM.
POM pres. Seth Ward admitted that the company had defense contracts, but only for "re-entry nose cones
for the nuclear warheads on the MX missile and nozzles for rocket engines," not CBW weapons. Ward also
falsely denied that POM ever accepted any money from the ADFA.
THE A.D.F.A.
Park-On-Meter was the first company to receive a loan from the Arkansas Development Finance Authority
(ADFA), receiving $2.85 million tax-free with low interest.
Growing out of a program offering low-interest loans for housing construction, the ADFA was created by
the state legislature at Clinton's urging in 1985.
Its ostensible purpose was to attract capital to the state for the purpose of economic development, offering
companies long-term loans financed through the sale of tax-exempt bonds.[11] The ADFA took over much
of the state's bond-issuing power and gave the governor the ability "essentially to create money". The
ADFA has no regulator and no legislative oversight. The governor appoints the board and has the right to
approve or disapprove every bond issue. There is virtually no limit on the value of bonds that can be
issued. One financial advisor described this scenario as a "prescription for abuse".[12]
The principle bond underwriter for the ADFA was Lasater & Company, founded in 1983 by Dan Lasater. In
just two years Lasater & Co. underwote $664 million in Arkansas bonds.
A child of poverty born in Indiana, Dan Lasater made his fortune when he founded Ponderosa, a
steakhouse chain that went public in 1971. He then moved to Little Rock, AR.
Lasater had close ties with Bill Clinton, through his friendship with Clinton's mother and half-brother, Roger.
By the early '80s, Lasater was known throughout Little Rock for
his2 extravagant
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parties and fast living. In 1982 he was one of the biggest contributersAug
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his extravagant parties and fast living. In 1982 he was one of the biggest contributers to Clinton's election
campaign, when he won back the governorship after a term out of office. When Lasater formed his
company in 1983, the firm became a frequent underwriter of Arkansas municipal bond issues.[13] Then, in
1985 Clinton gave Lasater & Co. the ADFA plum as a quid pro quo repayment for his campaign debt.
Terry Reed alleges in court documents and his recent book, Compromised:
Clinton, Bush and the CIA, (NY: S.P.I. Books, 1994), that Barry Seal made deposits of cash from the Mena
drug operation directly to Lasater & Co. Reed also says that Lasater introduced Seal to him once as a
client of his, although Lasater's attorney denies the charge. This drug money laundering was in addition to
services ADFA was providing to channel large amounts of cash to POM and other companies. Former
ADFA marketing director Larry Nichols claims that no one was actually buying these bonds, that they were
instead sold to out-of-state banks, two with connections to BCCI. The losses from these junk bonds were
then mixed into the vortex of vanishing money in the S&L crisis.[14]
Nichols and other witnesses state that ADFA used BCCI branches in Florida and Georgia, as well as
Garfield Ridge Trust & Savings Bank in Chicago. That bank is partially owned by indicted congressman
Dan Rostenkowsi.[15] Other shady deals known to be made by the ADFA included the transfer of $50
million into Fuji Bank in the Caymen Islands and using a trading account belonging to Dennis Patrick to
move another $50 million in junk bonds.[16]
Awash in drug money and good connections, Lasater became a heavy user of cocaine. The noose
tightened when his friend Roger Clinton, who was then working as Lasater's driver, came under scrutiny by
narcotics police. Lasater sent him to his Florida horse-farm to lie low, but to no avail. The pair were
eventually arrested and indicted on drug charges.
Lasater was charged with "social distribution" of drugs and sentenced to 2 1/2 years in prison. He served
only six months, until Governor Clinton pardoned him. (Lasater is now back in Little Rock and still active in
business. His aptly-named Phoenix Corporation has been bidding on assets being sold off by the
Resolution Trust Company. Some of these very S&Ls collapsed precisely because of Lasater & Co.'s
illegal bond trading.)
THE NAME OF THE ROSE
POM president/co-owner Seth Ward's brother-in-law is Webster ("Webb") Hubbell, who served on POM's
board during the early '80s. Later Webb Hubbell would become a partner in the Rose Law Firm, the Little
Rock firm which employed Hillary Rodham Clinton and is currently at the center of the Whitewater scandal.
While a partner at Rose, Hubbell served as POM's lawyer on a number of cases, including a failed claim of
patent infringement.
Hubbell co-wrote the documents which created the ADFA in 1985. He also represented Madison Savings
and Loan, owned by McDougal. Later, he served on the Resolution Trust Corporation during its takeover of
Madison. Hubbell neglected to inform the RTC of this conflict of interest.[17]
Clinton appointed Hubbell as the Associate Attorney General, the number-three position in the Justice
Department (although he was viewed by many as the de facto head). In December 1993 he ordered a new
FBI review of the death of Danny Casolaro and the Promis software case. Only a month later Hubbell
resigned under a cloud because of questions about his role in Whitewater, and a question about $1 million
owned by POM to the Rose firm.[18] His resignation not only shielded him from other accusations related
to Whitewater, but it also served to get POM out of the headlines.
The names of Hubbell and the Rose law firm appear on the bond issues and loan agreement papers for the
largest contributions to Clinton's presidential campaign. The banks, which extended several loans of more
than $3 million, were all owned by a company named Stephens Inc., which was also a primary underwriter
of 3ADFA
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Bush family cronies like James R. Bath and the likes of Saudi financier and BCCI
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included Bush family cronies like James R. Bath and the likes of Saudi financier and BCCI frontman Ghaith
Pharaon, and major BCCI sharholder Khaled bin Mahfouz.
Interestingly enough, Jackson Stephens made a fortune off of BCCI.
BANK OF COKE & CLINTON
Fact: of the known BCCI assets in the US--approximately $60
billion--only $1.9 billion was ever located by investigators.
Fact: Despite pleading guilty to 31 felony counts--and the
missing $58.1 billion--BCCI paid only a simple $15 million fine in the United States, in a deal offered by
Attorney General Richard Thornberg in 1990. (Thornberg was succeeded by William Pelham Barr, a
"retired" CIA employee.)
And you could say Jackson Stephens had close ties to BCCI--he was the one who brokered the very arrival
of BCCI in America in 1977. He is an old friend of former Carter official Bert Lance and was investment
banker to Lance's National Bank of Georgia. Stephens introduced Lance to Saudi billionaire Ghaith
Pharaon (who, fronting for BCCI, would later buy the National Bank of Georgia) and to BCCI founder Agha
Hassan Abedi. SEC documents show that Stephens also steered Abedi to take over First American
Bankshares in Washington DC.[29]
In 1990, another BCCI investor, Abdullah Taha Bakhsh, doubled his stake in Stephens' Worthen National
Bank to a $10 million share. Worthen National is a Stephens-owned bank which extended a $3 million line
of credit (at a lucrative rate of interest) to Clinton's presidential campaign in January 1992. (The Stephens
family itself donated $100,000 to the Clinton campaign.) Later, Worthen became the Clinton campaign's
depository for $55 million in federal campaign funds.
Last year Worthen National and Stephens Inc. were under investigation by the Federal Reserve last year
for federal banking and antitrust violations. The investigation centered in part around misleading
documents filed to the Fed in 1984 by William H. Kennedy 3d. Kennedy is now associate White House
counsel and formerly the head of the Rose law firm.
And when former Whitewater special prosecutor Robert Fiske showed up in Little Rock, Worthen had a
mysterious fire in which important documents related to the case were lost.
BCCI & THE CIA
The congressional Iran-Contra committee noted that then-CIA
director William Casey wanted to establish an offshore entity capable of conducting operations in
furtherance of US foregin policy that was "stand-alone"-- financially independent of appropriated funds,
and, in turn, congressional oversight.
Casey got his wish. The CIA was used BCCI and a complex offshore
financial system to set up its own unregulated, private, foreign policy apparatus.
In this way, it could ignore Congress and carry out its own political objectives throughout the world.
There is no question that BCCI was intimately involved in
covertly funding the decade's most heinous secret wars. "Black funds" travelled through BCCI for the
Contra war, the Iranian-Israeli payoffs, and large covert wars in Afganistan
and Angola.[30]
Since its inception in 1972, BCCI was born and bred to move
billions of dollars of blood money with no one seeing it. Time magazine wrote of the bank, "Superlatives are
quickly exhausted: it is the largest corporate criminal enterprise ever."
Even enemies were apparently welcome at the trough. A 1987 intelligence report by the French security
services,
later supported by US Congressional findings, stated that "BCCI had commercial
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Even enemies were apparently welcome at the trough.
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Pakistan's finance minister, Sartaj Asis, revealed that
The network which supported these routine missions thus moved heroin from the "Golden Crescent" and
cocaine from South America through Europe and into the United States. The routes closely parallel those
used by the CIA since the 1950s to move heroin from the Corsican mafia. The famous French Connection
was a small fragment of the huge international network set up in a deal between the CIA and gangster
Lucky Luciano.
(For a superb history of the early days of CIA drug running, see The Great Heroin Coup [South End Press,
1980] by Henrik Kruger.)
CONCLUSION
While Clinton is clearly a mere cog in the secret network, close examination of his friends and backers
repeatedly betrays their deep connections in some of the most heinous covert operations in modern history.
These include the smuggling of cocaine into the US by government officials, the theft of billions of dollars
through bank and S&L fraud, top-secret bio-chemical warfare conducted against the civilian population of
Nicaragua, and campaigns of terror, framing, and even assassination.
Furthermore, there is evidence which points pretty clearly to CIA's rigging of the US election in an
operation which makes the October Surprise look like a game of tiddly winks. Using drug profits and
money stolen from BCCI and other corrupt banks, the CIA and its co-conspirators actually paid for the
election of a man ostensibly their rival. They have gone from merely sabotaging US elections to installing
their own to appear as a rival.
The revelations of connections to the Casolaro "Octopus" are also profoundly disturbing. There are, in fact,
surprising similarities between the apparently unrelated scenarios, all the way down to the fortuitous deaths
of key witnesses and investigators, most of whom showa surprising propensity for dying within Treasury
Dept. jurisdiction.
This story is far from being fully told. It is this writer's opinion that the United States is amidst a silent crisis
which threatens to annihilate any vestige of constitutional government, freedom, and privacy. The
government's use of the Promis software means that they have had the ability to track dissident
populations--within the US and abroad--to a degree previously left only to the most laughable science
fiction.
This story, and the tentacles it could only touch upon, describes a nation--the most powerful on
earth--which has successfully been seized by a small army of blood thirsty pirates. It is a coup d'etat of
astounding
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proportions and astonishing efficiency, one which begs a whole new definition
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astounding proportions and astonishing efficiency, one which begs a whole new definition of the word.
This is a story which makes one view the world through new eyes.
The question that remains: is Clinton a part of the Directorate, or is he himself a mere--perhaps
unwitting--pawn in an incredibly cynical plan to destroy democracy as we know it this country?
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ENDNOTES:
[1] Alexander Cockburn, "Chapters in the Recent History of Arkansas", Beat the Devil [regular column],
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