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Location: New York, New York

Wednesday, March 16, 2005

Citigroup - Bank of America Part of Bank Ring that Hid Pinochet's Millions

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BBC: Banks accused over Pinochet cash

Excerpt - US officials have accused major banks of allowing former Chilean dictator Augusto Pinochet to set up a network of accounts to conceal his wealth.

The allegations are contained in a new report by the US senate, which names Citigroup, Bank of America and seven other institutions.

Bank officials say the accounts were opened under false names, and have vowed to co-operate with investigators

****The Senate report found that some of the banks allowed Gen Pinochet to use assumed names on accounts, arranged international wire transfers and set up offshore companies.

Click here to Read Full Report


Hard Comment: Citigroup and Bank of America are part of numerous banking scandals. Isn't it amazing how the 'Parmalat' story is no where in the headlines. They are also tied in with Enron.... I believe MCI WorldCom.... how much can these guys get away with before they are brought up on Criminal Charges that result in Jail rather than Millions of Dollars of fines which really hurt no one except the investors.

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