The Justice Department dropped its investigation into BCCI, and took no further action until its 1991 seizure by bank regulators hit the press. Despite the extent, and far-reaching implications of the multiple investigations into BCCI, which pointed to a global conspiracy, only a handful of indictments were served. In addition to Justice Department interference, and failure to act on both the Kerry and C-Chase investigations, John Kerry was pressured by many individuals on Capitol Hill to drop the BCCI investigation, including the Foreign Relations Committee.
BCCI is no longer the subject of media frenzy, however, it continues to have an impact on current events. Ghaith Pharaon served as a nominee for BCCI, which enabled it to acquire a substantial stake in many U.S. banks, such as CenTrust. Pharaon is an international fugitive due to the BCCI scandal; however, he is still an active businessman, and serves as an important financier for terrorist organizations, such as al-Queda. He, also, appears to remain popular in U.S. military and intelligence circles. His Pakistani-based refinery, Attock Refinery Ltd, was awarded an $80 million Dept. of Defense contract this summer to supply jet fuel to military bases in Afghanistan.
Joseph Biden never left a paper trail that would indicate he personally lobbied on behalf of his campaign contributors to protect BCCI interests. However, there is no doubt that his political career benefited from the support of high-flyers involved in the S&L debacle and BCCI. Biden was an influential member of the Foreign Relations Committee when it lobbied John Kerry to end his investigation into BCCI. As Chairman of the Senate Judiciary Committee, he had the power to initiate an investigation into how the Justice Department handled the BCCI affair. He did nothing.
Joseph Biden's scandal never attracted media attention. His crime was not as sensational as those involved in the Keating 5 affair, because it may have been as simple as inaction. Biden's inaction, however, protected campaign contributors who left the U.S. banking industry vulnerable to the influence of adversaries. The consequences of such inaction had the potential to cost Americans a lot more than their tax dollars.
BCCI is no longer the subject of media frenzy, however, it continues to have an impact on current events. Ghaith Pharaon served as a nominee for BCCI, which enabled it to acquire a substantial stake in many U.S. banks, such as CenTrust. Pharaon is an international fugitive due to the BCCI scandal; however, he is still an active businessman, and serves as an important financier for terrorist organizations, such as al-Queda. He, also, appears to remain popular in U.S. military and intelligence circles. His Pakistani-based refinery, Attock Refinery Ltd, was awarded an $80 million Dept. of Defense contract this summer to supply jet fuel to military bases in Afghanistan.
Joseph Biden never left a paper trail that would indicate he personally lobbied on behalf of his campaign contributors to protect BCCI interests. However, there is no doubt that his political career benefited from the support of high-flyers involved in the S&L debacle and BCCI. Biden was an influential member of the Foreign Relations Committee when it lobbied John Kerry to end his investigation into BCCI. As Chairman of the Senate Judiciary Committee, he had the power to initiate an investigation into how the Justice Department handled the BCCI affair. He did nothing.
Joseph Biden's scandal never attracted media attention. His crime was not as sensational as those involved in the Keating 5 affair, because it may have been as simple as inaction. Biden's inaction, however, protected campaign contributors who left the U.S. banking industry vulnerable to the influence of adversaries. The consequences of such inaction had the potential to cost Americans a lot more than their tax dollars.
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