2016 Postmortem

The State, the Deep State, and the Wall Street Overworld

By Prof Peter Dale Scott
Global Research, March 10, 2014
The Asia-Pacific Journal, Volume 12, Issue 10, No. 5

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The Safari Club Milieu: George H.W. Bush, Theodore Shackley, and BCCI

The usual account of this super-agency’s origin is that it was

the brainchild of Count Alexandre de Marenches, the debonair and mustachioed chief of France’s CIA. The SDECE (Service de Documentation Extérieure et de Contre-Espionnage)…. Worried by Soviet and Cuban advances in postcolonial Africa, and by America’s post-Watergate paralysis in the field of undercover activity, the swashbuckling Marenches had come to Turki’s father, King Faisal, with a proposition…. [By 1979] Somali president Siad Barre had been bribed out of Soviet embrace by $75 million worth of Egyptian arms (paid for… by Saudi Arabia)….95

Joseph Trento adds that “The Safari Club needed a network of banks to finance its intelligence operations,… With the official blessing of George Bush as the head of the CIA, Adham transformed… the Bank of Credit and Commerce International (BCCI), into a worldwide money-laundering machine.”.96

Trento claims also that the Safari Club then was able to work with some of the controversial CIA operators who were then forced out of the CIA by Turner, and that this was coordinated by perhaps the most controversial of them all: Theodore Shackley.

Shackley, who still had ambitions to become DCI, believed that without his many sources and operatives like [Edwin] Wilson, the Safari Club—operating with [former DCI Richard] Helms in charge in Tehran—would be ineffective. … Unless Shackley took direct action to complete the privatization of intelligence operations soon, the Safari Club would not have a conduit to [CIA] resources. The solution: create a totally private intelligence network using CIA assets until President Carter could be replaced.97

Kevin Phillips has suggested that Bush on leaving the CIA had dealings with the bank most closely allied with Safari Club operations: the Bank of Credit and Commerce International (BCCI). In Phillips’ words,

After leaving the CIA in January 1977, Bush became chairman of the executive committee of First International Bancshares and its British subsidiary, where, according to journalists Peter Truell and Larry Gurwin in their 1992 book ‘False Profits’ [p. 345], Bush ‘traveled on the bank’s behalf and sometimes marketed to international banks in London, including several Middle Eastern institutions.’98

Joseph Trento adds that through the London branch of this bank, which Bush chaired, “Adham’s petrodollars and BCCI money flowed for a variety of intelligence operations”99

It is clear moreover that BCCI operations, like Khashoggi’s before them, were marked by the ability to deal behind the scenes with both the Arab countries and also Israel.100

It is clear that for years the American deep state in Washington was both involved with and protected BCCI. Acting CIA director Richard Kerr acknowledged to a Senate Committee “that the CIA had also used BCCI for certain intelligence-gathering operations.”101

Later, a congressional inquiry showed that for more than ten years preceding the BCCI collapse in the summer of 1991, the FBI, the DEA, the CIA, the Customs Service, and the Department of Justice all failed to act on hundreds of tips about the illegalities of BCCI’s international activities.102

Far less clear is the attitude taken by Wall Street banks towards the miscreant BCCI. The Senate report on BCCI charged however that the Bank of England “had withheld information about BCCI’s frauds from public knowledge for 15 months before closing the bank.”103

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http://www.globalresearch.ca/the-state-the-deep-state-and-the-wall-street-overworld/5372843