Changes

==American branch==

==American branch==

Former adviser to [[Democratic]] presidents, [[Clark Clifford]], headed up the American branch.

Former adviser to [[Democrat]]ic presidents, [[Clark Clifford]], headed up the American branch.

The bank was called First American Bankshares and became the largest in [[Washington DC]].  Robert Morgenthau, the district attorney in [[New York City]], disclosed that his office had found evidence that the parent company of Clifford's bank was secretly controlled by BCCI. The district attorney convened a grand jury to determine whether Clifford and his partner, Robert A. Altman, had deliberately misled federal regulators when the two men assured them that BCCI would have no control.<ref>Summary of Charges, US Board of Governors of the [[Federal Reserve]], No. 91-043, July 29, 1992, pp. 1-11.</ref>

The bank was called First American Bankshares and became the largest in [[Washington DC]].  Robert Morgenthau, the district attorney in [[New York City]], disclosed that his office had found evidence that the parent company of Clifford's bank was secretly controlled by BCCI. The district attorney convened a grand jury to determine whether Clifford and his partner, Robert A. Altman, had deliberately misled federal regulators when the two men assured them that BCCI would have no control.<ref>Summary of Charges, US Board of Governors of the [[Federal Reserve]], No. 91-043, July 29, 1992, pp. 1-11.</ref>

An investor group that included Jackson Stephens took over First American Bank in Washington, D.C.  This bank was headquartered near the White House, and had many government employees as account holders--the perfect vehicle for gathering political intelligence.  To take advantage of this fact, Jackson Stephens proposed that his software firm Systematics handle all the accounting for the bank. But the investor group refused to go along.

An investor group that included Jackson Stephens took over First American Bank in Washington, D.C.  This bank was headquartered near the White House, and had many government employees as account holders--the perfect vehicle for gathering political intelligence.  To take advantage of this fact, Jackson Stephens proposed that his software firm Systematics handle all the accounting for the bank. But the investor group refused to go along.

So Stephens, with the help of Bert Lance and others, brought in BCCI (Bank of Credit and Commerce International) to wrest control of the bank from that group, and to put it into the hands of friendlier partners. There were lawsuits, and Stephens' software firm Systematics was represented by Joseph Giroir, [[Hillary Rodham Clinton]], and [[Vince Foster]] of the Rose Law Firm.

So Stephens, with the help of Bert Lance and others, brought in BCCI to wrest control of the bank from that group, and to put it into the hands of friendlier partners. There were lawsuits, and Stephens' software firm Systematics was represented by Joseph Giroir, [[Hillary Rodham Clinton]], and [[Vince Foster]] of the Rose Law Firm.

The software firm Systematics was to become the nation's biggest supplier of back-office banking software, and would eventually work closely with the [[National Security Agency]] to facilitate intelligence monitoring of banking transactions. Vince Foster would be assigned by  

The software firm Systematics was to become the nation's biggest supplier of back-office banking software, and would eventually work closely with the [[National Security Agency]] to facilitate intelligence monitoring of banking transactions. Vince Foster would be assigned by Stephens to an oversight role on this project.

Stephens to an oversight role on this project.

Jackson Stephens, meanwhile, proposed, developed, and financed a plant for hazardous waste  

Jackson Stephens, meanwhile, proposed, developed, and financed a plant for hazardous waste facilities, called Waste Technology Inc, beginning in 1979. This project became a bottomless pit as a money loser, so at one point, the financially-strapped Stephens made a deal with Indonesian Mochtar Riady of the Lippo Group to set up a money-laundering operation in Arkansas. Stephens and Riady had previously formed Stephens Finance Ltd. in Hong Kong in 1976.

facilities, called Waste Technology Inc, beginning in 1979. This project became a bottomless pit as a money loser, so at one point, the financially-strapped Stephens made a deal with Indonesian Mochtar Riady of the Lippo Group to set up a money-laundering operation in Arkansas. Stephens and Riady had previously formed Stephens Finance Ltd. in Hong Kong in 1976.

Stephens bought 9.3 percent of Worthen bank while Lippo purchased 9.4 percent. Lippo paid about $16 million for its share, and installed James Riady as a bank director in 1984. Stephens-Lippo  

Stephens bought 9.3 percent of Worthen bank while Lippo purchased 9.4 percent. Lippo paid about $16 million for its share, and installed James Riady as a bank director in 1984. Stephens-Lippo continued to increase their share of Worthen stock, up to 36.7 percent.

continued to increase their share of Worthen stock, up to 36.7 percent.

This union came about just as the Mena, Arkansas, drug-and-arms trade was creating a vast  

This union came about just as the Mena, Arkansas, drug-and-arms trade was creating a vast local demand for money-laundering services. At the Asian end, with Mochtar Riady, Stephens purchased Seng Heng Bank in Macao, the "Oriental Las Vegas", where gambling is the primary source of government revenue. Stephens' Systematics supplied software to the Banco Nacional Ultramarino, the cashier and treasury bank of the Macao government and the bank that issues the local [[currency]]. Macao is located less than 40 miles from [[Hong Kong]], the center for [[heroin]] trade.

local demand for money-laundering services. At the Asian end, with Mochtar Riady, Stephens purchased Seng Heng Bank in Macao, the "Oriental Las Vegas", where gambling is the primary source of government revenue. Stephens' Systematics supplied software to the Banco Nacional Ultramarino, the cashier and treasury bank of the Macao government and the bank that issues the local currency. Macao is located less than 40 miles from [[Hong Kong]], the center for [[heroin]] trade.

Hillary Clinton became the intellectual property lawyer for Systematics, and obtained access to important materials from Systematics clients, such as the operating system for a new national security computer at E-Systems of [[Dallas]], [[Texas]].

Hillary Clinton became the intellectual property lawyer for Systematics, and obtained access to important materials from Systematics clients, such as the operating system for a new national security computer at E-Systems of [[Dallas]], [[Texas]].