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September 06, 1991 - Image 8

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Publication:
The Michigan Daily, 1991-09-06

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Page 8 -The Michigan Daily - Friday, September 6, 1991
ass W th

S

Logo
Fashion
Sportswear
Assorted designs &
styles--any in stock.
Coupon in the Men's
Dept.
OF

Women's
University
of
Michi gan
Nightshirts
Made of 100% cotton.
Oversized--fits all.
EVERYDAY L.P.
10.99 & 15.99

BCCI
report
blames
officials
WASHINGTON (AP) -
Congressional report released yeAs
terday charged that Federal offici is
ignored danger signs concerning the:
Bank of Credit and Commerce In-*
ternational (BCCI). The report also
said officials "squelched" actions:
recommended by investigators, lis-
ing the chance to stop illicit activi-
ties much earlier. :
In July, regulators in the Unitedt:
States, Britain and other countribs
shut down operations of BCCI, noWt
at the center of a global scandal i-:
volving alleged massive fraud,
laundering of drug money and sup-
port of terrorists.
The report by the House Judi-'4
ciary subcommittee on crime and
criminal justice said U.S. officials
knew about BCCI activities as early
as 1983, but overlooked a pattern of:
misconduct.
"There were people hot on th
trail and they were told not to +
ahead," subcommittee chair Charl
Schumer, (D-N.Y.) said at a news
conference.
"Now, the government seems to
be doing a better job" of pursuing
BCCI, Schumer said.
"Unfortunately, much of the dam-
age has been done."
Federal prosecutors announced in
Tampa, Fla., that six former BCI
officials and a reputed cocaine king
pin have been indicted on charges of
conspiring to launder millions in
drug profits.
The indictment was unsealdd
hours after one of the defendants,
former BCCI treasurer Seyed i-
auddin Ali Akbar, was arrested in
France.
The indictment charges Akbar
and five other BCCI officers, aloig
with reputed Medellin cartel king-
pin Gerardo "Don Chepe" Moncada,
with conspiracy to use BCCI as: a
racketeering enterprise to launder
$14 million.
Robert Mueller, the head of the
Justice Department's criminal divi-
sion, continued to defend his
agency's handling of the BCCI case,
saying any delays in pursuing the al-
legations "have been remedied."
While criticizing the govern 9
ment's handling of BCCI, Schumer
stopped short of blaming specific
officials or making accusations of a
conspiracy. He didn't rule out the
possibility that influence-peddling
and even bribery by BCCI could
have played a role.
"The government simply over {
looked the repeated run-ins that it'
had with BCCI, its officials, cus
tomers and accounts," the congres-9
sional report said.
The IRS has identified 13
separate matters in its files
involving Luxembourg-based BCCI,,
"yet no one at the agency appeared:
to have noticed the patter," the:
report said.

The IRS announced July 29 it had;
uncovered evidence that BCCI sey
cretly and illegally acquired First}
American, a Washington-based bank,
holding company, in 1982. Th:
agency said it wanted to levy ,
record $200 million fine on BCCf
and ban nine people tied to BCCI'
from involvement in U.S. banking.
The same day, a New York grand
jury announced an indictment.
against BCCI, its Pakistani founde:
and its former chief executive offit
cer on three counts, including a more
than $30 million theft.
WRITE FORTHIEM ICIIIGANDAILY
WRITEORT H EMICHIGANDAILY
WRITEFORTHEMICHIGANDAILY
WRITE FORTHEMICHIGANDAILY
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WRITEORT H EMICHIGANDAILY
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Women's LA. GearĀ®
'Muscle' Mid Court Shoes
Leather uppers, non-marking
outsole. Sizes 51/2-.9, 10.
Men's L.A. GearĀ® 'MVP' Lo Cross
Training Shoes Leather uppers, air
system insert. Sizes 7-11, or
12. E.L.P. 69.95 34.97

EVERYDAY
L.P.59.95

Toss Pillows Choose from
great styles in chintz,
sailcloth, florals & prints.
Any in stock. Coupon in the
Home Fashions Dept.

ONE Bed Pillows Choose from
several styles available in
OFF stock. Coupon in the Home
Fashionsept.
E L .P .
Nanst re

OFF
E.L .P.
Walnstore
Coupon

5 pc. Bath Ru Set
Includes 20"x30" bathrug,
contour mat, lid cover and
2 pc. tank set. All polyester.
2 styles.
EVERYDAY L.P. 13.97
Prices good 6 a.m.
Friday, September 6
thmRsanirdav

977

Vinyl Shower Liner with 1
magnets. Clear vinyl protects
your shower curtain.
EVERYDAY L.P. 2.97

'Lexington' Braided Rug
Set Attractive braided rug
in blue or brown color
tones. Includes one
60"x90" and two 18"x28"
rugs. Reversible.

99
EVERYDAY
LP. 69.99

w1

OPEN

764-0552

MLI

I

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