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Bush's Uncle Is Head of Bank Fined in Terror $ Laundering Probe

President Bush's uncle, Jonathan J. Bush, is a top executive at Riggs Bank, which this week agreed to pay a record $25 million in civil fines for violations of law intended to thwart money laundering... According to the 4/18/04 Washington Post, Saudi Prince Bandar's wife, Princess Haifa al-Faisal, "may have used a Riggs account to donate money to a charity that then gave some of it to the Sept. 11 terrorists."
Apologies if this was posted here before. I can't remember seeing it but Google finds a lot of commentaries on this...

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Bush's Uncle is Head of Bank Fined in Money Laundering Probe

President Bush's uncle, Jonathan J. Bush, is a top executive at Riggs Bank, which this week agreed to pay a record $25 million in civil fines for violations of law intended to thwart money laundering. Jonathan Bush, who is a major fundraiser for his nephew, was appointed in 2000 to run Riggs Investment Management Co. His association with Riggs began when he headed J. Bush & Co., a New Haven, Conn., company he created in 1970 and built to offer advice on money management.

According to the 5/14/04 New York Times, Federal regulators fined the Riggs National Corporation, the parent company of Riggs Bank, $25 million yesterday for "failing to report suspicious activity, the largest penalty ever assessed against a domestic bank in connection with money laundering. The fine stems from Riggs's failure over at least the last two years to actively monitor suspect financial transfers through Saudi Arabian accounts held by the bank." The 5/14/04 Wall Street Journal reported that of particular concern, Riggs failed to monitor "tens of millions of dollars in cash withdrawals from accounts related to the Saudi Arabian embassy," including "suspicious incidents involving dozens of sequentially numbered cashier's checks and international drafts written by Saudi officials, including Saudi Ambassador Prince Bandar bin Sultan." According to the 4/18/04 Washington Post, Saudi Prince Bandar's wife, Princess Haifa al-Faisal, "may have used a Riggs account to donate money to a charity that then gave some of it to the Sept. 11 terrorists."

Jonathan J. Bush helped launch Arbusto 26.May.2004 14:46

candid camera

 http://www.disinfopedia.org/wiki.phtml?title=Jonathan_J._Bush

Jonathan J. Bush (Jonathan James Bush) (1931- ) is an uncle to President George Walker Bush.

Jonathan Bush's "Pioneer Profile" in "George W. Bush's $100,000 Club" cites him as the "head" of the Riggs Investment Management Co.; "Bush's uncle Jonathan ... founded its subsidiary, J. Bush & Co., of which he is chair. He also is an ex-chair of the New York Republican State Finance Committee. Bush credits the investors sent his way by this banker uncle as a key to his 'success' in the Texas oil industry in the early '80s." [1] See Bush's Rangers.


According to the July 30, 1999, Washington Post, "A Wall Street financier, Jonathan Bush pulled together two dozen investors to raise $3 million to help launch Arbusto. Among the investors was Dorothy Bush, George W.'s grandmother. At the same time, Jonathan Bush was lining up investors for Arbusto, he also was raising money for George H.W. Bush's presidential explorations. Many of the funders were the same." Bush is a Trustee of the George Bush Presidential Library Foundation. [2]

On May 31, 2000, Riggs Bank N.A. "announced that the Board of Directors of RIMCO, a wholly owned investment management subsidiary, has elected Jonathan J. Bush President & Chief Executive Officer and a Director, replacing Philip Tasho who resigned. In addition, Henry A. Dudley, Jr. was elected Chairman.

"Mr. Bush will continue as Chairman and Chief Executive Officer of J. Bush & Co., an investment management company he founded in 1970, which Riggs acquired in 1997. Mr. Dudley, a 24-year veteran of Riggs, will continue to be responsible for all of Riggs Bank's investment management, trust and private banking business.

"Located in the nation's capital, Riggs Bank has 53 branches in the Washington, DC metropolitan area, as well as banking offices in Miami, London and Berlin."

In July 26, 1991, the Boston Globe's Frank Phillips reported "State Fines Bush's Brother in Stock Case."

"Massachusetts securities regulators have fined the stockbrokerage firm owned by President Bush's brother Jonathan $30,000 and barred it from trading with the general public for one year because the company and Bush violated state registration laws.

"As part of a consent order worked out with Secretary of State Michael J. Connolly's securities division, the New York firm of J. Bush & Co., whose only principal is Jonathan J. Bush, also agreed that it would offer to reimburse its clients in Massachusetts for stocks it had sold them since January 1988. . . .

"Connolly's securities chief, Neal Sullivan, said yesterday that Bush's problems began in February when Bush informed his agency that he had never registered as a broker-dealer in Massachusetts. But Sullivan said Bush compounded his legal problem by taking a cavalier attitude toward the violation of the Uniform Securities Act when he continued to carry out transactions even as state regulators were negotiating a consent decree with him.

"'That created great concern for us. We were dismayed,' Sullivan said. 'Anyone who has been notified that he is violating state law and continues to do so certainly exemplifies a cavalier attitude toward the registration laws.'"

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 http://www.tpj.org/pioneers/jonathan_bush.html
 http://www.whitehouseforsale.org/ContributorsAndPaybacks/pioneer_profile.cfm?pioneer_ID=158

Pioneer Profiles: George W. Bush's $100,000 Club

Name: Jonathan Bush
Occupation: CEO & President, Riggs Investment Management Co.
Industry: Finance
Home: New Haven, Connecticut

Bush's uncle Jonathan heads this investment firm. He founded its subsidiary, J. Bush & Co., of which he is chair. He also is an ex-chair of the New York Republican State Finance Committee. Bush credits the investors sent his way by this banker uncle as a key to his "success" in the Texas oil industry in the early '80s.
uncle Jonathan J. Bush
uncle Jonathan J. Bush