The Evidence Is There: It’s Time for Congress to Investigate the Ties Between the Bush Family and Osama bin Laden

By Lucy Komisar, IPS News. Posted April 5, 2007.

The following is taken from a chapter, "The BCCI Game: Banking on America, Banking on Jihad," by investigative journalist Lucy Komisar in the new book "A Game as Old as Empire," just published by Berrett-Koehler (San Francisco).

Now that the U.S. Congress is investigating the truth of President George W. Bush's statements about the Iraq war, they might look into one of his most startling assertions: that there was a link between Saddam Hussein and Osama bin Laden.

Critics dismissed that as an invention. They were wrong. There was a link, but not the one Bush was selling. The link between Hussein and Bin Laden was their banker, BCCI. But the link went beyond the dictator and the jihadist -- it passed through Saudi Arabia and stretched all the way to George W. Bush and his father.

BCCI was the Bank of Credit and Commerce International, a dirty offshore bank that then-President Ronald Reagan's Central Intelligence Agency used to run guns to Hussein, finance Osama bin Laden, move money in the illegal Iran-Contra operation and carry out other "agency" black ops. The Bushes also benefited privately; one of the bank's largest Saudi investors helped bail out George W. Bush's troubled oil investments.

BCCI was founded in 1972 by a Pakistani banker, Agha Hasan Abedi, with the support of Sheik Zayed bin Sultan al Nahyan, ruler of Abu Dhabi and head of the United Arab Emirates. Its corporate strategy was money laundering. It became the banker for drug and arms traffickers, corrupt officials, financial fraudsters, dictators and terrorists.

The CIA used BCCI Islamabad and other branches in Pakistan to funnel some of the $2 billion that Washington sent to Osama bin Laden's Mujahadeen to help fight the Soviets in Afghanistan. It moved the cash the Pakistani military and government officials skimmed from U.S. aid to the Mujahadeen. It also moved money as required by the Saudi intelligence services.

The BCCI operation gave Osama bin Laden an education in offshore black finance, which he would put to use when he organized the jihad against the United States. He would move money through the Al-Taqwa Bank, operating in offshore Nassau and Switzerland with two Osama siblings as shareholders.

At the same time, BCCI helped Saddam Hussein, funneling millions of dollars to the Atlanta branch of the Italian government-owned Banca Nazionale del Lavoro (BNL), Baghdad's U.S. banker, so that from 1985 to 1989 it could make $4 billion in secret loans to Iraq to help it buy arms.

U.S. congressman Henry Gonzalez held a hearing on BNL in 1992 during which he quoted from a confidential CIA document that said the agency had long been aware that the bank's headquarters was involved in the U.S. branch's Iraqi loans.

Kickbacks from 15 percent commissions on BNL-sponsored loans were channeled into bank accounts held for Iraqi leaders via BCCI offices in the Caymans as well as in offshore Luxembourg and Switzerland. BNL was a client of Kissinger Associates, and Henry Kissinger was on the bank's international advisory board, along with Brent Scowcroft, who would become George Bush Sr.'s national security advisor. That connection makes the Bush administration's surprise and indignation at "oil for food" payoffs in Iraq seem disingenuous.

Important Saudis were influential in the bank. Sheik Kamal Adham, brother-in-law of the late Saudi King Faisal, head of Saudi intelligence from 1963 to 1979, and the CIA's liaison in the area, became one of BCCI's largest shareholders. George Bush Sr. knew Adham from his time running the CIA in 1975.

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Lucy Komisar is a New York-based journalist and author of "A Game as Old as Empire," published by Berrett-Koehler (San Francisco).

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