Back in college, I always found it a little fishy that the deans at Georgetown essentially checkmated students into using Riggs Bank for their financial needs. It was the only bank on campus, besides a flaccid student credit union. And the credit cards they pushed on kids came with interest rates that were downright obscene.
Now, it's become clear that bilking a few freshmen out of their beer money was the least of Riggs' sins. Over the summer, the bank was dinged for $25 million by the Treasury Department for money laundering. It's been accused of hiding cash for the Saudi royal family and for the former Chilean dictator, Augusto Pinochet. And then there's that mysterious "relationship" with the CIA that the Wall Street Journal reported on a few weeks back.
The Public Accountability Initiative has a new report out on the bank -- and its links to the Bush administration.
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