Thursday, August 5, 2010

A Full-Service Bank: R. Allen Stanford and the CIA

One possible answer may revolve around charges that SIB's Venezuela branch was a conduit for laundered CIA funds.

If true, then the Agency would be dead set against trial disclosures that revealed the bank had been involved in laundering drug money, particularly if narcotics syndicates are playing a role in U.S. destabilization efforts there.

Months before Stanford's empire collapsed, Venezuela's socialist government launched a raid on SIB offices in Caracas.

The Daily Telegraph reported that "Sir Allen Stanford, the Texan billionaire ... is now at the centre of an international spying row."

The conservative British newspaper disclosed that "officials from Venezuelan military intelligence raided a branch of his offshore bank over claims that its employees were paid by the CIA to spy on the south American country."