involves the sluicing of approximately $1 trillion since September 11...."
Attorney Eric Lewis
House Financial Services Hearing, Sep 28 2010
Wow! A trillion dollars and no red flags!! Thanks to Money Jihad for the lead, which seems to have been ignored in the MSM, apart from one report in the BBC.
I would like to thank Chairman Moore, Ranking Member Biggert, and the distinguished Members of this Subcommittee for the opportunity to testify today, and, I hope, to assist the Subcommittee in understanding the extraordinary events that have led to one of the largest abuses on record of the U.S. banking system and to share some thoughts about what went wrong and what steps can be taken to prevent or at least reduce the risk of such occurrences in the future.
In 27 years of law practice, I have been involved in the investigation of some of the
largest financial frauds (and instances of money laundering) in history. I served as US legal counsel to the worldwide Liquidators of the Bank of Credit and Commerce International (“BCCI”), which collapsed catastrophically in the early 1990s. Currently, I represent the Joint Official Liquidators of Madoff Securities International Limited and have also been involved in other cases involving fraud, money laundering and terror finance in the Middle East, Europe, South America, South Asia, Central Asia, and Central Africa.
The fraud that brings me before Congress today is probably larger than these, involves
one of the most high risk areas of the world, and raises more fundamental concerns about the soundness of the U.S. banking infrastructure and anti-money laundering (AML) and anti-terror finance policies upon which we all rely to ensure that the American financial system is not used to facilitate criminal or terrorist activity. The fraud and money laundering that I wish to address involves the sluicing of approximately $1 trillion since September 11.....
The full report here.