Wall Street Fine Tracker Riggs Bank

[seemslikeadream]

In separate settlements with the Office of the Comptroller of the Currency and the Financial Crimes Enforcement Network of the U.S. Department of Treasury, Riggs Bank, a unit of Riggs National (nasdaq: RIGS - news - people ), will pay a $25 million civil money penalty related to alleged violations of the Bank Secrecy Act and alleged failure to comply with an existing consent order. Riggs also entered into a cease and desist order with the Board of Governors of the Federal Reserve System. As a result of the settlement, Riggs is selling its Riggs International Banking unit. The OCC said Riggs failed to properly supervise the bank's relationships with foreign governments, including Saudi Arabia and Equatorial Guinea. Riggs Bank agreed to the penalty without admitting or denying any wrongdoing or relevant findings.

http://www.forbes.com/finance/2002/10/24/cx_aw_1024fine.html

[mia]

1. They got off easy.

Way,way too easy-just the cost of doing business for them.

[seemslikeadream]

2. So do ya think uncle Jon Bush

had any influence with the administration?

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=125&topic_id=9558&mesg_id=11993&page=

[mia]

3. for sure!

Bush roots spread far and wide.