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Calvi who promptly used it to shore up his failing bank. Smart to and well-known members of the Mafia. For the CIA, the group the last, Gelli helped the mob recover "tens of billions of lire" _ had access to a vast pool of ‘black funds’ that enabled it to engage before bolting out of sight. Despite his best efforts, he was even- _ in illegal activities including Iran-Contra and Middle East tually arrested in Switzerland to where he had travelled to arrange weapons deals. Brewton’s all-too-realistic view is that this group the secret transfer of US$120 million of Ambrosiano's lost loot. —_ of interconnected ‘businessmen’ recognised that the S&L industry Bribing a guard with $20,000, he managed to escape. Once over _ was perfectly structured for a mammoth scam. Backed by govern- the French border, he climbed aboard a helicopter for the short trip ment guarantees and regulators who would bow to the right kind to Monaco, home of P2's 'super-Lodge’. From Monaco he trav- __ of pressure, the S&Ls were like ripe plums waiting to be plucked. elled to Paraguay—a favourite bolt-hole of many of his wartime Back in his VP days, Bush intervened with federal regulators in Nazi comrades—and disappeared from sight. The missing billions —_ a corrupt Florida Savings and Loan that close friends, his sons Jeb have never been recovered. and Neil, and a handful of Mafia associates were systematically The Ambrosiano affair was significant for revealing the web of plundering. The thrift eventually went belly-up to the tune of interconnections that existed within Italy's ruling class. On the US$700 million. For a man who regularly keeps a ‘plausible deni- one hand, the CIA was using P2's ‘covered’ (secret) Lodge and _ ability’ diary, whose hidden background includes his CIA opera- illicit funds to conduct covert warfare on Italy's Communists. At _ tional activities pre-dating his appointment to DCI by 15 years, the other extreme, it demonstrated the Mafia's total infiltration of | and who, moreover, had questionable links to the pock-faced Italian business and politics—a feat achieved following their Panamanian dictator, Colombian cartel money-launderer and one- induction into Masonry. Antonino Calderoni, a Mafia defector, time CIA asset Col. Manuel Noriega, the thought of his sons cher- revealed that, during 1977, Mafia bosses were formally invited to —_ry-picking thousand-dollar bills off the S&L money tree is all in a join a covered Masonic Lodge. They agreed to join on the under- _ day's play."’ standing that they would learn the secrets of Masonry but would In any complex financial scam, the really important question is not reveal Mafia secrets. "Men of to discover where the looted funds Honour who get to be bosses eventually come to rest. As with the belong to the Masonry: this must Nugan Hand, Franklin and not escape you,” another Mafia The Savings and Loan scam by far Ambrosiano debacles, this question defector, Leonardo Messina, ' the greatest banking rip-off of all has never been satisfactorily revealed. “Because it is in the answered for the S&L scam. Masonry that we can have total _ time—happened before our very #@ However, despite a perpetual smoke- contact with businessmen, with the -eyes and we knew it not. What. We @@ screen, some interesting facts have institutions, with the men who emerged. In another Florida S&L administer power..." Messina went missed ‘was the massive transfer of bust that cost US$200 million in a on to add that the Mafia’s secret | wealth from the American taxpayer’ shady land-deal, the cash disap- association with Masonry is "an peared down the sunset trail of Du obligatory passage for the Mafia on ‘to a select group. of extremely rich, Pont's St Joe Paper Co. The trail a world level".’ Masons, like the wert peo le went cold in Jersey, one of the intelligence community, bankers Laie : ul pec Pe : Channel Islands. The Channel Isles and the Mafia, share a common have long been offshore tax havens interest in secrecy. Similarly, they all with strict banking secrecy, and, as a have a common interest in money, especially other people's consequence, a large contingent of foreign banks have offices money. there. It is now believed thal the looted funds were ultimately used by CIA cut-outs to procure weapons for Iraq.’ HISTORY'S BIGGEST-EVER SCAM A central figure in the S&L sale of the century was Walter The ‘connections’ that had been forged and which lay behind _Mischer, a close friend of Senator Lloyd Bentsen and a long-time Italy's greatest-yet banking debacle were to be re-enacted years ‘acquaintance’ of George Bush. Mischer was closely ‘connected’ to later in America. The Savings and Loan (S&L) scam—by far the the New Orleans Marcello family, one of the most powerful Mafia greatest banking rip-off of all time—sees the same cast of players families in the country. Never a ‘one-family' man, he also did at work. "Something very significant happened during our coun- _ business with Mafia associates from New York and Chicago. try's savings-and-loan crisis, the greatest financial disaster since | Mischer is considered to be the most powerful man in Texas, and the Great Depression. It happened quietly, secretly, without any certainly one of the richest. His "I'm just a country boy” fanfare and attention. It happened before our very eyes and we demeanour belies a sharp, analytical business mind and an icy knew it not. What we missed was the massive transfer of wealth streak of ruthlessness. With a finger in every pie, his influence from the American taxpayer to a select group of extremely rich, stretches wide to include business, crime, finance, the intelligence powerful people." These ominous words opened the introduction community, and domestic and international politics. Brewton to Pete Brewton's massively researched book, The Mafia, CIA & _ believes that Mischer "is without peer in Texas and perhaps in the George Bush—the untold story of America's greatest financial entire country". Regarded as a pragmatist, he generally bets both debacle.” Brewton, an award-winning investigative journalist, ways in the political election stakes, placing money on both the spent years tracing the subterranean web of interconnections that rear- and fore-legs of the horse we've come to know as sat at the heart of this affair that looted the American taxpayer of | ‘Demopublican' politics. close to US$1 trillion. However, there was more to the S&L affair Another figure who weaved his crooked way through the S&L than these words portrayed. tale is Herman K. Beebe, the so-called "Godfather" of the dirty The "select group of extremely rich, powerful people” that Texas S&Ls and associate of the Louisiana mob. Beebe and Brewton fingers, includes the CIA, President George Bush, Mischer are long-term business associates. Coincidentally, Beebe Senator Lloyd Bentsen, a swag-sack of other influential Texans also has known connections to the Marcello family. While both money. HISTORY'S BIGGEST-EVER SCAM The ‘connections’ that had been forged and which lay behind Italy's greatest-yet banking debacle were to be re-enacted years later in America. The Savings and Loan (S&L) scam—by far the greatest banking rip-off of all time—sees the same cast of players at work. "Something very significant happened during our coun- try's savings-and-loan crisis, the greatest financial disaster since the Great Depression. It happened quietly, secretly, without any fanfare and attention. It happened before our very eyes and we knew it not. What we missed was the massive transfer of wealth from the American taxpayer to a select group of extremely rich, powerful people." These ominous words opened the introduction to Pete Brewton's massively researched book, The Mafia, CIA & George Bush—the untold story of America's greatest financial debacle.” Brewton, an award-winning investigative journalist, spent years tracing the subterranean web of interconnections thal sat at the heart of this affair that looted the American taxpayer of close to US$1 trillion. However, there was more to the S&L affair than these words portrayed. The "select group of extremely rich, powerful people” that Brewton fingers, includes the CIA, President George Bush, Senator Lloyd Bentsen, a swag-sack of other influential Texans JUNE-JULY 1996 NEXUS ¢ 23