The Chase Manhattan Two-Way Mirror

(Excerpted from Chapter 14: Saddam’s Banker in Atlanta: Big Oil & Their Bankers…)

Chase Manhattan Bank’s board of directors had a huge presence on BNL’s (Banca Nacionale de Lavaro’sConsulting Board for International Policy.  In fact the two boards mirrored one another.

Along with Chase Chairman David Rockefeller and his long-time lieutenant Henry Kissinger, interlocks between the boards included Fluor Saudi partner Sheik Ahmed Juffali, Indian tycoon Ratan Tata, Royal Bank of Canada insider Gustavo Cisneros, Giovanni Agnelli of the Italian Fiat conglomerate, Pehr Gyllenhammer of the Swedish Volvo, Mitsubishi Chairman Koichiro Ejiri and British Lord Carrington.  Members of the BNL advisory board included former Canadian Prime Minister Pierre Trudeau, former British Defense Secretary Lord Thornycroft, Britain’s Lord Ezra and chairman of Petrofina Jean-Pierre Amory. [591]

Roy William Harris didn’t hang out with this cadre of international oligarchy elite, but he was a star trader at Salomon Brothers Philbro Energy trading unit, which Salomon (now part of Citigroup) purchased from the Oppenheimer family.  With financing from David Rockefeller’s Chase Manhattan, Harris founded Arochem, a private oil refining company that went bust in 1992 after squandering $200 million.  Harris insists he lost the money on oil trades, but the judge who sent him to prison wasn’t buying it.

Harris did deals with Bayoil, an affiliate of the Iraqi weapons front Bay Industries.  Bayoil was run by David Bay Chalmers and in 1987 served as middleman for an Iraqi oil for arms network involving Chilean arms dealer Carlos Cardoen, who had ties to Pinochet’s DINA secret police.  Cardoen owned Industrias Cardoen-Chile and quickly became the biggest arms supplier to Iraq.  The company built and shipped weapons for the South African company Armscor- a long-time CIA conduit.  According to an ABC Nightline investigation, Bush CIA Director Robert Gates worked closely with Cardoen.

Bayoil once claimed to own Arochem. The companies shared an office building in Stamford, Connecticut.  The $200 million which Harris had misplaced was likely skimmed from the Chase-financed Arochem to bankroll Cardoen’s CIA oil for arms scheme.  Harris’ attorney was David Lewis, CIA defense lawyer for Company fall guys Manuel Noriega and Ed Wilson. [592]  Bayoil was founded as Bay Petroleum in 1935 by Chalmers’ great uncle- an OSS operative.  Bay was sold to Tenneco is 1955 and Chalmers’ father started Coral Petroleum, which operated throughout the Middle East.  Coral went bust in 1983, but David’s father found the means to retire on a grand estate in Mexico. [593] Coral Petroleum is also the name of the Sheik Khalid bin Mahfouz firm which has joint Caspian Sea ventures with the Four Horsemen.

David Bay Chalmers started dealing with the Iraqis in 1987 while working with Carey Petroleum, which was owned by New York Governor Hugh Carey’s brother Ed.  Chilean arms dealer Cardoen was sending boatloads of cluster bombs to Saddam.  The shipments were paid for in Iraqi oil, deals which Chalmers brokered for Cardoen, who was getting zirconium for his cluster bombs from the Oregon-based Teledyne Industries. [594]

DEA informant John Pastis said Chalmers assured him that the US government had approved the deals.  In 1988 Chalmers floated plans to construct a $3 billion PC-2 mustard gas complex in Iraq, later built by Bechtel.  That same year Oscar Wyatt, chairman of oil refiner Coastal Corporation, bragged to Vanity Fair that he did many favors for Reagan CIA Director Bill Casey in Coastal’s numerous dealings with the Iraqi government.

Roy William Harris founded Arochem when he bought a Puerto Rican benzene plant in 1987.  Chase Manhattan financed the deal, putting up twice the money Harris actually needed, money that may have been diverted to Cardoen’s efforts.  Harris associate John Moller ran USA Petroleum in Los Angeles.  He and Harris would buy put options on overpriced stocks, with the profits from this short-selling going into private Harris accounts.  Delaney Petroleum of London, which was owned by David Bay Chalmer’s friend Michael Linehan, was also buying put options and skimming profits.  One of Delaney’s oil traders was Coastal Chairman Oscar Wyatt’s son Steven.

The mastermind of these complex oil and metals trades was Irwin Vosko, who ran Bayoil’s office in the Bahamas with Peter Shaddick.  Shaddick helped Banco Ambrosiano President Michelle Sindona loot the pedophilia-ridden Franklin National Bank in 1974.  Sindona, a good friend of Nixon Treasury Secretary David Kennedy, was never convicted. Shaddick received a paltry one year prison sentence.  Arochem had its offshore offices in the Cayman Islands, where Saudi Intelligence was busy laundering Medellin Cartel drug money.

When the Attorney General of Connecticut launched a probe of Arochem, Chase Manhattan hired future FBI and CIA Director William Webster.  Webster made sure an FBI unit close to him nabbed Roy William Harris before a different FBI group in Stamford, CT could. Arochem skated.  Chase Manhattan dumped its bad Arochem loans on a syndicate of small European banks who took a $15 million bath, then sold Arochem’s refinery in Puerto Rico to Israeli investor Gad Zeevi, who owns another Chase-financed refinery on the island, for $6 million.  The European banks sued Chase and lost.  A lawsuit by Arochem’s bankruptcy trustee alleged that Chase “looted Arochem’s assets”.  Chase denied any knowledge of its Arochem loans brokering Iraqi arms for oil deals. [595]

Another international oil high-flyer Roger Tamraz donated $300,000 to the Democratic Party in 1995-1996.  Tamraz was charged with fraud and embezzlement in France, where he controlled Paris-based Banque de Participations et Placements from 1987 until the French government shut it down at the same time the Bank of England was shuttering BCCI.  Tamraz’ bank’s name was strikingly similar to the BCCI Swiss branch Banque de Commerce et de Placements.  The story line is similar as well, with depositors, including the Congolese government, getting swindled when $47 million disappeared into thin air.  Tamraz transferred the money to his Almashrek Bank of Beirut in his home country of Lebanon, taking Almashrek depositors to the cleaners for another $200 million. [596]

Tamraz was President of both Oil Capital Ltd. and Tamoil Inc.  He was an early promoter of the Caspian Sea oil pipeline from Baku, Azerbaijan through Turkey and had taken Chinese National Petroleum Company as a partner in the project.  He accompanied Clinton Commerce Secretary Ron Brown on trade missions to Russia and headed First Arabian Corporation of Luxembourg, whose investors included Gaith Pharaon and Sheik Mohammed Bedrani, nephew of Saudi Intelligence chief and BCCI crook Sheik Kamal Adham. [597]

Tumbleweed’s nephew went gambling in Monte Carlo.  Ron Brown died of a gunshot wound to the head in a plane crash over Yugoslavia.  Caspian Sea pipeline pioneer Tamraz became expendable and went to jail.  And the Caspian Sea Pipeline Consortium opened November 28, 2001 under the control of the Four Horsemen, whose buddies at Bechtel built it.

In May 2005 a scandal emerged involving illegal Iraqi oil deals done during the 1990’s sanctions period..  According to a May 18, 2005 report on the Newshour with Jim Lehrer, it was Bayoil that imported over 200 million barrels of black market Iraqi crude during the sanctions period.

Dean Henderson is the author of five books: Big Oil & Their Bankers in the Persian Gulf: Four Horsemen, Eight Families & Their Global Intelligence, Narcotics & Terror Network, The Grateful Unrich: Revolution in 50 Countries, Das Kartell der Federal Reserve, Stickin’ it to the Matrix & The Federal Reserve Cartel.  You can subscribe free to his weekly Left Hook column


One response to “The Chase Manhattan Two-Way Mirror

  1. Reblogged this on The 99% Blog and commented:
    My, what a tangled web we weave…..

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