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------------------------------------------------------------------------ REVELATION$ A book by Denis Robert & Ernest Backes Summary by David Guyatt Inquisitive French journalist and writer Denis Robert teamed up with Ernest Backes, a former senior banking executive, to reveal the money laundering scandal buried deep within one of Europe's top international securities clearing systems, Cedel International which owns a 50% stake with the Deutsche Bourse of Clearstream International. Located in the very heart of Luxembourg City, CEDEL was one of two European based clearing systems used by the worlds banks and securities houses to clear securities transaction. The other, located in the centre of Brussels is Euroclear. Cedel was founded in 1970 by 66 banks and financial institutions from eleven countries. Today, it is owned by 92 banks and institutions from around the world. On the board of Cedel International are bankers from Banco de Bilbao Vizcaya Argentaria, Sanpaolo IMI, the Bank of China, the Industrial Bank of Japan and ING Group. The Chairman of the Board, Robert R. Douglas, is a former secretary to the Rockerfellers, say the authors. What is significant about this French language book, published by Editions Arenas in Paris, is that the co-author, Ernest Backes, was formerly the number three man at Cedel and so is speaking from personal insiders knowledge. Back in the mid 1970's, Backes along with the then number one man at Cedel, Gerard Soisson, were asked to set-up secret accounts by Mafia financier Michele Sindona and Roberto Calvi, the former Chairman of Banco Ambrosiano. Thus began a snowball of secret accounts being established for international banks like the French state-owned Credit Lyonnais, as well as leading central banks. For example the General Division the Foreign Services (DGSE) of the Banque de France had an unpublished account with Cedel. The laundry operation started off slowly but soon began to explode as the good word began to spread. In 1983, there were just two unpublished accounts. Over a decade later this had spiked upwards alarmingly, with around 2,000 secret accounts being operated. Last year, 2000, as many as 8 ,000 unpublished accounts were active. According to the account of insider, Ernest Backes, Cedel was used to launder a payment of $7 million dollars from Chase Manhattan and Citibank to National Bank of Algeria. This Backes says was part of a larger sum (as much as $150 million he believes) transferred as part of the negotiations between Vice President Bush and Iran. Known as "October Surprise" this was a secret plan for Iran to keep US hostages captive in order to discredit US President, Jimmy Carter, thus clearing the way for the election of President Ronald Reagan. Other scandals that Cedel were a party to included the collapsed Pakistani bank BCCI, that laundered huge sums of Columbian drug money amongst many other highly illegal activities. BCCI's head office, the Bank of Credit and International Trade was in Luxembourg and used Cedel accounts to effect transfers of one hundred million French Francs to an unpublished Cedel account for the Bank General of Luxembourg. This, Backes says, took place, o ne month and a day after the liquidation of BCCI. At that time, Bank General of Luxembourg was managed by Marcel Marthe, a former Economic Minister for :Luxembourg who had a very close and friendly relationship to the royal family of Luxembourg. Another former employee of Cedel, interviewed by Denis Robert, stated that Russian banks controlled by the Russian Mafia also laundered large volumes of funds through Cedel. There is a personal aspect to this story so far as I am concerned. During a whistle-stop tour of Paris, Brussels and Luxembourg in 1976, I met Gerard Soisson along with Ernest Backes, Roland Hoffman and a few others when I spent a day visiting Cedel on behalf of Wall Street investment bank, Blyth Eastman Dillon. This followed my recruitment by them to set-up the operations side of their new London based Eurobond trading arm Blyth Eastman Dillon International Limited. The account I opened with Cedel was a published account, I hasten to add. Some years following the opening of the first two accounts Roberto Calvi was later found hanging beneath London's Blackfriars Bridge (1982). Sindona died following a sip of cyanide laced coffee in his prison cell in Milan. He was pronounced dead on 22 March 1986. Gerard Soisson's fate was sealed in Corsica in 1983, where he died under mysterious circumstances, according to the authors. Ever since I began investigating the shadowy world of Collateral Trading Programmes (see the on-site downloadable dossier The Project Hammer File), I have often heard mention of Cedel (and, in fact, Euroclear). I have not, thus far, been able to verify that these clearing systems are used to settle collateral trades but common sense suggests they probably have done and may well still do so. Not least, it defies belief that many - if not all - of the 92 shareholders of Cedel International, as well as senior management, were not aware of these hidden accounts and the uses they were put to. As time permits my intention is to dig deeper into this story with the intention of expanding this brief summary. ENDS Aloha, He'Ping, Om, Shalom, Salaam. Em Hotep, Peace Be, All My Relations. Omnia Bona Bonis, Adieu, Adios, Aloha. Amen. Roads End <A HREF="http://www.ctrl.org/";>www.ctrl.org</A> DECLARATION & DISCLAIMER ========== CTRL is a discussion & informational exchange list. 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