Word: inkombank
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Dates: during 1990-1999
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...Moscow connections, she turned the Bank of New York into the biggest U.S. servicer of Russian accounts, moving along the flood tide of cash rolling out of the ebullient new economy in return for lucrative bank fees. When she wanted to snatch the business of the rich Moscow-based Inkombank away from Republic National Bank in 1992, says Emanuel Zeltser, a lawyer who worked for the Russian outfit, "Natasha said the Bank of New York would not be so inquisitive" about Inkombank's massive money transfers through New York to obscure offshore companies. "This...
...April 23, 1996, under the letterhead of the venerable bank founded by Alexander Hamilton, which made the very first loan to the fledgling U.S. government in the 1780s, Gurfinkel wrote a fulsome letter to Federal Reserve chairman Alan Greenspan, urging the Fed to let Inkombank open a representative office in the U.S. Never mind that 14 months earlier some of the bank's largest shareholders had filed suit charging Inkombank with outright theft of $40 million in capital. Or that just a month before, the Russian central bank had issued a harshly critical audit of Inkombank irregularities...
...Inkombank never got the license. But it was not until Republic National Bank turned the tables on Gurfinkel by filing a suspicious-transactions report on the extraordinary Russian cash flows through its bank to the Bank of New York in the summer of 1998 that anyone at Hamilton's respected house paid attention to what was going on. And it was not until last month, when the New York Times reported that an investigation was in progress, that the U.S. woke up to some ugly truths about Russia. With the bank's cooperation, the Feds are on the trail...