Word: wedtech
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Despite the onslaught, Ronald Reagan once again stubbornly expressed his "full confidence in my friend of 20 years." Meese blithely insisted that he had no intention of quitting. He was helped by a terse announcement from Independent Counsel James McKay that his probe of Meese's ties to Wedtech and the pipeline had turned up insufficient evidence to indict the Attorney General...
Both men decided, without telling Meese, that the Attorney General should be investigated by Independent Counsel McKay, who was probing former White House Political Adviser Lyn Nofziger's lobbying for New York City's scandal-tarred Wedtech Corp. As White House Counsellor in 1982, Meese helped Wedtech get what he called a "fair hearing" in landing a $32 million Army contract. A rare White House meeting to facilitate the contract had been held in the office of a top Meese aide, James Jenkins...
...counsel," says a department insider. "He made it known to Weld that it shouldn't go anywhere; it should be killed." On May 11, apparently aware that he could not block the probe, Meese pre-empted the impending announcement by publicly inviting McKay to look into his dealings with Wedtech...
...heart of Meese's troubles was his friendship with Wallach, who advised Meese during his difficult Senate confirmation as Attorney General in 1985. The wheeler-dealer lawyer had financial interests in both Wedtech and the proposed Iraqi oil pipeline that Meese tried to expedite. Wallach was indicted by a federal grand jury in New York City last December for illegally acquiring payments from Wedtech to influence Meese...
...been particularly concerned about a report that Swiss Financier Bruce Rappaport paid Wallach $150,000 for helping promote the Iraqi pipeline. Senate investigators traced some of that money to an investment account that also held $52,000 of personal savings by Meese. This commingled fund was managed by a Wedtech director, W. Franklyn Chinn, whom Wallach had introduced to Meese. At times Chinn bought more stock in Meese's name than Meese's investment could pay for, and the deals produced a profit of $40,000 for the Attorney General. The arrangement, according to a Justice official, could be seen...