As the BCCI scandal has unfolded, Mohammed Hammoud has
emerged as a shadowy figure with close ties to a number of
powerful American political and government figures.
During the 1980's, Hammoud acted as a front-man or nominee
for BCCI, became an owner of BCCI and of CCAH, the holding
company for First American, borrowed over $110 million from BCCI,
much of which he failed to make interest payments on, and made
numerous investments in the United States with funds provided him
by BCCI, and in one case, backed up by guarantees from First
During the same period, Hammoud, a little known Lebanese
merchant, also purchased the shares in First American held by
Clark Clifford and Robert Altman; had his U.S. real estate
investments managed by the current U.S. Ambassador to Bahrain,
Charles W. Hostler; had contact with officials from the State
Department concerning the release of U.S. hostages from Beirut
and other issues pertaining to Lebanon, and developed a personal
and business relationship with Michael Pillsbury, a former
assistant Undersecretary of Defense and Senate staff assistant.
After BCCI's indictment in October, 1988 by the U.S. Attorney in Tampa, Hammoud also worked closely with BCCI's
criminal defense team in Washington to determine whether it would
be possible to "reverse Tampa" by meeting with higher-level
federal officials in Washington. In the fall of 1989, Hammoud
actually met with high-ranking officials at Treasury and Justice
concerning the BCCI case, and had ongoing contact with Senate
staffer Pillsbury seeking to assist BCCI in defending itself
against its criminal case.(1)
Hammoud's multiple roles in connection with BCCI continued
until his sudden death on May 3, 1990, at the very time that
investigations of BCCI were intensifying. After his death, press
accounts raised questions as to whether his death was real or
staged, and law enforcement indictments have described Hammoud's
current status as "reportedly dead."(2)
Little is known of Hammoud's background, although Abdur
Sakhia, the former general manager for BCCI N.Y., described
Hammoud as a merchant who at one time operated a stall in one of
Beirut's open-air markets:
My memory goes back about 27 or 28 years when I went first to Beirut. He was a small time money changer.(3)
In interviews with Subcommittee staff, Nazir Chinoy, the
BCCI general manager in Paris, remembered Hammoud as:
A short man, not a very impressive personality. . . My
impression of Hammoud, to me Hammoud was not rich. Pharoan
had physical power from his bearing his confidence. Hammoud
was a slimey sort of a chap, not a forceful personality.
Would Hammoud understand foreign policy? I do not think so.
He was not a worldly man. Pharoan yes. Hammoud no.(4)
In testimony before the Subcommittee in 1991, Massihur
Rahman, BCCI's former chief financial officer, described Hammoud
as "a medium sized businessman." BCCI's files indicate that
Hammoud's wealth grew exponentially, and inexplicably, during the
1980's, at a clip of almost $5 million a year. By 1989 he is
listed as owning assets in excess of $35 million.(5)
Nevertheless, according to Chinoy, Hammoud did not give "the
impression of being an extremely rich man from his clothes and
At some point during the 1970's Hammoud became very close to
the top management at BCCI. Naqvi had worked in Lebanon and BCCI
had branches there, but the Subcommittee has been unable to
determine who originally introduced Hammoud to BCCI. Hammoud is
described in a 1983 BCCI memorandum as "a very good customer of
the BCC Group," who "possesses large means."(7) By the time of
his death in 1990, Hammoud was a major shareholder in the bank,
owning 2,646,184 shares, according to a February, 1990 report by
BCCI's outside auditors, Price Waterhouse.
According to Rahman, "[h]e seemed to be very close to some
of our executives. And he has been used obviously for taking
loans and doing things."(8) Later in his testimony Rahman
characterized Hammoud as the most flexible of BCCI's nominees.
Chinoy echoed the testimony of Rahman, stating that Hammoud
had "a very special relationship" with the bank. Chinoy recalled
how Hammoud had borrowed about $100,000 from the Paris branch and
was not servicing the loan. When Chinoy wrote Hammoud asking
that the loan be repaid, Chinoy was rebuked by his superiors in
London and told he "should not write abusive letters to good
clients who had helped the bank." Chinoy explained that he later
wrote the loan off in three separate installments.(9)
The loan to Hammoud by BCCI's Paris branch pales in
comparison to the massive loans Hammoud received from BCCI
elsewhere. As of April 1990, Hammoud owed over $110 million
dollars to BCCI and its affiliate, ICIC, Grand Caymans, As Price
Waterhouse concluded in the report, "there remain too many
unanswered questions about Mr. Hammoud [including] his connection
with delinquent accounts of BCCI." At the time, Price Waterhouse
expressed its concern about the lack of evidence at BCCI that
Hammoud owned "any of the companies" he claimed to own in
connection with BCCI lending. (10)
Hammoud made real estate investments in the United States
through a series of companies: Linden Investments, Copperwood,
N.V., Marmaris investments, N.V., Eastward, N.V. and Carlson
Farms, Ltd. Ambassador Charles Hostler, who advised Hammoud on
his US investments, referred to these companies as "holding
companies" for the properties.
Documents obtained by the Subcommittee indicate that all of
the companies were probably front companies which Hammoud
established on behalf of BCCI. For instance in November, 1978,
Hammoud wrote to ICIC, BCCI's "bank within a bank":
I have to request you to arrange on my behalf for the
incorporation of a company in Cayman Islands with an
authorized capital of US$900,000.00 and Issued and
Paid-up capital of $US100,000.00. This company to be
incorporated with the name and style of "Linden
Investments Company Limited" is to have as its
principle objects investments in immovable properties
in the U.S.A. and other places, either directly or
through any of its subsidiaries to be incorporated in
such countries where maximum tax benefits would be
available for such property investments, and with such
other objects as are usable and necessary for such
investment companies, including borrowing powers.
You may appoint your own nominee directors for the said
Linden Investment Co. Ltd. and transfer to their names
such shares as may be necessary according to the legal
requirements. The remaining shares may be held by you
in your name or in the name of any other company as
I hereby authorize you to appoint any agents for the
aforesaid purpose and to do, execute and perform or
cause to be done, executed and performed all acts,
deeds and things that may be required or necessary in a
fiduciary capacity for the aforesaid purpose and to
give any other authority or writing that you may
require or deem necessary for this purpose.(11)
Hammoud's real estate investments include property he
purchased from a church in Alexandria, Virginia, an office
building in New York, a building in Boston adjacent to Boston
Symphony Hall, and a development in the small town of Sherman,
Connecticut. All of these investments were financed by BCCI and
none of the loans was ever serviced. Carlson Farms, for instance,
received a $1 million letter of credit from BCCI secured by only
the guarantee of Linden Investments, which apparently held no
In his Senate testimony, Sakhia described the Hammoud's real
estate holdings in the US with which he was familiar. According
We did a loan to him from BCCI in New York, which we
were told from London to give that loan in the first
In the second instance, when we had acquired the
property and we wanted to develop a property in
Washington, he contacted us to make a construction
loan-- which we refused to do because we were not
equipped to handle constructions loans."(13)
Sakhia testified that he "completely refused to do the
second transaction," but that the Central Credit Division in
London ordered him to the first transaction, which wound up being
"110% of the loan". Sakhia acknowledged that the loan did not
make business sense. (14)
After Sakhia refused to do the construction loan, the
Central Credit Committee in London told its New York regional
manager "[W]hy don't you introduce him to First American, because
the property is in Washington. First American is located in
Washington and First American is big in real estate loans."
First American subsequently issued a $4 million letter of credit
Senator Kerry was struck by the fact that Hammoud needed an
introduction to First American after Hammoud had become a
shareholder of First American, having purchased his shares in
First American/CCAH from First American's chairman and president,
Clark Clifford and Robert Altman. Sakhia testified that he too
was baffled by the events:
It's [First American] not like a big corporation with
hundreds of shareholders. The handful of shareholders
-- [Hammmoud] directly bought the shares from the
Chairman and the President. And he wants me to
introduce the officers of First American. It didn't
make any sense to me.(16)
In 1990, the U.S. General Manager of BCCI, in an effort to
avoid the scrutiny of bank regulators, recommended "immediate
transfer" of Hammoud's assets "to an off shore unit."
Hammoud's investment in First American Bank came about as a
result of his acquisition of stock throughout the 1980s through
BCCI, and in fact, as a nominee for BCCI. In 1986, Hammoud first
began acquiring stock at $2,200 a share as BCCI's nominee. By
1990, Hammoud had acquired 6% of the shares of the bank on BCCI's
In March 1988, Hammoud bought stock from Clifford and
Altman, the Chairman and President of First American, for a
whopping $6,800 a share -- the highest price ever paid for First
American stock. Hammoud's $25 million purchase of First American
shares was bankrolled by BCCI, although in testimony before the
Subcommittee, Altman stated that:
[M]r. Hammoud was one of the individuals not listed by
the Federal Reserve as a nominee in their notice of
charges. He was in their category of bona fide
Altman added that after Hammoud's death in the spring of
1990, "we had been contacted by Hammoud's estate." According to
His estate believes that the stock is stock that
belonged to Mr. Hammoud and now belongs to his heirs.
They certainly take the position that Mr. Hammoud was
no nominee. He was a bona fide shareholder. And they
had asked that the stock be transferred into the names
of the heirs. And we were seeking certain
documentation in that regard before the transfer could
be lawfully effected.(18)
Altman's representations before the Subcommittee regarding
the bona fides of Mohammed Hammoud were recently challenged in
the indictment of Clifford and Altman by the Manhattan District
Attorney. The indictment charged that:
As part of the business of the corrupt enterprise,
assets were purchased with depositors' funds, but were
falsely maintained as ostensibly separate from the BCC
group. These assets were purchased in the names of,
among others ....Mohammed M. Hammoud, a Lebanese
businessman who reportedly died in 1990.
Moreover, Masihur Rahman, BCCI's chief financial officer,
provided detail on the mechanism that Hammoud employed to mask
the sham transactions involving CCAH stock. Rahman testified
that Hammoud used two front companies, Mid-Gulf and Rubstone, to
purchase the shares. According to Rahman, after Price Waterhouse
raised concerns about BCCI and the bank began an internal
investigation, Rahman confronted Hammoud: "He [Hammoud] was first
denying, but finally it was accepted that both of them belonged
to Hammoud."(19) Rahman did not know what the companies did,
"except that they had some loans [from BCCI] for CCAH."
According to Rahman, the amount loaned to Rubstone to purchase
First American shares was around $14 million and the amount
loaned to Mid-Gulf to purchase First American shares was $44
The Subcommittee has obtained an undated letter of
instruction from Hammoud to the Manager of BCCI, Overseas, Grand
Cayman, which support Rahman's testimony. The letter
With reference to the loan advanced by you on my
recommendation to Mssrs. Rubstone Trading, of amount up
to $US 12 million, I hereby authorize you to hold my
shares in Credit and Commerce American Holdings N.V.,
as security to cover the outstanding balance of the
By April 1990, as the auditors scrutinized BCCI and its CCAH
loans, Hammoud informed BCCI that he did "not hold any shares" in
either Midgulf or Rubstone.(22) Apparently, both Hammoud and BCCI
had decided that it was not in their interest to have Hammoud
seen as a nominee for BCCI holding CCAH shares. This, of course,
was during the period that Price Waterhouse was uncovering
massive fraud and deception at BCCI, and just weeks before
Hammoud's sudden death.
Documents obtained by the Subcommittee from BCCI's
liquidators show that Robert Altman, who was also BCCI's U.S.
attorney, held a power of attorney for Hammoud, giving Altman the
right to dispose of Hammoud's stock in CCAH at any time as
Hammoud's agent. Altman testified he was unaware that he had such
a power of attorney and when shown the document by Senator Kerry,
he expressed profound shock:
[T]his gives an authority to sell shares, and that is
something that to the best of my recollection, I'd
never seen before. I do not know how to explain it. I
don't know where it came from, but I don't believe it
was ever in our files.(23)
Thus, Altman, who sold his stock to Hammoud for three times
what Altman paid for the stock, had the ability through the power
of attorney also to buy and sell shares of CCAH to and from
Hammoud in any case.
Altman testified that he never met Hammoud. This statement
seems odd given that Hammoud was in Washington on a number of
occasions, and was ostensibly a major shareholder of First
American, on whose behalf Altman was running the bank. On the
other hand, there was really no reason for Altman to have met
Hammoud if Hammoud was the flexible front man that he has been
portrayed to have been. It is entirely possible that Hammoud was
not even aware of his holdings in First American: the loans were
arranged by BCCI; the purchase and sale may have been arranged by
Altman using the power of attorney.
Hammoud also had contacts with US Ambassador to Bahrain
Charles Hostler. As a businessman in Beirut in the 1960's,
Hammoud met Hostler when Hostler was a young U.S. Air Force
officer, attached to Lebanon, Jordan and Cyprus, and based in
Beirut, Lebanon. Hammoud's wife taught Arabic to the young Mr.
Hostler, and the Hammouds and Hostler became good friends. (24)
Later, Hostler returned to Beirut as the manager of the Douglas
Aircraft Company in Lebanon from 1965 to 1967, before accepting a
position with McDonnell Douglas in the U.S. As the report to the
Foreign Relations Committee on Hostler described his career:
Mr. Hostler served at the United States Department of
Commerce as Deputy Assistant Secretary of International
Commerce from 1974 to 1976, where he was responsible for
establishing and managing the nation's export expansion
program. From 1963 to 1969 he worked in numerous capacities
for McDonnell Douglas Corporation including Director of
International Operations for the Middle East and North
Africa. . . and Manager of International Marketing for
Missiles and Space.(25)
According to the Wall Street Journal, Ambassador Hostler stated that he has from time to time given financial advice to Hammoud. Hostler told the Subcommittee that he advised Hammoud on three properties: "vacant land" in Sherman Connecticut, an "old building" in Boston, Massachusetts and a "tear-down" in New York City.(26)
Curtis Hagen, a real estate broker, also worked with Hammoud
on the three properties referenced by the Ambassador in his
Concerning the tear-down in New York City, Hagen told the
In NYC I engineered a joint venture between BCCI and
Skanska with an agreed to land evaluation of 5 million
(BCCI purchased it at $1.1 million) In the midst of
contract negotiation between the two law firms
representing each entity. In the meantime I turned
down an offer of 4 million in cash by Paul Milstein,
because the tax burden was too severe. However, he
eventually built the project, although the chain of
title after Hammoud came on the scene with Hostler is
unclear to me.(27)
Concerning the "old building" in Boston, Hagen told the
I arranged a zoning change from a two story Taxpayer to
a 17 story and lower condominium residential &
commercial building with on-parking premises. This
process, as you know, was extremely complex and took 2
and 1/2 years to bring to a point, where only a very
routine submission of a detail was needed to finalize.
BSO now has ownership. Hostler arranged the sale to
BSO for Hammoud, however I do not know what
consideration BSO gave to Hammoud/Hostler.(28)
Concerning the "vacant land" in Sherman, Connecticut, Hagen told
After 6 tons of papers, maps, demographics, etc. the
final subdivision was approved and I negotiated the
required road bond.(29)
In short, the vacant land, the old building and the tear
down were substantial properties with real value.
In his affidavit to the Subcommittee, Ambassador Hostler
stated that "He [Hammoud] considered me expert in real estate
matters, since he lived abroad and was then largely unacquainted
with US real estate practices."(30) However, Hagen, the New York
real estate broker, didn't think Hostler knew much about real
estate: "[H]ostler, the real estate typhoon, knew as much about
real estate as my Aunt Matilda knew in 1860 about building a
It appears that Hagen did the lion's share of work to make
Hammoud's various real estate investments marketable and
saleable. The question arises as to what Hostler's role was and
what compensation he was received.
According to the Ambassador:
"His inquiries and my advisory activities for him were
intermittent and limited. I would estimate that they
involved perhaps an average of several hours a month in
the period between 1982 and 1988."(32)
Hostler claims that he "received no salary, gifts or other
gratuities or compensation from Hammoud, though I was reimbursed
for my direct, nominal, actual receipted expenses."(33)
Hagen, however, recalls a meeting at the Pierre Hotel in
Hammoud's suite on July 16, 1982 between Hammoud, Hostler, Pisani
[an architect] Milne [a Utah real estate developer] and Hagen and
his daughter. According to Hagen, "It was either at that meeting
or a few days before wherein Hammoud placed both hands on
Hostler's shoulders and said: "there will be a Cadillac in your
driveway, tomorrow morning."(34)
The Subcommittee has been unable to ascertain whether or not
Ambassador Hostler received the Cadillac. However, it is
certainly unusual for anyone to provide business services to
someone else for several hours a month for six years without
receiving any form of compensation for it in return. Hence,
Ambassador Hostler's described willingness to work for Hammoud
for nothing for this lengthy period raises the question of why
Ambassador Hostler did perform these services.
Michael Pillsbury is a former Senate staffer. He was formerly an Assistant Secretary of Defense. According to the Washington Post, Pillsbury was "a member of the top-secret "208 Committee," the interagency group that oversees Central Intelligence Agency covert operations for the President and meets in the situation room and room 208 of the Old Executive Office Building."
Pillsbury has told Subcommittee staff that he initially met
Hammoud in the context of his work in the Senate when a real
estate developer, Earl Milne, introduced him in 1981 or 1982.
According to Pillsbury, Hammoud was "unusual" because he was a
wealthy, Lebanese shi'ite. Pillsbury subsequently developed a
personal relationship with Hammoud and over the course of the
decade met him "ten to twenty" times in several cities around the
world, including Washington, London, Geneva, Beirut, Damascus and
"possibly Paris". According to Pillsbury, Hammoud provided him
with intelligence related information concerning U.S. hostages
held in Lebanon, which Pillsbury then passed on to US government
agencies. As a letter to Subcommittee staff from Pillsbury's
attorney, former Watergate prosecutor Seymour Glanzer, states:
Mr. Pillsbury has never said that he is "withholding
important information" [from the Subcommittee]. What he did
say was that he was reticent about disclosing inflrmation
that might be needed about Mr. Hammoud's purported
assistance to the United States Government. That was because
he was alluding to two State Depeartment communications
which may be "classified" and which can be obtained from the
State Department. Thus, he does not believe he is at liberty
to disclose their contents. One of these communications is a
cable from the American Ambassador in Beirut in
approximately November 1983, and the other is a cable from
the American Ambassador in Damascus in approximately April
1989. Therefore, Mr. Pillsbury believes it is appropriate
that disclosure be taken up with the State Department.(35)
Following receipt of the letter from Glanzer, Senator Kerry asked the State Department to retrieve the documents described. Unfortunately, the State Department was not able to locate the 1983 cable. It was able to locate the second cable and that cable remains classified. At the time of the second cable, Edward Derejian was U.S. Ambassador to Syria, and since that time has been appointed Assistant Secretary of State for Middle Eastern Affairs. Contemporaneous notes from BCCI's attorneys show that Pillsbury was contending that Hammoud was directly involved in assisting the U.S. on negotiations concerning the release of the U.S. hostages held in Lebanon as of the fall of 1989.(36)
In the early-1980's Pillsbury moved from the Senate to become the assistant undersecretary for Defense. In that position he championed the provision of advanced weapon systems, notably stinger missiles, to anti-communist insurgencies around the world, including Savimbi's UNITA forces in Angola and the Mujahadin in Afghanistan. Pillsbury is known to have made frequent trips to both countries.
The Task Force on Terrorism and Unconventional Warfare --
House Republican Research Committee claims that Hammoud was an
In order to insert large quantities of explosive and
related equipment into target countries, the Hizballah
established a web of import-export companies in Western
Europe as part of its dormant network. Lebanon's
leading shi'ite businessmen, including Mohammed
Hammoud, who would later become a key financier of
BCCI, provided crucial expertise, organizational and
financial assistance without which projects could not
have been undertaken.
Pillsbury has denied that he ever used Hammoud or BCCI either to
arrange or to finance the provision of sophisticated weapons to
In fact, Pillsbury has stated that his contact with Hammoud,
aside from the information he provided on the US hostages held in
Lebanon, was in the context of a book that they were writing
together about the Shi'ites of Lebanon.
According to Pillsbury, Hammoud paid him an advance to
coauthor a scholarly text about the Shi'ites and Pillsbury had
completed some 200 pages of this book by the time of Hammoud's
death. Pillsbury told the Subcommittee that he disclosed the book
deal to the Senate Ethics Committee. However, Pillsbury refused
to disclose the amount he had been paid by Hammoud, and when the
payment was made. Pillsbury argued that these facts were
irrelevant since he ultimately returned the money, although he
refused to specify when that occurred. Pillsbury stated that his
expenses had never been paid by either Hammoud or BCCI. However,
these statements are contradicted by notes taken by BCCI's
lawyers in October, l989 state that Pillsbury travelled to Europe
on several occasions on tips paid for by Hammoud, raising in
their minds concerns about whether Pillsbury's trips were
actually being paid for by BCCI. Both BCCI officials and
Pillsbury denied BCCI's involvement in the payments. However,
given Hammoud's $110 million debt to BCCI at the time, and his
frequent front-man status for BCCI, the distinction between
Hammoud's activities and BCCI's activities does not seem to be
Subcommittee staff have seen a law enforcement document
which alleges that after Hammoud's death, Pillsbury travelled to
Geneva to identify the body. Pillsbury denies the allegation. Pillsbury may or may not have identified the body, but after
Hammoud's alleged death Pillsbury maintained a close relationship
with Hammoud's family. The Subcommittee has been provided a
document which appears to show that after the death of Hammoud,
Pillsbury met in New York with Robert Altman, one of BCCI's
lawyers, and with Hammoud's son, to discuss settlement of the
elder Hammoud's estate. Pillsbury has told the Subcommittee that
he only met Altman only twice -- both times in the context of
In the fall of 1989, Hammoud began to take an active
interest in BCCI's legal problems in the United States as a
result of its indictment for drug money laundering in Tampa,
Florida. He met with Pillsbury on a number of occasions
concerning these problems. Pillsbury in turn identified key
Treasury and Justice Department officials in Washington who in
Pillsbury's view would be key to assisting BCCI if they
determined that the sting operation against BCCI were improper.
Hammoud met with some, unidentified, officials from both Treasury
and Justice, as well as with BCCI's criminal defense team in
Washington. Available documentation concerning Hammoud's
activities in this period suggests he may have undertaken other
steps in connection with assisting BCCI with its criminal
defense, but information on this point is, unfortunately,
inadequate to determine precisely what.(38)
Hammoud, unfortunately, cannot shed any light on his
political or government connections because he is, as prosecutors
describe his status, "reportedly dead."(39) He allegedly died in
Geneva in 1990 while visiting his doctor and he is buried in
Beirut. However, insurance companies have reportedly refused to
pay out on the life policy because Hammoud's corpse was found to
be several inches shorter than the height recorded at his last
medical examination. Several former BCCI officials who have
testified before the Subcommittee have testified that they do not
believe Hammoud is dead.
Hammoud was reportedly buried in Beirut and his family provided his London lawyers with a video of the funeral which allegedly shows high ranking Syrian intelligence officials in attendance. In its August 10, 1992 edition, Newsweek reports:
Intelligence officials now say that Mohammed Hammoud,
an alleged BCCI front man, was taped saying over the
telephone, "If anybody knew how dirty the Americans are
in this BCCI business, they'd be surprised -- they're
dirtier than the Pakistanis." He then said he was
about to tell someone about the American role. Eight
hours later he was found dead.(40)
Much about Mohammed Hammoud's life, business with BCCI, and alleged death remains a mystery to the Subcommittee. He clearly had very close ties not only to BCCI, but also to several US political and government officials as well as to various intelligence agencies.
1. An account of these meetings is contained in the chapter concerning BCCI's lawyers and their contacts with Hammoud and Michael Pillsbury.
2. See e.g. indictment, People v. Abedi, New York Supreme Court, County of New York, July 29, 1992.
3. S. Hrg. 102-350. pt. 2, p.612. In an interview with
staff prior to his testimony Sakhia stated, "I went to Beirut to
a seminar at American University in 1960. Hammoud used to have an
office, a storefront the size of this sofa. His store was three
feet deep and eight feet wide."
4. Staff interview, Nazir Chinoy, March 9, 1992.
5. BCCI memorandum, Central Credit Division, re:Congressional Place Ltd./M M Hammoud. March 30, 1989.
6. S. Hrg. 102-350, Pt.4 p. 374.
7. BCCI memorandum, reprinted in S. Hrg. 102-350, pt.4, p.762.
8. S. Hrg. 102-350. Pt.1, p.534.
9. Id. p.374.
10. See documents at S. Hrg. 102-350, Pt. 1 pp. 356-358.
11. Letter to ICIC from Mohammed Hammoud, November 1, 1978, reprinted in S. Hrg. 102-350, pt. 4. p.740.
12. BCCI Memorandum, reprinted in S. Hrg. 102-350, pt.4, p.762.
13. pt. 2, p.612.
15. Id. Sakhia explained in his interview with staff, "This transaction was done by First American not directly secured by the assets of Hammoud, but by a counter guarantee of First American. BCCI issued the guarantee which was confirmed by First American."
16. Id. p.614. In his interview with staff prior to his testimony Sakhia asked rhetorically, "If he had bought and sold shares from Clifford & Altman, why would he want my introduction? -- Since he didn't put a cent of his own into First American, he didn't feel like he owned it."
17. Id. p.176.
18. Id. p.176
19. pt. 1, p.534.
20. Id. p. 535.
21. Letter to "the Manager" from Mohammad M. Hammoud, reprinted in S. Hrg. 102-350, pt. 4.p 782.
22. Letter to BCCI, London, from i.H. Ansari, dated 4.4.90.
23. S. Hrg. pt.3, p.195.
24. See Hostler Affidavit, S. Hrg. 102-350 Pt. 4 p. 768, Hostler Resume, submitted to Foreign Relations Committee as part of confirmation process.
25. Report for the Committee on Foreign Relations, U.S. Senate, Ambassadorial Nomination for State of Bahrain, Charles Warren Hostler.
26. S. Hrg. 102-350 Pt. 4 pp. 769-771.
27. Letter to Jonathan Winer from Curtis Hagen, February 10, 1992, reprinted in S. Hrg. 102-350, pt. 4, p.765.
30. Id. pt.4., p.770.
32. Affidavit of Ambassador Hostler, reprinted in S. Hrg. 102-350, Pt.4, p.771.
33. Id. p.771.
34. Id. 766.
35. Seymour Glanzer to David S. McKean, July 31, 1992, concerning Michael Pillsbury.
36. Staff interviews with Pillsbury, March-July, 1992; see also attorney notes of interviews with Pillsbury, October, l989, provided to Subcommittee by BCCI attorney Raymond Banoun on September 3, l992.
37. Documentation on this issues is provided in a series of memoranda created by BCCI's criminal defense team and provided to the Subcommittee on September 3, 1992 by former BCCI lawyer Raymond Banoun and by the law firm of Janis, Schuelke and Wechsler on behalf of Lawrence Wechsler.
38. The fullest account of Hammoud's activities on BCCI's behalf in connection with its criminal defense appears in notes taken by BCCI's lawyers in the U.S. and provided to the Subcommittee on September 3, 1992 by Raymond Banoun and Lawrence Wechsler. These documents form the basis for the information set forth concerning this section.
39. People v. Abedi, New York Supreme Court, New York County, July 29, 1992.
40. Newsweek, August 10, 1992,