Cold War's dirty linen lingers on.(Russian money laundering and the Bank of New York Co.)

Investment News, September, 1999 by Graff, Sam

Treasury Secretary Lawrence Summers had the unenviable task of telling one Congressional panel the United States needs to continue its handouts to Russia. This just as Justice Department officials were about to tell the House Banking Committee panel that they really couldn't tell Congress much because the investigation of Russian money laundering through the Bank of New York Co.

is so "complex and painstaking." The banks chief exec, chairman Thomas A. Renyi, garbed himself in sack cloth and ashes to beg forgiveness from the same panel, saying "I have taken personal responsibility for implementing remedial actions." He pointed out, in a vice presidential sort of statement, "No relevant authorities have asserted the Bank of NewYork has engaged in money...

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