Boris Yeltsin is unlikely to do anything about his criminals and our banks, so others need to take stern command.
The current controversy over apparent Russian involvement with United States banking operations merits a close and penetrating look from authorities with the responsibility for such matters.
There is strong evidence that members of President Boris Yeltsin's government knowingly helped a Russian mafia leader launder $10-$15 billion through the Bank of New York. Officials say some of the money might have been from loans made by the International Monetary Fund to ease Russia's economic troubles since the fall of communism in 1991. A senior Bank of New York executive was suspended recently due to money-laundering allegations involving BONY.
It is not difficult to understand why there is great frustration for people trying to deal with Russia under the alleged leadership of the drunken Yeltsin, who seldom seems to know what is going on, or care.
Many Americans would like to try to help the long-suffering Russian people with investments, loans and other aids so their sorry economy can begin functioning more productively and the general populace will benefit. But how can money be channeled into the proper places to get that done? Further complicating the project is the rising crime activity with Russian officials and members of the nation's vicious and effective organized crime elements. There is growing evidence that the Russian "mafia" has become far more refined than even some of the more celebrated Italian mafioso of the past. People trying to do business in Russia tell horror stories galore about having to deal with criminals. The assassination rate in the country is staggering. The killings tied to the "mafia" and its minions are so numerous, at high and low levels, that fewer than 10 percent are ever solved and arrests and convictions of guilty people are joked about by many.
Now we have evidence that Russia, some of its officials and members of its crime families, are using American banks to attain various goals. And using international funds designed to help the country to do so.
The Bank of New York is understandably embarrassed by what seems to have happened, with criminals laundering money through its vaults. It is not difficult to see, considering the outreach of Russian criminals, how one or two well-placed executives could manage such a feat, because so many operate on trust in the banking field and want to believe the best.
The end result, of course, is that people are inclined to distrust even the biggest and most influential banks even if they are guilt-free. When the Bank of New York can be scammed and used by criminals, what impact is being made in other venues of banking? And what role do Yeltsin people have in all this?
This is just one of the latest in a sad series of revelations about how well-intentioned money activities in the United States are being abused. Only recently we have learned that more than $1 billion earmarked for help in ailing Bosnia has been misused, stolen and wasted by people who are supposed to be accomplishing positive things.
According to FBI documents, much of the laundered money in the Bank of New York scandal came from prostitution rings in Europe, weapons manufacturing plants in Hungary and the sale of fraudulently obtained art and jewelry that once belonged to Russia's Jewish community.
It is highly unlikely the floundering Boris Yeltsin can or will even try to do anything about this travesty. So it is up to the banks, American officials and law enforcement people to take charge and react firmly.
People are suspicious enough of "big money," bankers and economic officials without allowing Russian criminals to wheel and deal through our coffers with their ill-gotten gain.
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