September 11 Commission Report - Gnostic Liberation Front

dope money laundries, including Grupo Financiero Bancomer which was reportedly involved in a
federal "sting" resulting in indictments May 19, 1998. [www.usdoj.gov/criminal/tost8ind.htm]
Bancomer with branches in New York and Los Angeles reportedly operates through Harris Bank, by
postal and wire transmissions, in what is called tri-national cash management system of Harris. The
prosecutions were called "Operation Casablanca". The Chicago Tribune, sensitive to bank scandals,
played down Bancomer's problem. (Head of Tribune Company for many years was board chairman of
the Federal Reserve District Bank in Chicago.) "[Clinton's Money Laundry, Sherman H. Skolnick,
June 13, 1999]
The third major group that would invest in Barrick in a significant way did so rather
surreptitiously. In 1994, the controlling shareholder of Barrick was Horsham. The
President of Horsham was Tariq Kadri, Khashoggi’s long-time lawyer. That year,
Horsham joined with Argo Partnership (in which J.P. Morgan had a partnership interest),
and acquired controlling interest of Trizec Corp. In 1996, Horsham acquired the
remaining equity in Trizec Corp, and merged with Argo to become TrizecHahn
Corporation – which became the controlling shareholder of Barrick with about 16% of its
stock. A subsequent investigation by Donald W Doyle (CEO of Blanchard & Company)
showed that Argo was owned jointly by JP Morgan Capital Corp and JP Morgan
Securities Inc. The Managing Director of JP Morgan Capital Corp. was appointed to the
Board of Directors of TrizecHahn, which in turn controlled Barrick. JP Morgan in turn,
has a vested interest in Citibank, which was also reported to be one of the larger
recipients of illegal gold from Marcos.
"Citibank's largest stockholder was J. P. Morgan, which in December 2000 merged with Chase
Manhattan to form the all-powerful J. P. Morgan Chase. Bankers Trust was a J. P. Morgan creation
from day one." [Nexus Magazine, Volume 10, Number 6 (October-November 2003), David G.
Guyatt]
The three major investment groups associated with Barrick each have a history of being
linked – but not convicted – with money laundering schemes and illegal money
movements. Should the convergence of these three groups in the financial control of
Barrick be considered coincidental?
Step 3: Create credibility for the company by giving it the reserves large enough to
accommodate the appearance of being able to support large volume.
If a new gold mining and producing company was going to be required to sell futures in
the magnitude of $10 to $30 billion, it would need to demonstrate significant reserves to
provide a credible offering in the international marketplace. In 1983 Barrick Gold Corp.
was a start-up company with a single mine in Canada and a founder with no experience in
the gold business – Peter Munk. According to his biography in the Canadian Mining Hall
of Fame:
"…in 1983 … he bought a stake in an Alaskan placer mine and half the Renabie mine in Ontario. Gold
production was a mere 3,000 oz. that year; revenue, roughly $1.7 million. He then purchased the
Camflo mine in Quebec, which gave him a stellar technical team led by mining engineer Robert Smith.
Munk then turned his attention to a Nevada heap-leach project producing a mere 40,000 oz. gold each
year. The industry doubted its potential…"[Canadian Mining Hall of Fame]
THE SEPTEMBER 11 COMMISSION REPORT Page 170