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Riggs National Bank

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BUSINESS
November 3, 1987 | From Reuters
Riggs National Bank, the largest bank based in Washington, D.C., cut its prime rate by a quarter point to 8.75% Monday, but no other bank immediately followed suit. Banks contacted by Reuters said they had no comment on the Riggs move down from the industrywide level of 9%. The bank is not known as a leader in the area of interest rates and is much smaller than the big city banks that normally lead the way.
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WORLD
March 30, 2005 | From Times Wire Reports
A federal judge approved a $16-million criminal fine against Riggs Bank for failing to report suspicious transactions involving foreigners. Riggs' admitted misconduct included dealings with former Chilean dictator Augusto Pinochet. A federal prosecutor said new charges would be brought against individuals involved in the Riggs affair, based in large part on information obtained through the bank's cooperation in the investigation.
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BUSINESS
April 30, 1988 | From Reuters
A quarter point increase Friday in the prime lending rate charged by Riggs National Bank of Washington appears anticipatory, but it underscores the sentiment in financial markets that interest rates are headed higher. Riggs, a unit of Riggs National Corp., said the increase to 8.75% "was the result of upward trends in interest rates and higher costs of funds." Riggs, about the 75th-largest among U.S.
BUSINESS
January 28, 2005 | From Reuters
Riggs Bank pleaded guilty to a criminal violation of the Bank Secrecy Act, a U.S. anti-money- laundering law, and agreed to pay $16 million for failing to report suspicious activity in accounts held by former Chilean dictator Augusto Pinochet and Equatorial Guinea officials. In federal court, Riggs also agreed to a five-year probation deal with the Justice Department, which can be terminated if the bank is sold. Riggs' parent company, Riggs National Corp.
WORLD
March 30, 2005 | From Times Wire Reports
A federal judge approved a $16-million criminal fine against Riggs Bank for failing to report suspicious transactions involving foreigners. Riggs' admitted misconduct included dealings with former Chilean dictator Augusto Pinochet. A federal prosecutor said new charges would be brought against individuals involved in the Riggs affair, based in large part on information obtained through the bank's cooperation in the investigation.
WORLD
July 28, 2004 | From Times Wire Reports
Lawyers for former Chilean dictator Augusto Pinochet say they have begun to audit his assets to determine the origin of millions of dollars he kept in secret accounts in Washington-based Riggs Bank. A Chilean court opened an investigation last week into Pinochet's finances after a human rights lawyer lodged fraud accusations based on information from a U.S. Senate probe of the bank. The inquiry found that Pinochet accounts held $4 million to $8 million from 1994 to 2002.
BUSINESS
January 28, 2005 | From Reuters
Riggs Bank pleaded guilty to a criminal violation of the Bank Secrecy Act, a U.S. anti-money- laundering law, and agreed to pay $16 million for failing to report suspicious activity in accounts held by former Chilean dictator Augusto Pinochet and Equatorial Guinea officials. In federal court, Riggs also agreed to a five-year probation deal with the Justice Department, which can be terminated if the bank is sold. Riggs' parent company, Riggs National Corp.
BUSINESS
October 12, 1985 | Associated Press
The Treasury Department announced Friday that Riggs National Bank of the District of Columbia had agreed to pay a $269,750 civil penalty for failing to report large currency transactions. Officials said that Riggs, the largest bank in Washington, had committed 1,226 reporting violations from 1980 to 1985. The bank could have faced a maximum fine of $1.23 million--$1,000 for each violation.
BUSINESS
April 30, 1988 | Associated Press
Bond prices were pushed and pulled by speculation over interest rates and rumors of a stock-bond swap Friday before ending the session narrowly lower. Riggs National Bank of Washington raised its prime lending rate to 8.75% from 8.5%. Analysts said the increase came as no real surprise, given the recent rise of open-market money rates that help determine banks' cost of funds, and no large money center banks moved to match it.
BUSINESS
August 2, 1991 | From Times Staff and Wire Services
California regulators' order that financier Joe L. Allbritton repay $12 million in "illegal dividends" from his Pierce National Life Insurance Co. of Los Angeles may have figured in Allbritton's decision to sell his prized Pierce Bros. funeral home chain. Allbritton, chairman of Riggs National Bank, agreed last week to sell the regional chain of 60 funeral homes and nine cemeteries that was one of the foundation stones of his financial edifice.
WORLD
July 28, 2004 | From Times Wire Reports
Lawyers for former Chilean dictator Augusto Pinochet say they have begun to audit his assets to determine the origin of millions of dollars he kept in secret accounts in Washington-based Riggs Bank. A Chilean court opened an investigation last week into Pinochet's finances after a human rights lawyer lodged fraud accusations based on information from a U.S. Senate probe of the bank. The inquiry found that Pinochet accounts held $4 million to $8 million from 1994 to 2002.
BUSINESS
April 30, 1988 | From Reuters
A quarter point increase Friday in the prime lending rate charged by Riggs National Bank of Washington appears anticipatory, but it underscores the sentiment in financial markets that interest rates are headed higher. Riggs, a unit of Riggs National Corp., said the increase to 8.75% "was the result of upward trends in interest rates and higher costs of funds." Riggs, about the 75th-largest among U.S.
BUSINESS
November 3, 1987 | From Reuters
Riggs National Bank, the largest bank based in Washington, D.C., cut its prime rate by a quarter point to 8.75% Monday, but no other bank immediately followed suit. Banks contacted by Reuters said they had no comment on the Riggs move down from the industrywide level of 9%. The bank is not known as a leader in the area of interest rates and is much smaller than the big city banks that normally lead the way.
NEWS
January 26, 1993 | RONALD J. OSTROW, TIMES STAFF WRITER
Acting Atty. Gen. Stuart M. Gerson tried Monday to calm the dispute between FBI Director William S. Sessions and the Justice Department over a highly critical department investigation of Sessions. But even as Gerson was predicting in an interview that "temperatures should cool a little," Sessions distributed to congressional offices a two-page statement by a Texas civil rights attorney urging support of Sessions' "fight against these neo-Nazis within the Justice Department."
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