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Ivan Boesky and the Mossad Arms Smuggling Connection

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Ivan Boesky and the Mossad Arms Smuggling Connection Click here for Full Issue of EIR Volume 13, Number 48, December 5, 1986 Ivan Boesky and the Mossad arms smuggling connection by Joseph Brewda When Wall Street corporate raider Ivan Boesky was indicted Suisse and the Wall Street finn Merrill Lynch, moreover, for "insider trading," on Nov. 14, EIR's would-be journal­ which managed the sanctioned Mossad-NSC armssmuggling istic competitors insisted that Boesky was an "outsider," to Iran. whose spectacular criminalscams in no way typifiedstandard Wall Street practices. Despite the fact that Boesky's opera­ tions were dependent on a $1 billion-plus credit line from the elite Drexel Burnham investment house, and had the active cooperation of such powerful establishment firms as Merrill Lynch and First Boston Corporation, Boesky was repeatedly termed a "maverick." The insider trading One year earlier, these same media parroted similarly absurd claims by the U.S. State Department and Israeli gov­ system and 'Dope, Inc.' ernment that U.S. Naval intelligence employee Jonathan Jay Pollard was only acting as a "rogue operative," when he was The Securities and Exchange Commission can now prove, caught red-handed delivering U.S. classified documents to if it wants to, that Dennis B. Levine, late of Drexel Burn­ the Israeli embassy in Washington last November. ham Lambert, was merely doing his job in passing insider In fact, Mossad spy Jonathan Pollard and Ivan Boesky information to Ivan Boesky and other arbitrageurs. have much more in common than being victims of the stan­ Whether he knew he was doing his job, or merely thought dardintelligence-agency and banking-house trick of portray­ that he was cheating the house, is irrelevant, and might be ing one's captured underling as an "unsanctioned rogue." It impossible to determine. However, U.S. Attorney Ru­ is this ignored,common feature of Pollard and Boesky cases, . dolph Giuliani is now investigating what has been obvious taken in the context of the breaking scandals surroundmg to market participantsall along, namely, that Drexel made U.S. National Security Council-Israeli Mossad arms smug­ a habit of leaking information about hostile takeovers to gling to Iran, which indicates the actual magnitude of Boes­ the "arbs," in order to build up a market avalanche to crush ky's arrest. the defending management. By all rights, Boesky could have been indicted a year ago "Investors" do not, in general, buy junk bonds to ob� November when Pollard was nailed as a spy. He could have tain the high interest rates. Buying junk bonds is the pen­ been nailed when Israeli Gen. Avraham Bar-Am was indicted alty that participants in a takeover syndicate cough up, in by the U.S. Justice Department last April with 16 British, order to participate in the syndicate. Michael Milkin of Israeli, German, U.S., and Greek nationals for conspiring to Drexel's Beverly Hills office-sometimes referred to as ship over $2 billion in arms to Iran. the king of the junk-bond market-depends on the "arbs" Despite his depiction as a mere greedy scam artIst, Boes­ to sell his high-interest, high-risk paper. Of course, there ky was right in the middle of the "Israeli Mafia" Wall Street are a few bankrupt savings and loans who have nothing to financial apparatus. That network was exposed in a special lose, and will take the risk to obtain the high return. More report published by EIR last March, "Ariel Sharon and the often, the S&Ls or insurance companies who buy junk Israeli Mafia." That report, as well as subsequent EIR cov­ paper are captive cash sources for the syndicate. erage, proved that the Israeli Mafia-Mossad n�twork of for­ "Insider trading" is the premise of the entire business. mer Israeli Defense Minister Ariel Sharon, partIallyrevealed Milkin sits in his office with a short list of heavy hitters, by Boesky'sarrest, also controlledJonathan Pollard and Bar­ capable of picking up 1 to 5% of any deal he brings to Am. It is this banking apparatus, prominently including the networkmutually controlled by the Swiss bankinggiant Credit 6 Economics EIR December 5, 1986 © 1986 EIR News Service Inc. All Rights Reserved. Reproduction in whole or in part without permission strictly prohibited. Who is Ivan Boesky? instrumental to his subsequent career. Fisher, a one-time When Ivan Boesky was indicted on Nov. 14 for insider bagman for the Cleveland-Detroit-based Purple Gang, has trading, and agreed to pay $100 million in finesand cooperate been a key money launderer to Israel, and involved in the with federal authorities, little attention was paid to the actual dope trade for decades. Through the financing of his in-laws, basis for his rise to the status of a "daring" Wall Street scam Boesky parlayed a small New York investment firm, Ivan artist. Boesky, a son of a Detroit delicatessen owner, first Boesky and Company, from a fledgling scam in 1975 to the made his connections in the early 1960s, when he was em­ premier corporate raider outfit in 1986. ployed by the United States Information Agency (USIA) in As the Boesky case broke, anxious press accounts noted Teheran, Iran. It is believed, but not yet confirmed, that that Boesky's credit lines extended from Wall Street's Drexel Boesky firstmade contact with Mossad arms smuggler Yacob Burnham, and that that financial house also has been the Nimrodi in Teheran in that period. Nimrodi, who was a main backer of the equally "daring" corporate raiders Meshulam weapons supplier for the Shah (just as he now is for Khom­ Riklis, Victor Posner, and Carl Linder. All of the members eini), was a central figure in General Bar-Am's arms smug­ of this ring are both Fisher-tied and frequent partners of gling ring (see EIR, Vol. 13, No. 19, May 9, 1986). Boesky in various corporate raids. The network includes: Boesky's marriage into the Silberstein family, a family • Meshulam Riklis, owner of Rapid American Corpo­ tied to the notorious mafia kingpin Max Fisher, was also ration and the funder of Gen. Ariel Sharon's political cam- them. With this list, he can (or could) put together multi­ ties and Exchange Commission. But where does their billion-dollar financingfor hostile or other takeovers, fast­ ready cash materialize from? That is where Drexel's spe­ er than the largest banks could offer the same money in cial role leads the investigator to the $500 billion per the form of bank loans. annum flow of new dirty money into the markets. Drexel The people who buy Milkin's junk paper have huge is controlled by the Lambert family, the Belgian Roth­ amounts of ready cash to commit, and, as a pack, can act schild cousins; through their holding company, Pargesa, faster than the largest commercial banks. These people do in Switzerland, and Pargesa's ties to Banque Paribas, not intend to make money by holding high-interest paper; France's largest banque d' affaires, they play a prominent they make money on the stock market, the way Ivan Boes­ role in the Swiss-Italian insurance combine. The Lamberts ky did. Most of their names are well known; they are have a seat on the board of the Italian insurance giant, market operators, often with a loose organized-crime as­ Assicurazioni Generali of Trieste, possibly reflectingPar­ sociation, who elbowed their way into control of major ibas' substantial shareholding in the Generali. corporations. The top of Milkin's list reads: "This monster has devoured North American fi­ LawrenceTisch (Loewe's Corporation, and now CBS); nance," Jeffrey Steinberg and this writer wrote in the Saul Steinberg (Reliance Insurance, and various British second edition of the bestselling textbook on narcotics merchant-bank connections); Kirk Kerkorian (MGM); Carl traffic, Dope, Inc. We noted that $50 billion entered the leahn (TWA); Victor Posner (Sharon Steel); Carl Lindner United States during 1985 in the form of "errors and omis­ (Great American Insurance); T. Boone Pickens (Mesa sions," i.e., untraceable capital transactions. Since the Petroleum); the Belzberg brothers (Vancouver); Meshu­ Treasury made reporting of foreign purchases of U.S. lam Riklis (Rapid-American); Marvin Davis (20th-Cen­ securities voluntary, following staff cuts, U. S. officials tury Fox); Charles and Herbert Allen (Allen and Co.); believe that most of the errors and omissions reflect unre­ Maxwell Rabb (currently U.S. Ambassador to Italy); Sir ported securities purchases from offshore funds, and that James Goldsmith (Generale Occidentale); Sir James Han­ the source of most of these funds is the $500 billion inter­ son (Hanson Trust); Kenneth Bialkin (Wilkie Farr Gal­ national narcotics traffic. lagher, and Warburg-Pincus); and various savings and Not merely the takeover syndicate, but the U.S. Trea­ loans, insurance companies, mutual funds, and other sury, now depends on America's $150 billion a year in money-dumps associated with them. foreign borrowings. Why should the Drexel syndicate These men all know each other, do deals together, function differently? It merely happens that, while Japa­ take participations of each others' companies, socialize nese institutions buy Treasurysecurities, the networkwhich together, and (very possibly) will do time together. includes Ivan Boesky depends on access to the sources of Afterone of the pack has targeted a company, offshore dubious cash channeled by the likes of Drexel Burnham, funds covertly purchase stock, usually below the 5% mark, Merrill Lynch, and First Boston. after which shareholdings must be reported to the Securi- -David Goldman EIR December 5, 1986 Economics 7 paigns. Riklis is at the center of arms smuggling to Iran. banks have been at the center of laundering funds for U.S. • Carl Lindner, the Christian fundamentalist former National Security Council-protected Israeli arms sales to Iran.
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