BCCI and Iran Contra
John Kerry's record as a top investigator continues to pay dividends. Kerry was involved in unmasking corruption in BCCI. BCCI was used to fund Iran-Contra, and laundered money for Mr. Ghorbanifar.
Tom Morganthau, Douglas Waller, Rich Thomas, and Steven Waldman, The CIA and BCCI, Newsweek, 8/12/91
Press accounts also speculated about the possibility of a BCCI connection to the Iran-contra affair. Richard Secord, the retired Air Force major general who was Oliver North's principal associate in Iran-contra, flatly denied that he or North used BCCI -- although it was true, Secord told NEWSWEEK, that the "enterprise" got one or two checks drawn on a BCCI account from Manucher Ghorbanifar, an Iranian arms dealer who played middleman during the Reagan administration's covert attempts to negotiate the release of U.S. hostages in Lebanon with the Iranian government.Daniel at Crooked Timber puts it best: "The fact that George W Bush borrowed money from BCCI in 1987 but John Kerry launched the investigation in 1988 that eventually brought them down really says about all you need to know about the character of the two men."