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Lecture 3

CC212 Lecture 3: Black Money movie

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Wilfrid Laurier University
Christopher Anderson

Black Money movie (PBS Frontline) BAE systems • CEO detained by US government • Crack down on corruption, bribery • Started with an $80 million dollar arms deal • Prince Bandar (Bandar Bush), shrude business maker, friend to princes and presidents • Close to the US and UK government • 1985, tasked with getting new fighter jets for Saudi Arabia • Easier to buy this equipment from the British then the US • Deal was called “The Dove” • They paid for the arms with oil, secrecy fueled suspicion from the Saudi royal family • The quality of life for the Prince of Saudi (cousin to Bandar) improved dramatically, money was no longer an issue. Mansions, cars • From then on, all the bills for Peter Gardners services (hotels, cars, shopping) went to BAE • BAE paid for prince Bandar’s cousin’s 2 month around the world honeymoon • Revelations of corruption from the Watergate hearings made bribery illegal in the US • Money was paid to Nixon’s campaign for re-election, money came directly out of the country’s funds • These funds were being used to bribe officials over sees in connection with American companies as well as Nixon’s campaign. Companies deducted bribes as regular expenses • Congress passed the FCPA making it illegal to bribe to get business • Americans went abroad and had difficulty doing business because they knew they could get arrested • Culture had not changed, companies still got away with it, they were more careful about how it happened. • Spent 21 years in the CIA bribing • US government took the case against bribery to Paris because corporations were saying they were at a disadvantage • Took 10 years to get to the anti bribery treaty, practice wasn’t going away • Companies like BAE started finding more secret ways to bribe • BAE knew they had a problem at this point, a reporter was on their trail, Peter Gardner became a confidential source • Had thousands of documents that showed insane amounts of money being thrown around • BAE paid $60 million dollars to cover the accounts for Bandar’s cousin, prince T
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