Kerrys Panel Follows The Currency In Questions From Iran to Mexico
The Massachusetts Democrat is wielding his gavel with an investigative zeal, and plans to take on Irans nuclear program, gun-running on the Mexican border, terrorism, narcotics and human trafficking, all through the prism of money laundering. He has hired a former investigative reporter, an ex-CIA agent and a one-time managing director of Bear Stearns Cos. LLC to help him.
“There are lots of big pieces out there that depend on money moving,” he said in an interview in his office in the Senate, where he is serving his 24th year.
Kerry, who was a prosecutor and attorney in Massachusetts before starting his political career in 1982, said the lack of congressional oversight during the Bush administration left behind a target-rich environment for his panel. The Treasury Department “has its hands full” and is “inadequately resourced” to pursue these inquiries, he said.
“For the last eight years weve had an administration that has done its utmost to protect, hide, obfuscate, neglect, void, simply not even care about these issues,” said Kerry, 65.
The results of his investigations could help Kerry recover some of the prominence he lost after 2004, when he was the Democratic presidential nominee and failed to unseat George W. Bush. He took over the committee chairmanship in January after his predecessor, Senator Joe Biden of Delaware, became vice president.
Springboard
“A good investigation that leads to drawing a lot of attention to an important issue is always a springboard for a lawmaker to be a player,” said Michael Franc, vice president of government relations at the Heritage Foundation, a group in Washington that helps form policy for Republicans.
The wide mandate Kerry has set for his panel, though, creates an expectation for significant results. It also opens the possibility that his agenda will collide with that of President Barack Obama or cause friction with other agencies specifically charged with conducting investigations.
“Theres more than enough to go around,” he said. “If I can cooperate with somebody, I will cooperate with them completely.”
Since becoming chairman, Kerry has taken the committee to El Paso, Texas, for a hearing about violence along the U.S.- Mexico border.
Iran Report
His new role will be similar to one he played in an earlier era of his Senate career, when he led investigations into the Iran-Contra scandal, and former Panamanian President Manuel Noriegas ties to drug trafficking and the 1991 collapse of Bank of Credit and Commerce International.
The congressional probes, Kerry said, help the public understand why these issues matter to them.
“You have to give people a reason to act,” Kerry said.
Investigative Reporter
To carry out his mission, Kerry has hired Douglas Frantz, a former managing editor for the Los Angeles Times and one-time investigative reporter for the New York Times. He is a co-author of books including one on Pakistani nuclear scientist Abdul Qadeer Khan, who five years ago admitted selling bomb technology to Iran, Libya and North Korea.
Another staffer is Heidi Crebo-Rediker, who previously worked at New York-based banks such as Bear Stearns, Lehman Brothers Holdings Inc. and Merrill Lynch & Co. She will examine global financial transactions and issues such as offshore tax havens, Kerry said.
“She can look at these financial instruments that traverse around the world,” Kerry said. “She can look at interlocking directors and boards and corporate entities, look behind sham transactions.”