Riadys drop plan to buy U.S. bank<\/p>\n
NEW YORK (AP): Longtime Indonesian supporters of President
\nBill Clinton dropped their plan to buy a California bank after
\ntheir family's name was linked to the Democratic Party campaign
\nfinance scandal, The New York Times reported yesterday.<\/p>\n
Business associates told the Times that the Riady family
\ndecided to postpone the deal, which would have run into the
\nbillions of dollars, because it feared its strong ties to China
\nand history of regulatory problems with other banks it owned in
\nthis country would become embroiled in the scandal.<\/p>\n
The family had decided it needed to control a bank accessible
\nto the West Coast residents it hopes to do business with in
\nIndonesia, China, and elsewhere in Asia, Riady associates told
\nthe newspaper.<\/p>\n
Family members were in the process of contacting banks in
\nCalifornia about a purchase when the campaign finance scandal
\nsurfaced.<\/p>\n
The Riadys and their U.S. representative, John Huang, have
\nbeen the focus of campaign finance inquiries since it was
\ndisclosed that the Indonesian family used its influence to get
\nHuang a job in the U.S. Commerce Department.<\/p>\n
The report that the Riadys planned to invest hundreds of
\nmillions of dollars in the bank was the first indication the
\nfamily might have required the help of government agencies and
\nregulators.<\/p>\n
It was previously unclear why the family would want to
\ninfluence Washington, except to impress colleagues back home with
\nits U.S. connections, according to the report.<\/p>\n
The White House special counsel, Lanny Davis, told the
\nnewspaper he "did not have the ability today" to determine
\nwhether President Clinton or first lady Hillary Rodham Clinton
\nwere aware that the Riadys intended to buy a bank.<\/p>\n
The acquisition also would have required approval from
\nregulators who had repeatedly criticized the Riadys' banking
\npractices over the past decade.<\/p>",
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"sponsor": "Okusi Associates",
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