and White House to check them out, but Abbes forbade me
to do any checking: He said the only checking would be by Hutton &
Co.'s president Pierce through Barbara Bush to her husband the VP, and
then later he told me we had not just their approval but their
encouragement.
3: Paragraph 51 But the reason IDP had come to the Trust Company
then, as they told us, was that they couldn't pry any money loose from
the pension funds -- remember I said that's where most of the investment
money in the country is, but the trustees have to meet the high
standards the law imposes on fiduciaries -- so they'd gone looking for
money overseas and found some: The royal family of Saudi Arabia had a
lot of money to invest but couldn't be seen to do so because of the
Islamic prohibition against usury, so they had created something called
the Crusader Trust, run by one of the big Swiss banks fronting for them.
The Crusader Trust was willing to lend IDP $100 million for some number
of years I've forgotten now, but the Swiss bank insisted on having an
American financial institution hold the bag, and IDP had been up one
side of Wall Street and down the other and been turned down everywhere.
Then Bush asked Pierce to have Hutton do it, and Fomon agreed and told
Abbes to take care of it. It was, of course, a personal trust, so it
fell squarely in my lap, and I had most of the dealings with IDP.
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