BANKING: More on Riggs
In the midst of being in a lot trouble (a $25 million fine for international money laundering, a Senate report finding that it helped former Chilean dictator Augusto Pinochet hide funds) it seems that Riggs Bank is looking for a fresh start. The Washington Business Journal is reporting that Riggs could be sold this week for $700 million. Rumblings about the deal have sent Riggs stock up to a 52-week high. Potential buyers include KeyCorp., PNC Bank, National City, Wachovia and BB&T.
So is the lesson here: Help former Chilean dictators and see your stock price rise? I'm not sure.
"Riggs rises on more takeover talk" [Washington Business Journal]
"Riggs Helped Chilean Dictator Hide Funds" [Oculus]