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US needs loan assurance
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September 21, 1999: 7:42 p.m. ET
US will only back IMF loans to Russia with anti-fraud guarantee
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WASHINGTON (CNNfn) - Treasury Secretary Lawrence Summers said Tuesday there's no hard evidence that money from the International Monetary Fund sent to Russia was stolen or misused in any other way.
Summers made his remarks during more than two hours of testimony before the House Banking Committee, which is holding hearings on corruption in Russia, and allegations of money laundering involving the Bank of New York.
Summers said the United States would not back any new IMF loans to Russia unless administration officials receive assurances the money will be safeguarded from possible fraudulent use.
In more than seven hours of testimony, the committee also heard testimony from a series of former law enforcement and security personnel -- including former members of the Soviet KGB and the CIA.
Former CIA chief James Woolsey told the panel average Russians now view Americans as "supporting of the system and the individuals who are exploiting them." Other witnesses told of allegations of financial fraud -- ranging from tax evasion to money laundering.
The committee continues its hearings on Wednesday, when one of the key witnesses will be Thomas Renyi, the chairman and chief executive officer of the Bank of New York.
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Treasury Dept.
IMF
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