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Information about Bert Lance

Thomas Bertram Lance, known as Bert Lance, (Born June 3, 1931 in Gainesville, Georgia) is an American businessman, known mainly for his resignation from President Jimmy Carter's administration amid scandal in 1977.

Carter administration

Lance was a close adviser to Jimmy Carter during Carter's successful 1976 campaign. After Carter's victory over President Gerald Ford, Lance was named director of the Office of Management and the Budget (OMB). According to former OMB officials, it was well-known in the department that Bert Lance and President Carter prayed together every morning.

Within six months, questions were raised by the press and Congress about mismanagement and corruption when Lance was Chairman of the Board of Calhoun National Bank of Calhoun, Georgia. William Safire's article written during this time, Carter's Broken Lance, later earned a Pulitzer Prize.

This embarrassment to Carter's administration, particularly as it came in the wake of the Watergate scandal and an election victory over Richard Nixon's pardoner, led to Lance resigning as OMB director on September 21, 1977.

In the highly publicized trial that followed, Mr. Lance was acquitted of all charges. In 1981, Lance returned to the Calhoun National Bank, again as Chairman. He left in 1986.

BCCI scandal

Lance was implicated in the BCCI scandal of the 1980s and early 1990s. He was involved in deals with notable BCCI luminaries Agha Hasan Abedi, Mochtar Riady and Ghaith Pharaon[1] and P. S. Prasad[2], and joined with Arkansas-based power investor Jackson Stephens in facilitating BCCI's takeover of Financial General Bankshares. Lance and Stephens made millions in the wake of BCCI's collapse.[3]

Popular references

On Saturday Night Live, soon after Lance's resignation from the Carter Administration, John Belushi (playing Lance) and Dan Aykroyd (playing Jimmy Carter) appeared in an advertising parody of an American Express credit card commercial. [4]

References

1. ^ [1]
2. ^ [2]
3. ^ New York Post, Feb. 7, 1992, Bill Clinton Banker’s BCCI Link, by Mike McAlary
4. ^ [3]


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James Earl "Jimmy" Carter, Jr. (born October 1, 1924) was the thirty-ninth President of the United States from 1977 to 1981, and winner of the Nobel Peace Prize in 2002. Prior to becoming president, Carter served two terms in the Georgia Senate, and was the 76th Governor of Georgia
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William Safire receiving the 2006 Presidential Medal of Freedom
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    Agha Hasan Abedi (May 14 1922, Lucknow - Aug 5 1995, Karachi) was a leading banker in Pakistan. He founded the Bank of Credit and Commerce International (BCCI) in 1972. BCCI, at one point the seventh largest private bank in the world, collapsed in 1991 after an international effort
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    Ghaith Rashad Pharaon, (b. September 7, 1940 in Riyadh (or by varying accounts, Jeddah or Onaira), Saudi Arabia) is a prominent Saudi businessman and financier, as well as a fugitive from judicial inquiries in several countries, most notably for his role in the BCCI scandal.
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