This report examines the existence of a CIA ‘black budget’ and an extensive network of ‘deep black projects’ that it funds. The report identifies the legal framework established by the US Congress for the creation of a CIA ‘black budget’ from the appropriations earmarked for other federal agencies that are siphoned through the CIA as the sole conduit of black budget funds.
The report investigates the legal challenges to the constitutionality of the CIA’s black budget; how the CIA uses its legal authority to extract appropriations from government agencies such as HUD; how the CIA launders non-appropriated money through other federal agencies; and the efforts the CIA goes to prevent these financial transfers from being exposed. Using as a case study the legal difficulties faced by an innovative mortgage finance company, Hamilton Securities, the report will argue that the CIA’s covert role in Hamilton’s demise is compelling evidence that the CIA was involved in funding irregularities in HUD.
It will be finally argued that the size of black budget, the secrecy surrounding it, the extent senior officials in Federal agencies go to targeting individuals and companies that threaten to reveal where congressional appropriations are ultimately going, suggest a vast number of ‘deep black projects’ that collectively form a highly classified second Manhattan Project whose existence, goals and budget are kept secret....http://www1.american.edu/salla/Articles/BB-CIA.htm