Editing Dale Holmgren (section)

==CIA Covert Operations and Nugan Hand==
The Nugan Hand Bank’s operations have long been suspected of serving as a CIA front for covert activities, with Holmgren’s involvement adding to the speculation. Several factors support this hypothesis:
===Intelligence-Linked Personnel===
Holmgren’s CAT background, Hand’s Air America service, and the involvement of figures like McDonald and Colby created a network of former intelligence operatives. This concentration suggested either a deliberate CIA operation or a private venture exploiting intelligence connections.
===Illicit Financial Activities===
Nugan Hand’s documented involvement in drug trafficking and arms deals, such as funding Angola’s UNITA rebels, aligned with historical CIA practices of using untraceable funds for anti-communist operations. The bank’s resemblance to the failed Castle Bank & Trust, another alleged CIA-linked entity, further fueled suspicions.
===Operational Secrecy===
The destruction of records after Nugan’s death and the U.S. government’s refusal to release CIA documents, citing national security, hindered investigations. The Stewart Royal Commission noted the bank’s “unique” structure and intelligence ties but stopped short of confirming direct CIA control, blaming Nugan and Hand for the criminal activities.
===Holmgren’s Strategic Role===
As Taiwan representative, Holmgren operated in a region critical to U.S. intelligence interests, where CAT had been based. His role likely involved leveraging his regional expertise to facilitate financial transactions, though whether he was fully aware of the bank’s illicit scope remains unclear.

Critics argue that Holmgren and other intelligence veterans may have been hired for their expertise, unaware of Nugan Hand’s full criminal extent. However, the bank’s pattern of operations, its drug and arms connections, and the lack of accountability for figures like Holmgren suggest either complicity or willful ignorance. The collapse of Nugan Hand in 1980, with a $50 million shortfall and widespread banking violations, exposed its criminality, but Holmgren and other U.S. associates faced no legal repercussions, raising questions about potential CIA protection.