| The Organized Criminal Activities of the Bank of Credit and Commerce International: Essays and Documentation: In Memoriam David Whitby Contributor(s): Block, A. (Editor) |
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ISBN: 0792370627 ISBN-13: 9780792370628 Publisher: Springer OUR PRICE: $104.49 Product Type: Hardcover - Other Formats Published: October 2001 Annotation: The Bank of Credit and Commerce International (BCCI), which perpetrated the "biggest bank fraud in history," was founded by Agha Hassan Abedi and initially registered in Luxembourg in 1972. Its other center of operations was the Cayman Islands and eventually it operated in 73 counries. In the summer of 1991, it was shuttered by the Bank of England. Its many crimes included illegally buying American banks using "straw men" and courting powerful American politicos, laundering drug profits, plundering deposits to conceal grotesque losses on treasury trading, and making illicit loans totaling around a billion dollars that were not expected to be serviced. BCCI also ran accounts for both international terrorists and several national Intelligence Services. What follows in this book are essays dealing with certain aspects of BCCI's misbehaviour and various odd structures, as well as a most important document from Luxembourg's Civil Court, detailing charges against BCCI's auditor, Price Waterhouse subsequently PricewaterhouseCoopers. Readership: advanced students, researchers, attorneys and accountants interested in transnational financial crime. |
| Additional Information |
| BISAC Categories: - Business & Economics | Corporate & Business History - General - Business & Economics | Banks & Banking - Social Science | Criminology |
| Dewey: 320 |
| LCCN: 2001038219 |
| Physical Information: 0.5" H x 6.14" W x 9.21" (0.96 lbs) 176 pages |
| Descriptions, Reviews, Etc. |
| Publisher Description: face. As myoid boss when I joined the discout market - who had worked as a "bond-salesman" on Wall Street during the "Great Crash" of 1929, through the Credit Anstalt crash, and served in British military intelligence during the Second World War - always used to say: "Remember The telephone is not a secure instrument. " During the 1960s, foreign banks had flooded into London in pursuit of Eurodollar deposits. Arabs were spending their new found oil wealth in West End casinos. Ex- change Control regulations were tight. In 1971, when our story begins, new "banks" on the fringe took advantage of the property boom, fuelled by Tory Chancellor Barber's first Budget. The discount houses (whose functions and special privileges at the Bank were soon arcane) became active traders in US dollar and foreign currency paper, and took stakes in the new money brokers (or "barrow boys," as the snobs called them, since the sharpest brokers were mainly Cockney Eastenders). While the "gentleman's club" was quickly being replaced by the fast growing "interbank swaps" market (now LIFFE), the discount houses had found a new role to pla- opening representative offices overseas (Gillett Brothers, where I was then chairman, in Southern Africa, UAE, Australia and Singapore, with brokering subsidiaries in Europe, Far East, and North America) - gathering market intelligence around the world, as the invisible "eyes and ears" of the Bank of England. |