Click on our Secret Library of Evidence ------>

    BANKILEAKS Secret Library

Loan Application Forms (LAF's)  

    Bank Emails to Brokers  

    Then Click on 'VIEW NOTEBOOK'

Join us on facebook

facebook3           facebook2 


What BFCSA Does...

BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.


Articles View Hits

Whistleblowers' Corner!

To all mortgage brokers, BDMs and loan approval officers! 
Pls Call Denise: 0401 642 344 

"Confidentiality is assured."

Cartoon Corner

Lighten your load today and "Laugh all the way to the bank!"

Denise Brailey

Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.

Click on the Cluster Map.

  • Home
    Home This is where you can find all the blog posts throughout the site.
  • Categories
    Categories Displays a list of categories from this blog.
  • Bloggers
    Bloggers Search for your favorite blogger from this site.
  • Login
    Login Login form

BFCSA: Remember the $15 billion BCCI scandal in 1991? Citizens should keep that in mind before trusting Bankers

Posted by on in BANKSTERS
  • Font size: Larger Smaller
  • Hits: 2224
  • Print

In International Banking, Don't Forget Regulation : Finance: The growing BCCI scandal involves politicians, drug smugglers and spies from all over the world. The bank had everything but regulation.

July 28, 1991|Walter Russell Mead


PAWLEY'S ISLAND, S.C. — Crime has no fatherland; this is one of the lessons of the still-spreading BCCI scandal. The $20-billion bank was chartered in Luxembourg, headquartered in London, controlled by the ruler of an Arab oil sheikdom--and, until regulators in seven countries shut it down July 5, it was active in 70 countries.  The Bank of Credit and Commerce International was a friendly, full-service bank. It laundered money for clients like Manuel A. Noriega, while making contributions to Jimmy Carter's charitable foundation. Both Carter and U.N. Secretary General Javier Perez de Cuellar got free rides on the company jet.  BCCI was impartial. It worked with Mossad, the Israeli intelligence service, and with Abu Nidal, the Palestinian terrorist. Operating through offshore banking havens like the Cayman Islands, BCCI was always ready to help favored customers evade taxes, launder drug and rackets money, sell illegal arms and generally have a grand old time.

Its public-relations strategy was complex. On the one hand, news accounts report that critics of the bank were beaten and terrorized. One critic was silenced after he received the hand of his brother--still wearing rings. More conventionally, BCCI ran what staffers called a "RAF," or Rent-A-Face. These "Faces" were prominent people ready--for a fee--to appear at BCCI-related functions. There are indications some U.S. politicians were on this list.  All these irregularities seem to have escaped the bank's auditors until a year ago, when a confidential memorandum from Price Waterhouse to the Bank of England warned of problems.

The Bank of England, the oldest and most revered of the world's central banks, mysteriously did nothing with this information for almost 12 months. Neither Price Waterhouse, the Bank of England, nor any other responsible party went public with this information. Unsuspecting, honest depositors from London to Hong Kong trooped confidently up to the teller windows to deposit their savings. Since most countries have less deposit insurance than the generous FDIC program of the United States, many innocent depositors--not to mention the not-so-innocent drug lords, tax cheats and spies--who counted on BCCI will lose some or all of their deposits.

Losses will be huge. Some say $15 billion of the bank's $20 billion has been looted. Repercussions of the still-spreading scandal will emerge for years.  Reputations will crash. Former U.S. Secretary of Defense Clark M. Clifford, a confidant to more Presidents than most Americans can remember, has been tarred by the scandal. Alan Garcia, former president of Peru, is fighting allegations that he used a relationship with BCCI to loot his country's central bank of something like $50 million. It appears a number of Western intelligence agencies took advantage of the bank's ability to spirit money and arms around the world.  An infuriated House of Commons wants to know why the Bank of England let British depositors--including local government authorities who may have lost millions--put money in a bank it knew was unsound. What did the government know and when did it know it?

read more............



Last modified on
Rate this blog entry:


  • No comments made yet. Be the first to submit a comment

Leave your comment

Guest Friday, 04 December 2020