Following a standard pattern, Justice Department officials and the various divisions including the FBI, and other government agencies, kept the lid on the worldwide criminal activities of the bank. It wasn't until law enforcement agencies in Europe and a state prosecutor in New York City prepared to file charges that the bank's corrupt operations were shut down in the United States. By that time billions of dollars were lost by thousands of depositors all over the world.
BCCI was a private bank operating in over seventy countries, including the United States. At one time BCCI had over 400 branches in 78 countries, and assets of over $20 billion. Its holding company was based in Luxembourg and its principal operation in London. The primary bank supervisor for BCCI was Luxembourg Monetary Institute, the central bank of Luxembourg.
The BCCI scandal was related to other criminal activities, including BNL; Iraqgate; Iran and its Contra cousin; and others. BCCI and BNL both played a role in the Iraqi armament buildup, in which funds provided by U.S. taxpayers were forwarded by the Atlanta branch of Italy's Banca Nazionale del Lavoro. There were numerous cross-dealings between the banks. BCCI used its international connections to fund loans to BNL, which funded the Iraqi weapon buildups, which then required the U.S. taxpayer to fund much of the Persian Gulf War.
COVERUP OF THE BANK OF CROOKS AND CRIMINALS
Millions of people throughout the world lost billions of dollars, made possible by the coverup actions of people in foreign countries and in the United States. These losses would not have occurred had officials and attorneys in the United States not engaged in the crimes of coverup misprision of felonies, obstruction of justice, and had they not aided and abetted the criminal activities. Congressional committees, Justice Department personnel, the FBI, and the CIA, all knew about the corrupt operation for years.
SOURCE OF STARTUP FUNDING
BCCI commenced operations in Pakistan in 1972, with much of its funding provided by Bank of America and the CIA.(372) Bank of America claims that it sold its BCCI interest in the early 1980s, but records show that Bank of America continued to control much of BCCI's operation until shortly before BCCI was shut down. In the early 1970s CIA operative Gunther Russbacher transferred sizeable amounts of CIA funds into the bank for the start-up operations.
MADE TO ORDER FOR CIA ACTIVITIES
The CIA knew about BCCI's activities, finding this mindset suitable to its own operations. If, for argument, the CIA was not in partners with the BCCI activities, its world-wide network of operatives and assets should have discovered the BCCI activities that brought about the world's worst banking loss. BCCI was custom-made for the covert and corrupt activities of the CIA, the Mossad, drug dealers, and terrorists. My CIA contacts, including Russbacher, described how CIA operatives used the bank to launder money from CIA enterprises, including drug trafficking proceeds, money from its various financial activities within the United States, including its looting of savings and loans, to fund unlawful arms shipments, finance terrorist operations,(373) undermine foreign governments, and other covert activities.
Three years before the BCCI scandal broke, Robert Gates, Deputy Director of Intelligence Operations at the CIA, stated to another CIA official that BCCI stood for the Bank of Crooks and Criminals!
MANIPULATING U.S. CHECKS AND BALANCES
Investigative reports showed that BCCI was able to simultaneously manipulate the spy agencies of numerous countries, including the U.S., Israel Pakistan, China, Saudi Arabia, and Pakistan, among others. BCCI was supplying funds for terrorist organizations such as Abu Nidal. BCCI rigged international commodity markets that permitted certain insiders to make hundreds of millions of dollars in profits, offset by the same amount lost by depositors. BCCI was laundering drug money for drug cartels throughout the...
373) The Abu Nidal terrorist group and others obtained funds through BCCI, which helped to bring about the Pan Am 103 tragedy and others.
Defrauding America Title Page