Outlaw Bank »

The 1991 collapse of the Bank of Credit and Commerce International (BCCI) was one of the biggest financial scandals of all time. Based upon an 18-month-long series of articles in Time magazine, this text describes the international corruption that allowed this criminal enterprise to flourish for two decades with effective immunity from the law. The investigation reveals how governments around the world utilized the bank's services to finance terrorist organizations, hide drug money, and conduct illegal arms sales. Annotation ©2004 Book News, Inc., Portland, OR

Publishers Weekly

As reporters for Time magazine, Beaty and Gwynne were at the forefront of uncovering the scandals surrounding the Bank of Credit and Commerce International (BCCI) in 1991. Here they authoritatively examine that global institution and the $20-billion-plus fraud its agents committed in 73 countries over a nearly 20-year period. They begin by describing their own ``wild ride'' as investigative journalists; their dramatic story includes highly placed pseudonymous sources a la Deep Throat and veiled threats from various BCCI power brokers, among them Clark Clifford. A second section flashes back to trace the rise of BCCI in Pakistan, where it was nourished by petrodeposits; BCCI's manipulations of such Americans as former President Jimmy Carter; and its depredations in such places as Panama and Nigeria. Returning to their personal tale, the authors go on to probe the cover-up of BCCI crimes and the negligence of ``governments all over the world.'' The implications are chilling: BCCI was protected by U.S. intelligence agencies--``certainly'' by William Casey's CIA and ``probably'' by the National Security Council. Moreover, international banking rules remain unchanged. Photos not seen by PW. Author tour. (Apr.)