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20 - ORGANIZATIONS/GOVERNMENT/Federal Reserve Board.md
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@ -17,7 +17,7 @@ The Board of Governors of the Federal Reserve System (Federal Reserve Board) is
### BCCI and First American Bankshares
The Federal Reserve Board is prominently implicated in the [[BCCI]] scandal through its regulatory approval of the acquisition of First American Bankshares, the largest bank holding company in the Washington, D.C. area. In 1981-1982, a group of Middle Eastern investors fronted by [[Clark Clifford]] - the Washington super-lawyer and former Secretary of Defense - and his law partner [[Robert Altman]] sought Federal Reserve approval to purchase First American (then called Financial General Bankshares). The investors represented themselves as independent Arab investors with no connection to [[BCCI]].
The Federal Reserve Board is prominently implicated in the [[BCCI]] scandal through its regulatory approval of the acquisition of [[First American Bankshares]], the largest bank holding company in the Washington, D.C. area. In 1981-1982, a group of Middle Eastern investors fronted by [[Clark Clifford]] - the Washington super-lawyer and former Secretary of Defense - and his law partner [[Robert Altman]] sought [[Federal Reserve]] approval to purchase First American (then called Financial General Bankshares). The investors represented themselves as independent Arab investors with no connection to [[BCCI]].
The Federal Reserve approved the acquisition. In reality, [[BCCI]] secretly controlled the purchase: the nominally independent Arab investors were BCCI nominees whose shares were financed by BCCI, and BCCI chairman [[Agha Hasan Abedi]] made the key decisions about First American's management. Clifford and Altman maintained publicly - and in sworn testimony to the Federal Reserve - that BCCI did not control First American, which congressional investigators and prosecutors subsequently concluded was false. Clifford and Altman were indicted in 1992 for fraud in connection with the deception of the Federal Reserve; Clifford was ultimately not tried due to ill health, while Altman was acquitted.[^2]