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BCCI research and Narratives

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---
tags: ["Person", "Bank Examiner", "Government Official"]
---
Joseph E. Vaez was an officer in the [[Office of the Comptroller of the Currency|Office of the Comptroller of the Currency (OCC)]].[^1]
### Role in BCCI Investigation
In February 1978, Vaez submitted a report on the [[Bank of Credit and Commerce International|BCCI]] that characterized it as a bank dangerously out of control.[^1] He was sent with a team of auditors to examine the books of [[Bank of America]], which held 30 percent of BCCI's shares.[^2] His memo provided a detailed summary of BCCI's operations, noting its explosive growth, lack of lending limits, and undocumented loans.[^2]
Vaez's report concluded that BCCI's practices were glaringly obvious as far back as 1978. The report also highlighted that money was disappearing into "unsecured borrowings" in [[ICIC]] in the [[Cayman Islands]], and that bad or questionable loans constituted three and a half times BCCI's capital.[^3]
Despite the significance of his report, the OCC claimed to have "lost" the memo. When Vaez later agreed to provide a copy from his own files, the OCC refused to let investigators have it, only releasing it after a congressional subpoena.[^2]
## Footnotes
[^1]: Beaty, Jonathan and Gwynne, S. C. *The Outlaw Bank: A Wild Ride into the Secret Heart of BCCI*. New York: Random House, 1993, p. 12.
[^2]: Beaty, Jonathan and Gwynne, S. C. *The Outlaw Bank: A Wild Ride into the Secret Heart of BCCI*. New York: Random House, 1993, p. 381-382
[^3]: Beaty, Jonathan and Gwynne, S. C. *The Outlaw Bank: A Wild Ride into the Secret Heart of BCCI*. New York: Random House, 1993, p. 137.

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### Relationship with BCCI and Abedi
[[Agha Hasan Abedi]] cultivated a relationship with Zayed, recognizing the potential of Abu Dhabi's oil wealth.[^3] Abedi's persistence led to Zayed becoming a key supporter and later owner of [[Bank of Credit and Commerce International|BCCI]].[^4] Zayed's petrodollars were pumped into Abedi's bank, and BCCI handled the purchase of homes for Zayed in [[Pakistan]] and managed details of his trips.[^4]
[[Agha Hasan Abedi]] cultivated a relationship with Zayed, recognizing the potential of Abu Dhabi's oil wealth.[^3] Abedi's persistence led to Zayed becoming a key supporter and later owner of [[Bank of Credit and Commerce International|BCCI]].[^4] Zayed's petrodollars were pumped into Abedi's bank, and BCCI handled the purchase of homes for Zayed in [[Pakistan]] and managed details of his trips.[^5]
BCCI effectively merged with Zayed's Private Department, which handled and invested the Emirates' wealth.[^5] Zayed was the principal mark in Abedi's con game, having been coddled into pumping $1.5 billion in new capital and another $1.5 billion in deposits into BCCI since mid-1990.[^6]
BCCI effectively merged with Zayed's Private Department, which handled and invested the Emirates' wealth.[^6] Zayed was the principal mark in Abedi's con game, having been coddled into pumping $1.5 billion in new capital and another $1.5 billion in deposits into BCCI since mid-1990.[^7]
### Role in BCCI Scandal
Zayed and his chief lieutenant, [[Ghanim Fan's al-Mazrui]], were infuriated by the global seizure of BCCI, as it occurred just ten days before a deal to restructure the bank was to be signed.[^6] Zayed's various state agencies, along with Zayed himself, lost as much as $8 billion in the shutdown of BCCI.[^7]
Zayed and his chief lieutenant, [[Ghanim Fan's al-Mazrui]], were infuriated by the global seizure of BCCI, as it occurred just ten days before a deal to restructure the bank was to be signed.[^7] Zayed's various state agencies, along with Zayed himself, lost as much as $8 billion in the shutdown of BCCI.[^8]
He ordered audits of BCCI, which revealed billions of dollars missing.[^8] The [[Bank of England]] tried to persuade Zayed to inject more money into BCCI to cover losses.[^9]
He ordered audits of BCCI, which revealed billions of dollars missing.[^9] The [[Bank of England]] tried to persuade Zayed to inject more money into BCCI to cover losses.[^10]
## Footnotes
[^1]: Beaty, Jonathan and Gwynne, S. C. *The Outlaw Bank: A Wild Ride into the Secret Heart of BCCI*. New York: Random House, 1993, p. 11.
[^2]: Beaty, Jonathan and Gwynne, S. C. *The Outlaw Bank: A Wild Ride into the Secret Heart of BCCI*. New York: Random House, 1993, pp. 155-156.
[^3]: Beaty, Jonathan and Gwynne, S. C. *The Outlaw Bank: A Wild Ride into the Secret Heart of BCCI*. New York: Random House, 1993, p. 155.
[^4]: Beaty, Jonathan and Gwynne, S. C. *The Outlaw Bank: A Wild Ride into the Secret Heart of BCCI*. New York: Random House, 1993, pp. 162-163.
[^5]: Beaty, Jonathan and Gwynne, S. C. *The Outlaw Bank: A Wild Ride into the Secret Heart of BCCI*. New York: Random House, 1993, p. 176.
[^4]: Beaty, Jonathan and Gwynne, S. C. *The Outlaw Bank: A Wild Ride into the Secret Heart of BCCI*. New York: Random House, 1993, p. 162.
[^5]: Beaty, Jonathan and Gwynne, S. C. *The Outlaw Bank: A Wild Ride into the Secret Heart of BCCI*. New York: Random House, 1993, p. 163.
[^6]: Beaty, Jonathan and Gwynne, S. C. *The Outlaw Bank: A Wild Ride into the Secret Heart of BCCI*. New York: Random House, 1993, p. 128.
[^7]: Beaty, Jonathan and Gwynne, S. C. *The Outlaw Bank: A Wild Ride into the Secret Heart of BCCI*. New York: Random House, 1993, p. 129.
[^8]: Beaty, Jonathan and Gwynne, S. C. *The Outlaw Bank: A Wild Ride into the Secret Heart of BCCI*. New York: Random House, 1993, p. 55.
[^9]: Beaty, Jonathan and Gwynne, S. C. *The Outlaw Bank: A Wild Ride into the Secret Heart of BCCI*. New York: Random House, 1993, p. 136.
[^7]: Beaty, Jonathan and Gwynne, S. C. *The Outlaw Bank: A Wild Ride into the Secret Heart of BCCI*. New York: Random House, 1993, p. 128.
[^8]: Beaty, Jonathan and Gwynne, S. C. *The Outlaw Bank: A Wild Ride into the Secret Heart of BCCI*. New York: Random House, 1993, p. 129.
[^9]: Beaty, Jonathan and Gwynne, S. C. *The Outlaw Bank: A Wild Ride into the Secret Heart of BCCI*. New York: Random House, 1993, p. 55.
[^10]: Beaty, Jonathan and Gwynne, S. C. *The Outlaw Bank: A Wild Ride into the Secret Heart of BCCI*. New York: Random House, 1993, p. 136.