BCCI research and Narratives
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created: 2025-07-22
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updated: 2025-07-22
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updated: 2025-08-04
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title: Soviet Union
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tags:
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- country
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description: The Union of Soviet Socialist Republics (USSR), commonly known as the Soviet Union, was a socialist state in Eurasia that existed from 1922 to 1991. It was a key player in the Cold War and was perceived by the U.S. as a leader in psi research.
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---
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The Union of Soviet Socialist Republics (USSR), commonly known as the Soviet Union, was a socialist state in Eurasia that existed from 1922 to 1991. During the Cold War, the [[Soviet Union]] was a primary geopolitical rival of the United States, leading to an arms race that extended into unconventional areas, including psychic research.[^1]
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## Psi Research and the "Psi Gap"
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### Psi Research and the "Psi Gap"
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Reports and rumors of extensive Soviet psi research, particularly after the fabricated "[[The Nautilus]]" story in 1960, spurred significant concern within the U.S. intelligence community. Figures like [[Leonid Vasiliev]] and Eduard Naumov were prominent in Soviet parapsychology, conducting experiments in telepathy and remote influencing.[^1]
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U.S. intelligence agencies, including the [[Defense Intelligence Agency|DIA]], expressed concerns about a potential "psi gap," fearing that Soviet advancements in this field could enable them to access top-secret U.S. documents, influence leaders, or disable military equipment remotely.[^1]
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U.S. intelligence agencies, including the [[Defense Intelligence Agency|DIA]], expressed concerns about a potential "psi gap," fearing that Soviet advancements in this field could enable them to access top-secret U.S. documents, influence leaders, or disable military military equipment remotely.[^1]
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#### Targets of U.S. Remote Viewing
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The Soviet Union and its military installations were frequent targets for U.S. remote viewing programs, including the [[STARGATE PROJECT|Grill Flame]] unit. Notable successes included [[Joe McMoneagle]]'s remote viewing of a Soviet Typhoon-class submarine under construction and a Soviet surveillance bug in a U.S. embassy.[^1]
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---
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### Historical Events
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[^1]: Schnabel, Jim. *Remote Viewers*. Dell, 1997.
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In December 1979, the Soviet Union invaded [[Afghanistan]], making [[Pakistan]] a key strategic priority for the [[United States]].[^2]
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## Footnotes
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[^1]: Schnabel, Jim. *Remote Viewers*. Dell, 1997.
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[^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. 12.
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---
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created: 2025-07-22
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updated: 2025-07-22
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updated: 2025-08-04
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title: Central Intelligence Agency
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tags:
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- organization
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@ -12,22 +12,22 @@ The [[Central Intelligence Agency]] (CIA) is a primary intelligence-gathering or
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The CIA, particularly through its Photographic Intelligence Division, was instrumental in aerial reconnaissance efforts, especially with the U-2 spy plane, to monitor Soviet nuclear programs and later, the Israeli nuclear facility at [[Dimona]].[^2]
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## Early Involvement in Psi Research
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### Early Involvement in Psi Research
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The CIA's interest in psi research dates back to the early 1970s, partly in response to rumors of extensive Soviet psi research. Following a number of scandals in the mid-1970s, including revelations of domestic spying, the CIA came under unprecedented scrutiny from Congress. This led to a preference for "clean" spying methods, making psychic intelligence an appealing, low-profile alternative to traditional human intelligence (HUMINT).[^1]
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In 1972, the CIA, through officials like [[Ken Kress]] from the Technical Services Division (TSD) (later the Office of Technical Service, OTS), provided the initial funding for [[Hal Puthoff]]'s psi research program at [[Stanford Research Institute]] (SRI). This funding, initially $50,000 for eight months, was contingent on the researchers demonstrating a repeatable psi phenomenon. The Office of Research and Development (ORD) also jointly managed the funding and contract.[^1]
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### Oversight and Tasking of Remote Viewing
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CIA officials, including [[Richard Kennett]] (from the Office of Scientific Intelligence), [[Norm Everheart]] (from OTS and liaison to Staff D), and senior figures like John McMahon (Deputy Director for Operations) and Carl Duckett (Deputy Director for Science and Technology), served as key liaisons and evaluators for the remote viewing programs at SRI and later the Army's [[STARGATE PROJECT|Grill Flame]] unit at [[Fort Meade]]. They tasked psychics like [[Ingo Swann]], [[Pat Price]], and [[Uri Geller]] with sensitive intelligence problems, ranging from locating lost objects to gathering information on foreign military installations and agents.[^1]
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#### Notable Operations and Impact
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* **Semipalatinsk:** CIA officials tasked [[Pat Price]] with remote viewing a mysterious Soviet military research facility at Semipalatinsk. Price's detailed descriptions of a gantry crane and large metal spheres were later confirmed by satellite photography, significantly impressing the Agency and securing further funding for SRI's psi research.[^1]
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* **Soviet Diplomat and Fishing Pole:** [[Norm Everheart]] utilized remote viewers to investigate a Soviet diplomat suspected of using a fishing pole for dead-drop operations, leading to the successful identification of a dead-drop site.[^1]
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* **KGB Agent Interrogation:** Remote viewers, particularly [[Ken Bell]], were used by the CIA to telepathically interrogate a captured KGB agent in South Africa, extracting information about a hidden pocket calculator used for coding messages. This operation, facilitated by [[Norm Everheart]] and Jim Morris, was considered a success despite its unconventional nature.[^1]
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* **Tehran Hostage Crisis:** During the Iran hostage crisis in 1979-1980, the CIA and Pentagon tasked remote viewers hundreds of times to gather information on the hostages' whereabouts and conditions. While the remote viewers experienced burnout due to the relentless tasking, the data was considered "no worse" than that collected by more conventional methods.[^1]
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* **Moscow Embassy:** The CIA tasked remote viewers to assess the new U.S. Embassy building in Moscow for Soviet bugs, even before its construction was complete. Remote viewers like [[Joe McMoneagle]] accurately described the building being riddled with thousands of bugs and metallic decoys, including girders welded into antennas, which was later confirmed by a CIA/NSA investigation. This prescient remote viewing highlighted a major security fiasco for the U.S. diplomatic efforts.[^1]
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* **Tehran Hostage Crisis:** During the [[Iran Hostage Crisis]] in 1979-1980, the CIA and [[United States Department of Defense|Pentagon]] tasked remote viewers hundreds of times to gather information on the hostages' whereabouts and conditions. While the remote viewers experienced burnout due to the relentless tasking, the data was considered "no worse" than that collected by more conventional methods.[^1]
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* **Moscow Embassy:** The CIA tasked remote viewers to assess the new U.S. Embassy building in [[Moscow]] for Soviet bugs, even before its construction was complete. Remote viewers like [[Joe McMoneagle]] accurately described the building being riddled with thousands of bugs and metallic decoys, including girders welded into antennas, which was later confirmed by a CIA/NSA investigation. This prescient remote viewing highlighted a major security fiasco for the U.S. diplomatic efforts.[^1]
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### Intelligence Liaison with Israel
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The CIA's relationship with [[Israel]]i intelligence, particularly [[Mossad]], was extensive, involving 28 formal cooperative ventures in strategic intelligence since the 1950s. These arrangements were often financed off-the-books through a special contingency fund maintained by the Director of Central Intelligence. One such operation, code-named KK MOUNTAIN, involved millions in annual cash payments to [[Mossad]] in exchange for their agents acting as American surrogates in North Africa and other regions. Other agreements financed Israeli operations in [[Syria]] and the [[Soviet Union]], where the CIA found it difficult to operate.[^2]
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In 1977, [[Stansfield Turner]], then Director of Central Intelligence, abruptly cut back intelligence liaison with [[Israel]] as part of a CIA restructuring. This led to a sharp reduction in the flow of intelligence from [[Israel]] to [[Washington D.C.]]. However, the CIA's "embarrassingly inept reporting on [[Iran]]", particularly their failure to anticipate the overthrow of Shah Mohammed Reza Pahlavi, forced the American leadership to turn back to Israeli help in anticipating world events. This contributed to the March 1979 KH-11 agreement, which granted [[Israel]] access to high-tech satellite imagery.[^2]
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@ -36,14 +36,29 @@ Initially, the KH-11 satellite's images were tightly restricted, even to close a
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Following the Israeli bombing of the Iraqi nuclear reactor at [[Osirak]] in June 1981, [[William J. Casey]], [[Ronald Reagan]]'s Director of Central Intelligence, ordered a review of [[Israel]]'s use of the KH-11 intelligence-sharing agreement. The review found that [[Israel]] had expanded the agreement to extract virtually any photograph desired, including extensive coverage of western [[Russia]] and [[Moscow]]. This led to anger within the [[Central Intelligence Agency|CIA]] and [[Defense Intelligence Agency|DIA]] over the "very lax" management of the liaison agreement. Despite this, it was agreed that photographs would continue to flow to [[Israel]], but with the initial 1979 restrictions re-enforced.[^2]
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### Internal Skepticism and "Giggle Factor"
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Despite the successes, the CIA faced internal skepticism regarding psi research, often referred to as the "giggle factor." Officials like Ed Rogers, chief of Staff D, were hesitant to rely solely on psychic intelligence for high-stakes operations, fearing ridicule and operational compromise. This skepticism often led to remote viewing data being used to supplement conventional intelligence rather than as a primary source, as seen in the decision not to use Price's data for a direct penetration of the Chinese Embassy basement.[^1]
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### Involvement with BCCI
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#### Relationship with Psychics:
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The CIA's relationship with the psychics was complex. While valuing their abilities, the Agency maintained strict secrecy regarding their identities and the nature of their work. Psychics like [[Uri Geller]] were closely scrutinized for potential deception, and the Agency was wary of being exploited or used for disinformation by foreign intelligence services. Geller himself claimed to have worked for [[Israel]]i intelligence and later for the CIA's Mexico City station, providing psychic spying services in exchange for favorable U.S. visa arrangements.[^1]
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The CIA used the [[Bank of Credit and Commerce International|BCCI]] extensively, particularly in connection with covert U.S. operations in [[Central America]].[^3] Even before [[Oliver North]] established his network for illegal payments to the [[Contras]], the [[National Security Council]] used BCCI to channel money to them through [[Saudi Arabia]].[^3] The CIA maintained accounts in BCCI for covert operations.[^4]
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---
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In 1986, the CIA issued a report stating that BCCI had owned [[First American Bank]] since 1982.[^5] In 1991, Acting CIA Director [[Richard J. Kerr]] confirmed that the agency had used BCCI to move money around the world.[^6] The CIA also maintained slush funds at BCCI branches, which were used for payoffs of Pakistani military officers and Afghan rebel leaders.[^7]
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[[William Casey]], former CIA Director, met secretly with [[Agha Hasan Abedi]] over a three-year period, discussing U.S. arms deals with [[Iran]] and the arming of Afghan resistance forces.[^8] The CIA began using BCCI in the bank's earliest days, as it was establishing itself in countries where American intelligence had few assets.[^8]
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### Operations and Activities
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The CIA sent the [[Inter-Services Intelligence|Inter-Services Intelligence (ISI)]] agency enormous quantities of cash to keep things moving through [[Pakistan]] during the [[Soviet-Afghan War]].[^9] The CIA was responsible for obtaining arms and ammunition for the [[Mujahideen]], but once delivered to [[Karachi]], the ISI was responsible for moving the equipment.[^9]
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In 1980, [[Jimmy Carter]] signed a presidential "finding" authorizing the CIA to aid the Afghan rebels in "harassment" of the Soviet occupying forces through secret supplies of light weapons and limited funds.[^10] This became the largest covert-action program since [[World War Two]].[^10]
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## Footnotes
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### Footnotes
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[^1]: Schnabel, Jim. *Remote Viewers*. Dell, 1997.
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[^2]: Hersh, Seymour M. *The Samson Option: Israel's Nuclear Arsenal and American Foreign Policy*. Random House, 1991.
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[^2]: Hersh, Seymour M. *The Samson Option: Israel's Nuclear Arsenal and American Foreign Policy*. Random House, 1991.
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[^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. 126.
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[^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. 147.
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[^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. 12.
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[^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. 9.
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[^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. 149.
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[^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. 347.
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[^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. 334.
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[^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. 341.
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---
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tags: ["Organization", "Government", "USA", "Financial Regulation"]
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---
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The Office of the Comptroller of the Currency (OCC) is a U.S. government agency responsible for regulating and supervising all national banks and federal savings associations.[^1]
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### Involvement in BCCI Scandal
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In February 1978, an OCC officer, [[Joseph E. Vaez]], submitted a report on the [[Bank of Credit and Commerce International|BCCI]] that characterized it as a bank dangerously out of control.[^1] The OCC claimed to have "lost" this memo, and only released it after a congressional subpoena.[^2]
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## Footnotes
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[^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.
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[^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. 382.
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---
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tags: ["Organization", "Government", "USA"]
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---
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The Securities and Exchange Commission (SEC) is a U.S. government agency responsible for regulating the securities markets and protecting investors.[^1]
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### Involvement in BCCI Scandal
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The SEC filed suit against [[Bank of Credit and Commerce International|BCCI]], [[Agha Hasan Abedi]], [[Bert Lance]], and others in connection with the purchase of [[Financial General Bankshares]] stock.[^1] The nominees used by BCCI to secretly acquire Financial General Bankshares were summarily sued by the SEC for failing to declare that they were acting as a group.[^2]
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## Footnotes
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[^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.
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[^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. 183.
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---
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created: 2025-07-23
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updated: 2025-07-23
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updated: 2025-08-04
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title: State Department
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tags:
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- organization
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- intelligence
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- government
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- USA
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- diplomatic
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description: The United States Department of State is the federal executive department responsible for the nation's foreign policy and international relations.
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---
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The [[State Department]] serves as the federal executive department responsible for the [[United States]]' foreign policy and international relations.
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The [[State Department]] is the federal executive department responsible for the [[United States]]' foreign policy and international relations.
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### Middle East Policy and the Osirak Incident
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Following the Israeli bombing of the Iraqi nuclear reactor at [[Osirak]] in June 1981, the State Department formally condemned the bombing, stating it "cannot but seriously add to the already tense situation in the area." This public condemnation, however, did not reflect President [[Ronald Reagan]]'s private acceptance of the raid.[^2]
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In June 1981, following Israel's bombing of the Iraqi nuclear reactor at [[Osirak]], the State Department issued a formal condemnation, stating the attack "cannot but seriously add to the already tense situation in the area." This public stance, however, contradicted President [[Ronald Reagan]]'s private acceptance of the raid.[^2]
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In the context of the *Phenomena* text, the State Department was involved in the U.S. government's response to the [[Moscow Signal]], a microwave beam directed at the [[U.S. Embassy in Moscow]] by the [[Soviet Union]].[^1]
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### The Moscow Signal Cover-Up
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The State Department set up a classified endeavor, or "cytogenic testing program," code-named the Moscow Viral Study, to secretly conduct genetic testing on embassy personnel exposed to the signal. Employees were told they were being tested for a simple viral infection. This program was later terminated due to concerns about the secret testing of employees.[^1]
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The State Department played a central role in managing the U.S. government's response to the [[Moscow Signal]], a microwave beam that the [[Soviet Union]] directed at the [[U.S. Embassy in Moscow]] from 1956-1976. The department established a classified program code-named the [[Moscow Viral Study]], ostensibly a "cytogenic testing program" designed to secretly conduct genetic testing on embassy personnel who had been exposed to the signal. Embassy employees were deliberately misled, being told they were merely being tested for a simple viral infection.[^3]
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Despite concerns raised by scientists about the health effects of the Moscow Signal, the State Department publicly downplayed the dangers and funded a study that found "no convincing evidence" of adverse health effects. This stance was controversial, especially given that several U.S. ambassadors who served in Moscow later died of cancer.[^1]
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Despite scientific concerns about potential health effects from the Moscow Signal, the State Department publicly minimized the dangers and commissioned studies that concluded there was "no convincing evidence" of adverse health effects. This position became increasingly controversial as several U.S. ambassadors who had served in Moscow subsequently died of cancer. The department eventually terminated the secret testing program due to mounting concerns about conducting covert medical experiments on its own employees.[^3]
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### Footnotes
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[^1]: Jacobsen, Annie. *Phenomena: The Secret History of the U.S. Government's Investigations into Extrasensory Perception and Psychokinesis*. Little, Brown and Company, 2017.
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[^2]: Hersh, Seymour M. *The Samson Option: Israel's Nuclear Arsenal and American Foreign Policy*. Random House, 1991.
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### BCCI Banking Scandal Involvement
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Beginning in 1983, the [[Central Intelligence Agency|CIA]] started distributing intelligence about the criminal activities of the [[Bank of Credit and Commerce International|BCCI]] to various government agencies, including the State Department.[^5] By September 1986, the State Department had access to a CIA report indicating that BCCI had owned [[First American Bank]] since 1982.[^4]
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The State Department received additional CIA intelligence throughout this period, including a 1986 report detailing BCCI's connections to the terrorist organization [[Abu Nidal]] and the bank's maintenance of multiple accounts at BCCI European branches.[^5] In 1987, the CIA provided further intelligence to the State Department regarding BCCI's role in financing illegal international weapons sales.[^5]
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Rather than pursuing these criminal allegations, the State Department took steps to protect BCCI's operations. The department silenced [[Paula Hawkins]], provided reassurances to Pakistani leader [[Zia ul-Haq|Zia]], and worked to appease BCCI founder [[Agha Hasan Abedi]] regarding the bank's money-laundering activities in the [[Cayman Islands]].[^6]
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## Footnotes
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[^1]: Seymour, Cheri. _The Last Circle: Danny Casolaro's Investigation into the Octopus and the PROMIS Software Scandal_. First Edition. TrineDay, 2010.
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[^2]: Hersh, Seymour M. _The Samson Option: Israel's Nuclear Arsenal and American Foreign Policy_. Random House, 1991.
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[^3]: Jacobsen, Annie. _Phenomena: The Secret History of the U.S. Government's Investigations into Extrasensory Perception and Psychokinesis_. Little, Brown and Company, 2017.
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[^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. 12.
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[^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. 366.
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[^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. 363.
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---
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tags: ["Organization", "Financial", "BCCI"]
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---
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Capcom was a trading subsidiary of the [[Bank of Credit and Commerce International|BCCI]].[^1]
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### Financial Activities
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BCCI suffered over $440 million in losses from options trading through Capcom.[^1]
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## Footnotes
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[^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.
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---
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tags: ["Organization", "Bank", "Financial Institution"]
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---
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CenTrust Savings Bank was a financial institution based in [[Miami]], owned by [[David L. Paul]].[^1]
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### Involvement in BCCI Scandal
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[[Bank of Credit and Commerce International|BCCI]] acquired a partnership in CenTrust Savings Bank in July 1987.[^1] Paul put CenTrust on a significant growth curve using brokered deposits, which he funneled into high-risk real estate loans, junk bonds, and offbeat investments.[^2] He built a gleaming postmodernist skyscraper for CenTrust, which cost $180 million and featured marble, gold-plated bathroom fixtures, and a $13 million Peter Paul Rubens painting.[^2]
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[[Ghaith Pharaon]], acting as a front for BCCI, bought $24,668,750 of CenTrust's bonds in 1987. Paul secretly repurchased these bonds less than a year later, and Pharaon received a commission.[^3] This transaction allowed CenTrust to satisfy regulators and remain open for an additional year, costing U.S. taxpayers an estimated $2 billion when it was finally closed.[^4]
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CenTrust's financial troubles were exacerbated by a regulatory action that forced it to divest its wildly imprudent investments and Paul's de facto looting of depositors' funds.[^5] The [[Federal Reserve Board]] later fined BCCI $200 million for illegally acquiring control of CenTrust Savings Bank, along with [[First American Bank]] and [[National Bank of Georgia]].[^6]
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## Footnotes
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[^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. 13.
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[^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. 218.
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[^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. 220.
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[^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. 85.
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[^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. 219.
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[^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. 14.
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---
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tags: ["Organization", "Bank"]
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---
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Chelsea National Bank was a financial institution that [[Bank of Credit and Commerce International|BCCI]] attempted to acquire in 1975, using [[Abbas Gokal]] as a front.[^1] Regulators rejected the bid due to concerns about BCCI's involvement.[^1]
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## Footnotes
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[^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.
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---
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tags: ["Organization", "Financial Institution"]
|
||||
---
|
||||
Financial General Bankshares was a bank holding company that became a target of acquisition by the [[Bank of Credit and Commerce International|BCCI]].[^1]
|
||||
|
||||
### Acquisition Attempts and BCCI Involvement
|
||||
|
||||
In February 1978, BCCI orchestrated a hostile bid for Financial General Bankshares with the help of [[Bert Lance]].[^1] Financial General, in turn, sued Lance, [[Agha Hasan Abedi]], BCCI, and the Arab investors for making an illegal attempt to take over the bank.[^1] The [[Securities and Exchange Commission]] later filed suit against BCCI, Abedi, Lance, and others in connection with the purchase of Financial General Bankshares stock.[^1]
|
||||
|
||||
[[Clark Clifford]] and [[Robert Altman]] were retained as counsel by Abedi, BCCI, and the front men to handle the Financial General suit and serve as principal liaisons with the shareholders and regulators.[^2] In August 1981, regulators approved the sale of Financial General to Middle Eastern investors connected with BCCI, based on Clifford's assurances that there would be no link between BCCI and Financial General Bankshares.[^1]
|
||||
|
||||
BCCI secretly acquired control of Financial General Bankshares through nominees, including [[Kamal Adham]], [[Faisal Saud al-Fulaij]], and [[Abdullah Darwaish]].[^3] These front men bought up nearly 20 percent of Financial General's stock, violating the law by failing to declare that they were acting as a group.[^3]
|
||||
|
||||
### Legal and Regulatory Scrutiny
|
||||
|
||||
The acquisition attempts led to lawsuits and regulatory scrutiny, highlighting BCCI's use of front men and illicit financial practices to gain control of American banking institutions.[^3] The [[Federal Reserve Board]] later fined BCCI $200 million for illegally acquiring control of three prominent U.S. banking institutions, including Financial General Bankshares.[^1]
|
||||
|
||||
## 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. 12-14.
|
||||
[^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. 191.
|
||||
[^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. 183.
|
||||
23
20 - ORGANIZATIONS/PRIVATE/First American Bank.md
Normal file
23
20 - ORGANIZATIONS/PRIVATE/First American Bank.md
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|
|
@ -0,0 +1,23 @@
|
|||
---
|
||||
tags: ["Organization", "Bank", "BCCI"]
|
||||
---
|
||||
First American Bank was a bank based in [[Washington, D.C.]], which became secretly owned and controlled by the [[Bank of Credit and Commerce International|BCCI]].[^1]
|
||||
|
||||
### Acquisition and BCCI Control
|
||||
|
||||
First American Bank was acquired by Middle Eastern investors connected with BCCI in 1981, following the acquisition of [[Financial General Bankshares]].[^1] [[Clark Clifford]] and [[Robert Altman]] served as BCCI's chief American counsel and later as chairman and president of First American Bank, respectively.[^1] They were instrumental in concealing BCCI's secret ownership through a network of nominees and fraudulent loans.[^2]
|
||||
|
||||
BCCI used nominees to secretly purchase shares in [[Credit and Commerce American Holdings|CCAH]], the holding company that owned First American Bank.[^3] The bank's assets grew significantly, but it also faced deepening financial woes due to a disastrous real estate portfolio.[^4]
|
||||
|
||||
### Legal and Regulatory Scrutiny
|
||||
|
||||
The [[Central Intelligence Agency|CIA]] issued a report in 1986 stating that BCCI had owned First American Bank since 1982.[^1] The [[Federal Reserve Board]] later fined BCCI $200 million for illegally acquiring control of First American Bank, along with [[National Bank of Georgia]] and [[CenTrust Savings Bank]].[^1]
|
||||
|
||||
In July 1992, Clifford and Altman were indicted by a [[New York]] grand jury on charges of bribery and fraud related to their involvement with BCCI and First American Bank.[^1]
|
||||
|
||||
## 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. 8-14.
|
||||
[^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. 192-194.
|
||||
[^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. 141.
|
||||
[^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. 134.
|
||||
16
20 - ORGANIZATIONS/PRIVATE/ICIC.md
Normal file
16
20 - ORGANIZATIONS/PRIVATE/ICIC.md
Normal file
|
|
@ -0,0 +1,16 @@
|
|||
---
|
||||
tags: ["Organization", "Financial Institution", "BCCI"]
|
||||
---
|
||||
ICIC (International Credit and Investment Company Holdings) was a [[Cayman Islands]] subsidiary of the [[Bank of Credit and Commerce International|BCCI]].[^1] It served as BCCI's repository for loans to privileged insiders.[^1]
|
||||
|
||||
### Role in BCCI Operations
|
||||
|
||||
ICIC was incorporated in 1976 and became the primary entity through which much of BCCI's illicit financial dealings took place.[^2] It consisted of three Caymanian entities: the BCC Foundation, the ICIC Staff Benefit Trust, and ICIC Business Promotions, which collectively owned about 41 percent of BCCI itself.[^2]
|
||||
|
||||
ICIC was used to conceal the bank's true ownership and financial manipulations. Billions of dollars in deposits were improperly diverted through ICIC, and it was a key mechanism for creating fictitious loans and rerouting deposits to cover losses.[^3] The worst of BCCI's account manipulation, particularly related to bad loans, was booked through ICIC.[^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. 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, p. 143.
|
||||
[^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. 83.
|
||||
20
20 - ORGANIZATIONS/PRIVATE/Independence Bank of Encino.md
Normal file
20
20 - ORGANIZATIONS/PRIVATE/Independence Bank of Encino.md
Normal file
|
|
@ -0,0 +1,20 @@
|
|||
---
|
||||
tags: ["Organization", "Bank", "BCCI"]
|
||||
---
|
||||
Independence Bank of Encino was a financial institution illegally acquired by the [[Bank of Credit and Commerce International|BCCI]].[^1]
|
||||
|
||||
### Acquisition by BCCI
|
||||
|
||||
BCCI illegally acquired Independence Bank of Encino in October 1985 for close to $23 million, using [[Ghaith Pharaon]] as a front man.[^1] The true nature of the transaction was concealed when [[Swaleh Naqvi]] secretly funneled money to Pharaon through the Parisian [[Bancque Arabe et Investissement]].[^2]
|
||||
|
||||
Pharaon quickly installed BCCI personnel, including [[Kemal Shoaih]], as president.[^2] Independence Bank of Encino shortly ran out of capital and had to be rescued in 1991 with funds seized from BCCI.[^2]
|
||||
|
||||
### Legal Issues
|
||||
|
||||
Independence Bank of Encino was one of the three prominent U.S. banking institutions that the [[Federal Reserve Board]] fined BCCI $200 million for illegally acquiring control.[^1] It was also part of the indictment against BCCI and [[Agha Hasan Abedi]] in November 1991.[^3]
|
||||
|
||||
## 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. 12-14
|
||||
[^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. 211-212
|
||||
[^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. 383.
|
||||
22
20 - ORGANIZATIONS/PRIVATE/National Bank of Georgia.md
Normal file
22
20 - ORGANIZATIONS/PRIVATE/National Bank of Georgia.md
Normal file
|
|
@ -0,0 +1,22 @@
|
|||
---
|
||||
tags: ["Organization", "Bank"]
|
||||
---
|
||||
National Bank of Georgia was a financial institution that became entangled in the [[Bank of Credit and Commerce International|BCCI]] scandal.[^1]
|
||||
|
||||
### Acquisition by BCCI
|
||||
|
||||
[[Ghaith Pharaon]] finalized his acquisition of National Bank of Georgia from [[Bert Lance]] in January 1978, with the help of [[Agha Hasan Abedi]].[^1] Abedi paid off Lance's $3.5 million bank loan on the same day.[^1]
|
||||
|
||||
BCCI illegally acquired the National Bank of Georgia, using Pharaon as a front man.[^1] The bank's assets quadrupled from $400 million to $1.6 billion under [[Roy P. M. Carlson]]'s leadership, who was appointed head of the bank by Abedi and Pharaon.[^2] The National Bank of Georgia functioned primarily as a clearinghouse for BCCI funds in the [[United States]], a destination for BCCI letters of credit, and a provider of loans and services to BCCI's international clientele.[^2]
|
||||
|
||||
By 1987, the bank's share of the [[Atlanta]] retail market had dropped to 5 percent, and it began to suffer significant loan losses, requiring new capital infusions.[^2] [[First American Bank]] purchased the National Bank of Georgia from Ghaith Pharaon for $227 million in 1987.[^1]
|
||||
|
||||
### Legal Issues
|
||||
|
||||
The National Bank of Georgia was one of the three prominent U.S. banking institutions that the [[Federal Reserve Board]] fined BCCI $200 million for illegally acquiring control.[^1] It was also part of the indictment against BCCI and Abedi in November 1991.[^3]
|
||||
|
||||
## 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. 11-14.
|
||||
[^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. 211.
|
||||
[^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. 383.
|
||||
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