The_Info_Web/10 - PEOPLE/(A-G)/Eddie George.md

category	tags	summary	born	died	location	relations
BCCI Scandal	Person BCCI	Eddie George was the Deputy Governor of the Bank of England.	1938-09-16	2009-04-18	Carshalton, Surrey, England	type with role fn employed_by Bank of England deputy governor 1

Eddie George was the Deputy Governor of the Bank of England.¹

Role in BCCI Scandal

George, along with Governor Robin Leigh-Pemberton, was aware of the disastrous 1990 Price Waterhouse audit of Bank of Credit and Commerce International, which revealed that many of BCCI's transactions were "fraudulent and deceitful."² Despite this knowledge, the Bank of England agreed to a plan in spring 1990 to allow BCCI to move its headquarters to Abu Dhabi and for Zayed bin Sultan AL-Nahayan to take over the bank.³ This action effectively concealed BCCI's problems from its depositors and creditors.⁴

On June 28, 1991, George and Leigh-Pemberton decided to act, informing the Federal Reserve Bank of the impending seizure of BCCI in the United Kingdom.⁵ This decision was influenced by the revelations in the Price Waterhouse audit and the certainty that Robert Morgenthau and the Fed would take action.⁶

The Kerry-Brown Findings

The BCCI Kerry-Brown Senate Report treated the Bank of England's conduct institutionally. It found that in April 1990 the Bank agreed with BCCI, Abu Dhabi and Price Waterhouse to keep BCCI from collapsing, withheld information from the Federal Reserve Board that delayed its investigation by about eight months, tentatively agreed in late 1990 and early 1991 to let BCCI restructure as three separate banks, and reversed course in late June 1991.⁷

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. 9. ↩︎

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. 135. ↩︎

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. 135. ↩︎

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. 135. ↩︎

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. 146. ↩︎

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. 136. ↩︎

7. Kerry, Senator John, and Senator Hank Brown. The BCCI Affair: A Report to the Committee on Foreign Relations, United States Senate. December 1992, ch. 12, "The Regulators." https://irp.fas.org/congress/1992_rpt/bcci/12reg.htm ↩︎