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The BCCI Affair as a Template for the New Underworld Order Crime Syndicate

The Bank of Credit and Commerce International (BCCI) was the 7th largest private bank in the world, operating in 78 countries with assets in excess of $20 billion. In 1988, after a two-year undercover operation, money-laundering, narcotics, and conspiracy charges were filed in Tampa against 15 individuals — some of them BCCI officers — and four corporations. SOURCE:

Between 1991 and ’92, the Bank of Credit and Commerce International (BCCI) bankster scheme broke. It was investigated by former U.S. Sen. John Kerry (D-Mass.) (U.S. Senate’s Committee on Foreign Relations) at that time, who put some color on it. In particular, a strong odor of institutional capture was noted. It’s but one aspect of what we call the “Crime Syndicate” on these pages. [Report available at]

If you’re not familiar with the BCCI Affair, the following videos provide a little flavor.

Frontline: BCCI – The Bank of Crooks and Criminals

 Kerry’s report noted:

In going after BCCI, New York District Attorney Morgenthau’s office quickly found that in addition to fighting off the bank, it would receive resistance from almost every other institution or entity connected to BCCI, including at various times, BCCI’s multitude of prominent and politically well-connected lawyers, BCCI’s accountants, BCCI’s shareholders, the Bank of England, the British Serious Fraud Office, and the U.S. Department of Justice. Each, while professing to cooperate with the District Attorney, in fact withheld information from the District Attorney and in some cases, impede[ed], delay[ed], or obstruct[ed] his inquiry for months.

Ultimately, Morgenthau proved BCCI’s criminality, not because of information or cooperation provided by other government agencies — but because BCCI had left a trail of evidence of wrongdoing there for anyone with the tenacity to pursue it.

BCCI, founded in 1972 by Pakistani banker Agha Hasan Abedi and defunct in 1991, had 3,000 criminal customers, and every one of those 3,000 criminal customers is a Page 1 story. You could find financing for nuclear weapons, gun running and narcotics dealing, and you would find all manner and means of crime around the world in the records of this bank.

The ‘Pride of Pakistan,’ BCCI founder Agha Hasan Abedi (aka Agha Sahab)

Under Morgenthau’s theory of the case, BCCI had from the beginning never had the assets it purported to have, but relied on the reputations of prominent people to provide it with the aura of wealth and respectability it needed.

He saw BCCI as a massive, multi-billion dollar confidence scheme, whose collapse was inevitable if the facade BCCI had so carefully constructed were ever ripped away. During the months prior to his July 29, 1991, indictment of BCCI, the New York grand jury had heard witness after witness detail the mechanisms by which the facade had been maintained. Upon hearing those details, they indicted.

The New York District Attorney found that among the major actions taken by BCCI to carry out its fraud were:

** Employing the ruling families of a number of Middle Eastern states as nominees for BCCI, who pretended to be at risk in BCCI but who were in fact guaranteed to be held harmless by BCCI for any actual losses.

** Using bank secrecy havens including Luxembourg and the Cayman Islands to avoid regulation on a consolidated basis by any single regulator of BCCI, and thereby to permit BCCI to transfer assets and liabilities from bank to bank as needed to conceal BCCI’s true economic status.

** Paying bribes and kickbacks to agents of other banking and financial institutions, thereby avoiding the scrutiny of regulators.

The Desert News in 1992 helped explain how this international banking Crime Syndicate affected average Americans:

“There are a variety of connections between Milken, Keating, Paul and various BCCI entities that got involved in maneuvering money for the various players in the savings and loan world,” [BCCI investigator Jack] Blum said. He referred to three of the largest financial scandals in the 1980s: Michael Milken and the downfall of Drexel Burnham Lambert; Charles Keating and Lincoln Savings and Loan; and Paul of CenTrust.

BCCI Variants 1 and 2, Intel and Kompromat Operations

We are particularly interested in how BCCI operated as an intelligence agency. In the book “Outlaw Bank” by Jonathan Beaty comes this passage [via TIME magazine]:

[A] clandestine division of the bank called the Black Network, which functions as a global intelligence operation and a mafia-like enforcement squad … [T]he 1,500-employee Black Network has used sophisticated spy equipment and techniques, along with bribery, extortion, kidnapping and even, by some accounts, murder.

Why [BCCI founder] Agha Hasan Abedi and his rogue bank went unprosecuted for so long is the enduring question at the heart of the BCCI Affair. From “Outlaw Bank”:

The simple answer is that his watch-me-break-all-the-rules act relied upon the near-absolute complicity of many sovereign governments. High government officials and financial regulators around the world knew what the bank was doing, and yet they created the deep silence that cloaked BCCI’s global operations.

Perhaps the most disturbing aspect of the BCCI affair in the United States was the failure of U.S. government and federal law enforcement to move against the outlaw bank. Instead of swift retribution, what took place over more than a decade was a cover-up of major, alarming proportions, often orchestrated from the very highest levels of government.

This ‘bank’ possessed its very own diplomatic corps … its own shipping … companies. Taken collectively, it was more of an armed Renaissance city-state of Machiavelli’s era than a modern corporation.

Although BCCI itself as a bank collapsed, the operatives behind it largely went untouched and created more layers to shield themselves from sunlight. This should be called the B2 variant. In fact, huge fraud is now de facto legal in the U.S.

From the 1992 Kerry report:

[BCCI founder] Abedi developed in BCCI an ideal mechanism for facilitating illicit activity by others … it’s at least somewhat likely that it’s headquartered in the U.S.

Among first-world countries, the U.S. is uniquely hospitable to people who want to leverage shell companies to hide their financing of illegal activity.

To our sensibilities, it seems Jeffrey Epstein fit the profile of the top executives at BCCI 1.0. Epstein committed many of the kompromat crimes committed by BCCI Variant 1. In fact we hold that the BCCI 1 and Epstein’s new generation variant is one and the same. The dossiers of the two variants are combined.

From an August 2019 article:

Police say Epstein was sexually abusing girls as young as 13, many of them from poor families and broken homes. And, according to lawsuits filed by victimsEpstein loaned them out to his famous friends.

From “The Outlaw Bank”:

The protocol department [of BCCI] was also responsible for sweeping the countryside in search of another kind of prey: very young girls for the entertainment of the sheikhs and Middle-Eastern businessmen.

[T]he wife of a Pakistani doctor was in charge of rounding up the girls and bringing them to Karachi to be outfitted in proper clothes before being presented to the princely clients. Often she would shepherd more than 50 girls at a time through a department store, shopping for jewelry and dresses. This practice was so successful — far more effective than giving away microwave ovens or toasters — that the bank would spend as much as $100,000 on such an evening’s entertainment. According to the Senate testimony of Nazir Chinoy, Madame Rahim would also “interview girls, women, and take them … to Abu Dhabi for a dancing show or arrange some singing shows.” Throughout the Middle East, “dancing girls” and “singing girls” are euphemisms for prostitutes; Chinoy chose to be tactful before the TV cameras.

From an August 2019 article in The New York Times titled “The Day Jeffrey Epstein Told Me He Had Dirt on Powerful People”:

The overriding impression I took away from our roughly 90-minute conversation was that Mr. Epstein knew an astonishing number of rich, famous and powerful people, and had photos to prove it. He also claimed to know a great deal about these people, some of it potentially damaging or embarrassing, including details about their supposed sexual proclivities and recreational drug use.

From “The Outlaw Bank”:

According to [BCCI employee] Masri, the protocol officers … were also responsible … for luring businessmen, military officers, and politicians into Abedi’s web of intrigue through a combination of favors, money, blackmail [my emphasis], and intimidation.

From an August 2019 Daily Beast article:

“I was told Epstein ‘belonged to intelligence’ and to leave it alone,” [said Alex Acosta, re: the non-prosecution plea deal that Acosta — then the U.S. Attorney in Miami, Florida — provided to Epstein in 2007. Epstein had been accused of unlawful sex with minors and prostitution, but ended up pleading guilty to two counts of soliciting prostitution from a minor.]

From “The Outlaw Bank”:

The strange and still-murky ties between BCCI and the intelligence agencies of several countries are so pervasive that even the White House has become entangled. As TIME reported … the National Security Council has used BCCI to funnel money for the Iran-Contra deals, and the CIA maintained accounts in BCCI for covert operations. Moreover, investigators have told TIME that the Defense Intelligence Agency has maintained a slush-fund account with BCCI, apparently to pay for clandestine activities.

From “The BCCI Affair”:

BCCI was not a bank which made an adequate return on investment through lending out depositors funds like other banks, but a “Ponzi scheme,” which used new depositors funds to pay current expenses and to repay earlier depositors

For BCCI’s 1.4 million depositors who had placed an estimated $20 billion with the bank, there would be less than $2 billion of real assets to pay them [after BCCI was shuttered] …

[From 1990 BCCI case in Tampa, Fla.] (left to right) Cocaine seized from a Chelsea warehouse; suitcases of cash; each bundle of cash held bills of the same denomination, and the bundles in each shipment usually totaled the same amount, so launderers could easily approximate the full amount of cash in a suitcase. SOURCE:
From the August 2019 article in The New York Times titled “Jeffrey Epstein’s Opaque Finances Could Become Focal Point for Investigators”:

The money … would flow among … dozens of bank accounts, shell companies and, at times, charities linked to high-powered friends.

From a 2017 report published by the OECD:

The only purpose of a shell company is to hide the identity of the true owner of the money passing through it, or “beneficial ownership” as it is called by tax authorities and others combating illegal financial flows and tax avoidance.

From the 2019 book “Epstein: Dead Men Tell No Tales — Spies, Lies and Blackmail,” by Steven Hoffenberg, who was Epstein’s business partner, implies Epstein worked for Israeli and other intelligence. A consensus has developed that Epstein acted as liaison between Bear Stearns and BCCI during Israel-Iran-Contra. :

Hoffenberg told reporter Doug Montero …

Jeffrey Epstein had worked in Europe [during the 1980s]. … He was very heavily involved in the illegal side of the business, of the money laundering, the spying, the arms sales. I’m sure there was some legitimate components that wouldn’t be criminal, but the majority of his work product was criminal.

At this late hour of many years later, I like being concise and I don’t want to misquote, but I can tell you that they sold armament throughout the Middle East and around the world.

Clues on how the entire sistema is filled from top to bottom with sociopaths: From a 2011 article in U.K. newspaper The Independent:

My companion, a senior UK investment banker and I, are discussing the most successful banking types we know and what makes them tick. I argue that they often conform to the characteristics displayed by social psychopaths. To my surprise, my friend agrees.

He then makes an astonishing confession: “At one major investment bank for which I worked, we used psychometric testing to recruit social psychopaths because their characteristics exactly suited them to senior corporate finance roles.”

8 Comments on The BCCI Affair as a Template for the New Underworld Order Crime Syndicate

  1. Seems as that “good old boy” and peanut farmer president from Georgia was not as good a Christian as he pretended.
    “When BCCI began its surreptitious takeover of First American, Jimmy Carter was President of the United States. The point man for that takeover, of course, was the President’s close personal friend and former Director of the Office of Management and Budget, T. Bertram Lance.”

    • Really makes one wonder what the social and other mechanisms are for these actors to become friends. Who made the introductions, how did they meet? What drove the so called friendship?

      • I’d like to think Carter had his hands full with other issues and believed the BS. It is always hard to know to what extent people in powerful positions understand or are privy to the scale of constructs like BCCI. They may know it’s shady but not aware of the extent and reach…or they may have been in on the original construct and intentions from the beginning…

  2. The social mechanisms that these scum meet each other and become friends are fraternal organizations. I’m not just talking the masons but they’re all modeled similarly, thousands of them, with the lower degrees given out to the ignorant, altruistic pajama people, and the higher degrees used as a vetting process to ascertain the initiate’s level of psychopathy to confirm they can handle the truth that lucifer is their god.

  3. One thing should be clear to everyone here – there is no such thing as an honest, well-capitalized bank under fractional reserve banking (FRB). They are all Ponzi schemes allowed legally to exist. It is a legalized fraud. They print credits from thin air (without a proper consideration) and book them as “deposits”, which are no deposts at all but actually credits to the bank. FRB means that the bank has only a fraction of the deposits at hand, because it has expandee its balance sheet out of thin air. If a bank credit goes bad, it has to write it off against equity capital, but in reality it has no real loss of substance amd can circumvent the accounting requirement with extend and pretend (that the loan will be paid back). Or otherwise it can get bailed out by the govt or the central bank, which can inflate all asset prices, provide emergency loans, buy off the problematic loans etc. FRB is the major power giving tool to the Frankists.

  4. New World Order 1992- Eustace mullins.

    Former OSS Col. Paul Helliwell became head of the prestigious Miami law firm,
    Helliwell, Melrose and DeWolf. His partner, Mary Jane Melrose, was attorney for
    Resorts International, a Vesco-Lansky operation in which Nixon’s friend Rebozo
    was said to have an interest. Helliwell opened the Castle Bank in the Bahamas to
    launder drug payoffs for Thailand poppy growers. As Thai consul, his Washington
    correspondent was Rowe and Cork, close advisors to President Lyndon B.
    Johnson, and representatives of United Fruit (a Cabot-CIA connection), Libby and
    other large firms. Helliwell was also attorney for General Development Corp.,
    Lansky’s real estate firm which was run for him by Louis Chesler. As counsel for
    Miami Natl Bank, Helliwell laundered mob funds through Swiss banks. One of his
    associates was Wallace Groves, who served several years for mail fraud. Helliwell
    died one Christmas Eve, 64 years old, and had never been charged with a crime.
    Protected by powerful friends in the Mob and the CIA he epitomized the ties
    between organized crime, intelligence agencies and the national government, all
    overseen, of course, by the World order.
    This cozy arrangement was for a time epitomized by the operations of the
    BCCI, now popularly known as “the Bank of Crooks and Criminals International”.
    Originating as an Arab bank in the Orient, it soon became the bank of choice for
    many types of surreptitious financial dealings, including financing drug operations in
    many countries, handling secret funds of many intelligence organizations, including
    the CIA, and financing political activities throughout the world. Through veteran
    Washington insider Clark Clifford, personal adviser to many Presidents since Harry
    Truman, with whom he began his career in the White House, BCCI bought First
    Virginia Bank in Washington, a bank which had long had close CIA ties. Although
    BCCI carried out its multitudinous assignments with great aplomb, Israel became
    jealous of its growing importance, and the Bank of England suddenly precipitated its
    collapse, citing as its reason financial practices which Middle Eastern banking
    experts have assured this writer were quite acceptable, and of which the Bank of
    England has been aware for several years. The reason behind the scenes was
    probably another of those sudden financial coups which reap great rewards for a
    few insiders, while leaving depositors and investors holding an empty bag.
    Miami Natl Bank, which is now owned by Citibank was known for many years to
    be controlled by Meyer Lansky. The bank financed the Outrigger Club, which
    became a meeting place for Santos Trafficante Jr., Philadelphia mobster and
    members of the Gambino family. Chase Natl Bank lost $20 million in this operation,
    but chose not to make any complaint about it.

    • I was wondering what the Zionist angle was behind Morgenthau’s prosecution of the case. Obviously, Israeli criminal enterprises wouldn’t like the gentile competition. At the time, Arab oil sheikdoms were relatively hostile to Israel. The benefits of bringing down BCCI outweighed screwing over a devout Zionist such as Clark Clifford.

      John Kerry is doing double duty by providing a limited hangout for the WASPish side of his Russell and Company ancestors while diverting attention away from any motives for Zionists to want BCCI to be shutdown.

  5. I’m getting old and recall has left the building.
    Wasn’t Jimmy Carters mom a secretary for ol’ Joe Kennedy? Jimmy is a half brother to JFK and RFK.
    – matrixawakeing – Nice review of FRL. And then the banks can loan 1,000 to 1 on the phony deposits.

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