| k that is the subject of this review is The Outlaw | | | | being to compromise or buy off any possible |
| Bank: A Wild Ride into the Secret Heart of BCCI, by | | | | regulation of its illegal activities. The bank was also a |
| Jonathan Beaty and S.C. Gwynne. It was originally | | | | principal player in money laundering and drug |
| published in 1993, and tells the story of the infamous | | | | trafficking, with some of their more famous clients |
| Bank of Credit and Commerce International and how | | | | being Manuel Noriega of Panama and the Columbian |
| the author’s penetrated some of the most | | | | drug-trafficking Medellin cartel. |
| closely-held secrets of the bank and it’s | | | | Some of the more interesting aspects of this Black |
| so-called Black Network, which was alleged to have | | | | Network involve the weapons deals that BCCI |
| been involved in money laundering, drug trafficking, | | | | facilitated. These transactions are often described in |
| and weapons sales in both the First World and Third | | | | the book in detail or provided in lists of exhausting |
| World countries. | | | | deals between various governments. Every major |
| The authors separate their story into four distinct | | | | country in the Middle East is identified as a client of |
| sections. The first and third sections deal mainly with | | | | BCCI in one way or another, including Iraq, Iran, and |
| their own experiences in tracking down the BCCI | | | | Israel. BCCI also shows up in the story of George W. |
| story. The second section of the book presents a | | | | Bush, when he was a director of Harken Energy that, |
| brief overview of the economic conditions and | | | | without having any offshore drilling experience, was |
| geopolitical and historical situation that allowed the | | | | awarded a drilling concession for an offshore oil field |
| bank to flourish. The final section of the book ties up | | | | in Bahrain that was worth millions of dollars. |
| some of the loose ends and analyzes the entire | | | | Other areas that the authors focus on include the |
| story of BCCI and its dealings throughout the world | | | | bank’s involvement with William Casey and |
| from its start in 1972 until it was shut down in 1991. | | | | the CIA, the secret BCCI ownership of American |
| Throughout the book, the authors make it a point to | | | | bank First American, New York District Attorney |
| switch between the more technical and dense issues | | | | Robert Morgenthau’s case against BCCI, and |
| of financial markets, black markets, and history, and | | | | the unwillingness of the US Justice Department to |
| their own involvement in the story as reporters for | | | | look seriously into the wide-ranging allegations against |
| Time magazine and independent researchers. This | | | | the bank. The authors present these topics |
| provides the book with a much faster-paced | | | | throughout the book as their paths cross with the |
| narrative than most books that present the historical | | | | major players in the BCCI story, and show that the |
| facts and analysis, as the authors of The Outlaw | | | | threads in this story lead to nearly all of the major |
| Bank were able to penetrate very deeply into the | | | | players in the Middle East during the era in which |
| bank’s hidden dealings in weapons and the | | | | BCCI operated. |
| black market in general. These corrupt dealings were | | | | The final point the authors have to make is that no |
| so rampant in the bank that Robert Gates, former | | | | significant banking regulations have been changed to |
| Director of Central Intelligence under Bush I and | | | | prevent another BCCI from appearing, fleecing billions |
| current Secretary of Defense under Bush II, referred | | | | of dollars from its depositors, operating illegal |
| to the bank three years before it was shut down as | | | | throughout the world, and shutting down with |
| the bank of crooks and criminals, an apt | | | | virtually no assets available to pay back its creditors. |
| analogy. | | | | The only difference between BCCI and other banks |
| In fact, it is this involvement the authors had with | | | | was simply scale: BCCI was the most corrupt, largest |
| various players in BCCI’s Black | | | | Third World bank ever to have been shut down. And |
| Network that provides the most interesting parts | | | | there is nothing to prevent another BCCI from |
| of the story. BCCI made it a policy to buy influence | | | | engaging in the same exact activities. |
| in as many governments as possible, one reason | | | | |