BCCI Investigation, Day 2

The House Banking committee heard testimony from administrators in the Federal Reserve banking system in one of a series of hearings on the Bank of Credit and Commerce International, an international financial institution under investigation for reported dealings with known terrorists and drug dealers. The committee was particularly interested in examining the performance of the Federal Reserve in their investigation of the American subsidiaries of BCCI and their financial dealings. The representatives of the Federal Reserve banks testified on loans made to former government officials by a subsidiary Washington, DC bank owned by the Bank of Credit and Commerce International. The bank officials refused to name the former government officials who received money from the BCCI subsidiary, saying there was nothing wrong with a bank official receiving loans from a bank. close