It was the ultimate package deal, a grand compromise designed to clean up one of the world's messiest piles of financial wreckage. Bank liquidators, acting on behalf of the moribund Bank of Credit & Commerce International, marched into a crowded Manhattan courtroom last Friday and settled, in one unexpected swoop, all U.S. criminal charges outstanding against B.C.C.I. as a corporation. The bank, which in the U.S. is now essentially just a hollow shell, pleaded guilty to federal and state charges of racketeering, fraud and money laundering. The liquidators agreed to surrender virtually every penny of B.C.C.I.'s assets in the U.S., a...
Scandals: Is That All There Is?
B.C.C.I. pleads guilty to criminal charges and forfeits $550 million, but individual culprits are still on the loose
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