Judge calls BCCI case a 'farce'

[lovuian]

http://news.bbc.co.uk/2/hi/business/4904568.stm

The case brought against the Bank of England by the liquidators of collapsed lender BCCI was a farce, according to the judge that presided over it.
Mr Justice Tomlinson said the case could have damaged the legal system.

snip...
BCCI collapsed in 1991 owing more than $16bn, and is thought to be the world's biggest bank fraud.

Mr Justice Tomlinson slammed the lawsuit brought by Deloitte, which eventually entered the courts in January 2004 and was the first the Bank of England had faced in its 300-year history.

After weeks of listening to opening submissions, the judge said he "became so concerned about the case that I decided to both consult and warn the Lord Chief Justice about it".

He told the then Lord Chief Justice, Lord Woolf, that the case "was a farce" and "had the capacity to damage the reputation of our legal system".

more...
So just sweep it all under the carpets... but at least the judge had to hear it... Incredibly horrible the English legal system...
maybe there is something terribly wrong...

[Kutjara]

1. Unfortunately true.

The judiciary in Britain is in desparate need of reform. It's too clubby, to intertwined with the government and the legislature. There is no formal separation of the three (no written Constitution, you see), so the collusion that can go on needs to be seen to be believed.

As regards Bank of Crack and Cocaine International, there were so many senior members of the British establishment with their fingers in that particular pie that it wouldn't only be the legal system that would be damaged. Half of the aristocracy would be making license plates within a year.

So, to protect the status quo, the judges decided to hush it all up and spin it.

[lovuian]

2. It just shows the system of corruption is entrenched in the

aristocracy... I would say Corruption is rampant all over the world and that does not bode well for our institutions...

[NYC]

5. We called them the Bank of Crooks and Criminals.

[blm]

6. Half the American aristocracy, too - Bush family cronies. And that is

why they will rig voting machines and do anything they have to to keep Kerry out of the White House - they know he's the ONE PERON who would dare to open all the books on BCCI when he becomes president.

[zann725]

13. How true.

With the operative word being "WHEN."
Would "they" ever let him through?

[UpInArms]

3. The Outlaw Bank: A Wild Ride Into the Secret Heart of the BCCI

http://www.beardbooks.com/the_outlaw_bank.html

When the 1973 embargo quadrupled oil prices, BCCI became the bank for Arab tycoons and for millions of Third World expatriates who flocked to the gulf to work. With the help of underlings who used bribery, money laundering, and even procuring to win over clients, Abedi expanded into some 70 countries. BCCI's unscrupulousness made it the bank of choice for arms dealers, the drug trade, and spy agencies.

Even after the bank became illiquid in the early 1980s, Abedi kept his Ponzi scheme going for some time--with the bank's complex structure obscuring the scams. The Outlaw Bank leaves the impression that with the offshore banking centers Abedi used so effectively still in business, another BCCI could happen.

From Publishers Weekly:

As reporters for Time magazine, Beaty and Gwynne were at the forefront of uncovering the scandals surrounding the Bank of Credit and Commerce International (BCCI) in 1991. Here they authoritatively examine that global institution and the $20-billion-plus fraud its agents committed in 73 countries over a nearly 20-year period. They begin by describing their own "wild ride" as investigative journalists; their dramatic story includes highly placed pseudonymous sources a la Deep Throat and veiled threats from various BCCI power brokers, among them Clark Clifford. A second section flashes back to trace the rise of BCCI in Pakistan, where it was nourished by petrodeposits; BCCI's manipulations of such Americans as former President Jimmy Carter; and its depredations in such places as Panama and Nigeria. Returning to their personal tale, the authors go on to probe the cover-up of BCCI crimes and the negligence of "governments all over the world." The implications are chilling: BCCI was protected by U.S. intelligence agencies--"certainly" by William Casey's CIA and "probably" by the National Security Council. Moreover, international banking rules remain unchanged. Copyright 1993 Reed Business Information, Inc.

[NorthernSun]

4. CIA DRUG BANC

The fact that CIA drug importers and Osama (among other criminals) both used this bank may have something to do with the coverup.

[blm]

7. Don't forget George Bush and James Bath both used BCCI for their BIG deals

with the Bin Ladens and UAE.

[0007]

9. Who can?

[donkeyotay]

8. Something's terribly wrong, alright. The world's being run by gansters.

I don't know how democracy can compete.

[0007]

10. I know of no stronger law than the power of money and greedy men

[blm]

11. And they use religions and flags as their masks.

.

[phoebe]

12. it's not the law he's really worried about - it's the inside corruption

and the massive fraud within the banking system that "he" doesn't want poked at under the shining light of uncontrolled public scrutiny..