Please note: I have posted on BCCI several times. I post excerpts that I think are relevant to understanding what’s happening in the markets.

It doesn’t follow that I endorse the rest of the author’s positions or narratives. To make that clear,  I am adding links to my previous posts below, which flesh out the British connection to BCCI. I don’t know if the connection is a controlling one, but it’s reasonable to suppose it is influential

http://mindbodypolitic.org/2011/10/18/george-soros-front-for-n-m-rothschild/

http://mindbodypolitic.org/2010/04/15/the-cia-the-us-gvt-the-stock-market-and-drug-running/

American Pendulam.com

“Both the IMF and the Caribbean Development Bank (CDB) had close ties to BCCI. The CDB was founded by David Rockefeller’s International Basic Economy Corporation – which launched the Caribbean Basin Initiative.  CDB loans money to countries that agree to allow multinational corporations to set up tax-free operations within their borders to take advantage of cheap labor.  These areas become known as export processing zones and give the corporations additional tax benefits from the US government.

BCCI – launched by Bank of America – was a CIA drug money laundry which moonlighted as mugger for the IMF bankers. The IMF helped BCCI set up shop in numerous countries, including virtually every Latin American nation.  BCCI loaned the Jamaican government money to pay the IMF in return for Jamaican government deposits at BCCI.  Bolivia got BCCI loans under the same agreement, this time at the urging of the World Bank.  In Peru, the IMF/World Bank solicited Peruvian treasury deposits for BCCI.

None of these countries would ever see the over $1 billion in treasury funds which they collectively put down the BCCI black hole.  Peru later indicted a former IMF/World bank official for his role in the fleecing of Peru’s Central Bank.  While recycled petrodollars were being pumped into BCCI from the pockets of Gulf Cooperation Council (GCC) oil sheiks, and drug profits were derived from contra cocaine and mujahadeen heroin, BCCI was simultaneously swindling the central banks of some of the world’s poorest countries with a wink and a nod from the IMF and World Bank.

As Alexander Cockburn put it in a Wall Street Journal column, when BCCI was closed by the Bank of England in July 1991, “The little guys went to the wall and the big fish swam off with the swag”.

The racket worked something like this: BCCI, in addition to providing loans for deposits, would offer to broker a country’s debt with the IMF if the central bank was willing to deposit funds at BCCI’s local branch.  Those countries that cooperated with the IMF would be rewarded with more loans.  Those that refused never saw their money again.  Most of the $20 billion that disappeared when BCCI was shut down belonged to Third World central banks whose governments had not bent over far enough for the IMF.  This outright theft left the poorest, most debt-ridden countries in the world even more impoverished.  African nations were hardest hit.

Cameroon, where US AID had been BCCI’s biggest customer, lost one-third of its hard currency reserves.  Nigeria lost $300 million when BCCI crony Alhaji Ibrahim Dasuki bribed central bankers, then split with the cash.  For his troubles he was appointed Sultan of Sokoto, the Muslim capital of northern Nigeria.  The central banks of Zambia, Zimbabwe, Congo, Ivory Coast, Sierre Leone, Gabon, Senegal and Ghana were all pilfered by BCCI.  All failed to satisfy IMF mandates for new loans or were in arrears on old debt.  BCCI sponged over $2 billion from the African continent.

Even in England, where $400 million was lost by depositors when BCCI closed shop, most of the money belonged to African immigrants of marginal means who believed BCCI’s claim of being “a bank for the world’s poor”.“