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Double Standards (Hardcover, Uk Ed.)
Loot Price: R747
Discovery Miles 7 470
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Double Standards (Hardcover, Uk Ed.)
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Double Standards travels 25 years back to explore the story of a
bank, with roots in the Middle East, that rose to prominence and
became the fastest-growing bank in the world. It was called the
Bank of Credit & Commerce International, known as BCCI, and
became the 4th largest bank in the world by 1991. It became the
bridge between the Third World and the West and at its height was
bailing out governments in developing countries, like the IMF or
World Bank. It was also a favourite port of call for some more
notorious clientele, like the CIA, who used the bank to facilitate
its covert operations overseas. The Bank of England and US
authorities shut the BCCI down amidst allegations of fraud in July
1991, making over 14,000 employees redundant and leaving over 1
million customers out of pocket. Double Standards revisits the
actions taken by the Bank of England and the regulatory authorities
with regards to BCCI and carries out an academic analysis to
compare its treatment with the major banking scandals following the
global financial meltdown in 2008. The malpractice that BCCI was
accused of was on par with a parking violation compared to the
actions of the bigger banks of today, yet the fines and penalties
to these banks are not as severe as the punishment meted out to
BCCI. Why was the bank shut and, more importantly, who benefitted
from its closure? This informative analysis of BCCI's rise and fall
will appeal to those with an interest in finance and banking law.
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