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Bank of Credit and Commerce International (view source)
Revision as of 19:08, December 7, 2018
, 19:08, December 7, 2018→Disposition
===Disposition===
===Disposition===
In December 1991, Attorney General [[William Barr]] announced that BCCI had entered a guilty plea to certain racketeering charges, in return for which the U.S. Justice Department agreed to drop all other federal and state charges that might be brought against BCCI entities in the future. In the plea-
bargain arrangement, BCCI forfeited all of its estimated $550 million assets in the United States, and there were some minor jail sentences.
The American banking assets including First American Bank were sold to First Union Bank. On September 1, 2001, First Union merged with Wachovia, and later Wachovia merged with Wells Fargo.<ref>{{cite web|url=https://www.wellsfargo.com/about/corporate/firstunion|title=First Union is Now Wells Fargo|accessdate=October 23, 2016}}</ref> Wells Fargo had its own banking scandal in 2016.
The American banking assets including First American Bank were sold to First Union Bank. On September 1, 2001, First Union merged with Wachovia, and later Wachovia merged with Wells Fargo.<ref>{{cite web|url=https://www.wellsfargo.com/about/corporate/firstunion|title=First Union is Now Wells Fargo|accessdate=October 23, 2016}}</ref> Wells Fargo had its own banking scandal in 2016.