Changes

In 1972 [[Pakistan]]i banks were nationalized by President [[Zulfikar Ali Bhutto]]. One of these banks was United Bank, whose president was Agha Hasan Abedi. Abedi subsequently joined with Sheik Zayad, ruler of [[Abu Dhabi]] and patron of the [[PLO]], to found BCCI. To prevent [[nationalization]], BCCI was chartered in [[Luxembourg]]. In 1975 it split into two entities, one remaining in Luxembourg and the other established in the Cayman Islands. The Cayman Islands part became a "bank within a bank." While the legal registration was in Luxembourg and the Cayman Islands, the actual operational head- quarters was moved to [[London]].

In 1972 [[Pakistan]]i banks were nationalized by President [[Zulfikar Ali Bhutto]]. One of these banks was United Bank, whose president was Agha Hasan Abedi. Abedi subsequently joined with Sheik Zayad, ruler of [[Abu Dhabi]] and patron of the [[PLO]], to found BCCI. To prevent [[nationalization]], BCCI was chartered in [[Luxembourg]]. In 1975 it split into two entities, one remaining in Luxembourg and the other established in the Cayman Islands. The Cayman Islands part became a "bank within a bank." While the legal registration was in Luxembourg and the Cayman Islands, the actual operational head- quarters was moved to [[London]].

In 1977 BCCI became interested in Financial General, a Washington D.C. bank with headquarters a block from the White House. The bank was owned by an investor group led by William Middendorf II, who was Secretary of the Navy under [[Nixon]] and [[Gerald Ford|Ford]]. One member of the investor group was Jackson Stephens. Stephens then sent salesmen from his [[Little Rock]] firm Systematics to talk to Middendorf about providing banking software for Financial General, but they were firmly rejected. Stephens decided to wrest control of the bank from Middendorf.

In 1977 BCCI became interested in Financial General, a Washington D.C. bank with headquarters a block from the White House. The bank was owned by an investor group led by William Middendorf II, who was Secretary of the Navy under [[Nixon]] and [[Gerald Ford|Ford]]. One member of the investor group was Jackson Stephens. Stephens then sent salesmen from his [[Little Rock]] firm Systematics to talk to Middendorf about providing banking software for Financial General, but they were firmly rejected. Stephens decided to wrest control of the bank from Middendorf.

Abedi in turn introduced Lance to Stanford and Harvard educated Ghaith Pharaon. Pharaon proceeded to acquire the stock of Bert Lance's National Bank of Georgia, a deal consummated on January 5, 1978, a day after Lance's $3.4 million loan from the First National Bank of Chicago was repaid by BCCI London. Pharaon was apparently acting on behalf of Abedi in the acquisition, at least in part.

Abedi in turn introduced Lance to Stanford and Harvard educated Ghaith Pharaon. Pharaon proceeded to acquire the stock of Bert Lance's National Bank of Georgia, a deal consummated on January 5, 1978, a day after Lance's $3.4 million loan from the First National Bank of Chicago was repaid by BCCI London. Pharaon was apparently acting on behalf of Abedi in the acquisition, at least in part.

By then Lance had left the Carter administration, and he and Jackson Stephens joined together to help BCCI in a hostile takeover of Financial General. Financial General filed a lawsuit on February 17 and named "Bert Lance, Bank of Credit & Commerce International, Agha Hasan Abedi, Eugene J. Metzger, Jackson Stephens, Stephens Inc., Systematics Inc. and John Does numbers 1 through 25." Systematics was represented by C.J. Giroir, [[Webster Hubbell]], and [[Hillary Rodham Clinton]! of the Rose Law Firm of Little Rock:

By then Lance had left the Carter administration, and he and Jackson Stephens joined together to help BCCI in a hostile takeover of Financial General. Financial General filed a lawsuit on February 17 and named "Bert Lance, Bank of Credit & Commerce International, Agha Hasan Abedi, Eugene J. Metzger, Jackson Stephens, Stephens Inc., Systematics Inc. and John Does numbers 1 through 25." Systematics was represented by C.J. Giroir, [[Webster Hubbell]], and [[Hillary Rodham Clinton]] of the Rose Law Firm of Little Rock:

:"The suit was ultimately settled, but intriguingly, briefs for Systematics, a Stephens property, were submitted by a trio of lawyers including C.J. Giroir and Webster L. Hubbell and signed by Hillary Rodham"<ref>Who is Jack Ryan?'' The [[Wall Street Journal]] '', August 1, 1994</ref>

:"The suit was ultimately settled, but intriguingly, briefs for Systematics, a Stephens property, were submitted by a trio of lawyers including C.J. Giroir and Webster L. Hubbell and signed by Hillary Rodham"<ref>Who is Jack Ryan?'' The [[Wall Street Journal]] '', August 1, 1994</ref>