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Bank of Credit and Commerce International (view source)
Revision as of 07:18, December 10, 2018
, 07:18, December 10, 2018→BCCI takeover of 2 US banks
==BCCI takeover of 2 US banks==
==BCCI takeover of 2 US banks==
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 Bancshares, 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.
Jackson Stephens is a billionaire from Little Rock who owns the controlling interest in [[Worthen National Bank]] as well as in Stephens Inc., one of the largest privately owned investment banks outside [[Wall Street]]. In November 1977, he introduced BCCI founder Agha Hasan Abedi. to Bert Lance, [[President Carter]]'s Director of the [[Office of Management and Budget]], whom Stephens had met through Jimmy Carter, his old roommate from the [[US Naval Academy]]. Lance also knew the people at Financial General, for it was Financial General that had sold to Lance controlling interest in the National Bank of Georgia in 1975.
Jackson Stephens is a billionaire from Little Rock who owns the controlling interest in [[Worthen National Bank]] as well as in Stephens Inc., one of the largest privately owned investment banks outside [[Wall Street]]. In November 1977, he introduced BCCI founder Agha Hasan Abedi. to Bert Lance, [[President Carter]]'s Director of the [[Office of Management and Budget]], whom Stephens had met through Jimmy Carter, his old roommate from the [[US Naval Academy]]. Lance also knew the people at Financial General, for it was Financial General that had sold to Lance controlling interest in the National Bank of Georgia in 1975.