The Federal Reserve finally approved the purchase in on April 19, 1982, and BCCI renamed the bank "First American" three months later. Clark Clifford was made chairman and Robert Altman president. The head of Bank Supervision at the Federal Reserve when BCCI's purchase was approved was Jack Ryan, who later became head of the Resolution Trust Corporation, in which role he denied Rep. Leach's requests for documents related to Madison Guaranty, the Whitewater thrift. What was the point of BCCI's takeover of First American? " 'They wanted an important stake across the street from the White House,' says one Washington banking executive, adding, 'Some people might think it is important to know about the outstanding loans and balances of Government officials'" (Time). In the meantime BCCI founder Abedi was committed to the development of an Islamic atomic bomb, even donating 500 million rupees for the creation of Pakistan's Gulam Ishaq Research Institute for nuclear development. BCCI was in some sense seen by Abedi as the financial competitor to the "committee of 30" that worked on behalf of Israel. According to Israeli correspondents Tzadok Yehezkeli and Danny Sadeh: "Israel solicits money from wealthy Jews from all over the world for financing its nuclear weaponry programs. This fundraising drive is directed by a committee comprised of 30 Jewish millionaires" . But while BCCI founder Abedi had intended BCCI to finance the development of a Pakistani nuclear bomb, this effort ...
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The Bush Admin and Senator McCain warned repeatedly about Fanny Mae and Freddy Mac and what thus became the 2008 financial crisis -- starting in 2002 (and actually even earlier -- in the Clinton and Carter White Houses. Democrats resisted and kept to their party line, extending loans to people who couldn't afford them -- just like you would expect of socialists. See our web site for more. -- www.ProudToBeCanadian.ca http -- www.proudtobecanadian.ca