BCCI Investigation, Day 1

The House Banking committee heard testimony in the first of a series of hearings on the operations of the Bank of Credit and Commerce International in the United States. The bank’s assets had been seized in July 1991 by Great Britain, the U.S., and several other countries on suspicion of bank fraud. The bank has also been accused of knowingly handling the finances for drug dealers and international terrorists. On the first day of the hearings, Clark Clifford and Robert Altman, administrators of the Washington financial institution First American Bankshares, testified on their knowledge of BCCI’s involvement in First American Bankshares. Mr. Clifford testified he did not know BCCI owned the majority of the stock of First American, BCCI had no influence over the operation of the bank, and his loans from BCCI were completely legitimate. In his opening statement, he spoke extemporaneously for nearly a hour and a half on his involvement with First American Bankshares, and characterized hims close