Word: audits
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...shuttering B.C.C.I., the regulators relied on a June audit by the accounting firm Price Waterhouse that called the fraud "one of the most complex deceptions in banking history." Price Waterhouse found that the bank had routinely siphoned funds from deposits and created fictitious loans to generate phony profits. But such practices only created an insatiable demand for more bogus transactions...
...black unit's mission eventually became the pursuit of power and influence for its own sake, but its primary purpose was to foster a global looting operation that bilked depositors of billions of dollars. Price Waterhouse, the accounting firm whose audit triggered the worldwide seizure of B.C.C.I. assets earlier this month, says the disarray is so extreme that the firm cannot even put together a coherent financial statement. But investigators believe $10 billion or more is missing, fully half of B.C.C.I.'s worldwide assets...
Just as perplexing is why the Bank of England and other authorities took so long to intervene. Britain's main financial regulator waited more than a year after seeing a Price Waterhouse audit that raised serious questions about B.C.C.I.'s viability before seizing its 25 branches in Britain. One explanation: the Bank of England was conducting extended negotiations with Abu Dhabi authorities, apparently hoping that B.C.C.I.'s current owner, Sheik Zayed bin Sultan al-Nahayan, would shore up the bank. But more suspicious experts raise questions about B.C.C.I.'s links to Western intelligence agencies. Leaders in Parliament have expressed outrage...
...same wrenching question arose. How could regulators in the U.S., Britain and other countries have allowed B.C.C.I. to develop into a monstrous criminal enterprise whose activities ranged from laundering drug money to financing clandestine arms sales? Authorities seemed content for years to ignore mounting evidence, provided by private audits and former B.C.C.I. officers, of the bank's misdeeds. According to leaked audit reports, B.C.C.I. used deposits to enrich many of its Arab investors -- and then covered up the fraudulent transactions. The bank also cultivated a global network of political contacts to help keep regulators at bay. The heavy hitters included...
...thought the savings and loan disaster couldn't get much worse, well, think again. In the gloomiest assessment of the megamess yet, U.S. Comptroller General Charles Bowsher said last week the Resolution Trust Corporation, which is handling the bailout, was in such disarray that government accountants cannot even audit its books. That means Washington has no clear idea of how much the bailout will ultimately cost as the RTC shuts more than 1,000 bankrupt S&Ls and sells off real estate and other assets...