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Introduction
BCCI, which managed to penetrate every country it
targeted, including the United States, was a bank
which regulators always recognized as a risky
institution. Having no lender of last resort and no
consolidated auditor, BCCI presented a structure
which to Western bank regulators was unsound,
regardless of how BCCI happened to use the
structure. From the beginning, regulators in the
United Kingdom and the United States sought to
discourage BCCI from entering their jurisdictions.
Their hostility was not based on a cultural contempt
for a Third World or Pakistani bank, as BCCI's chief,
Agha Hasan Abedi, sometimes contended. Rather, it
was based on the very structure of the bank, which
was viewed, correctly, as having been deliberately
created to avoid regulation.