BofA's Stake in BCCI Reportedly Hit 45%: BankAmerica Corp., a founding investor in the Bank of Credit & Commerce International, had a much higher stake in the outlaw institution than previously believed, the Federal Reserve says. Thomas D. Thomson, executive vice president of the Federal Reserve Bank of San Francisco, told Congress last week that BankAmerica boosted its stake in BCCI from 2.5% to 45% between 1974 and 1976. At one time, officials had thought that the San Francisco-based bank's stake peaked at 20%. BankAmerica, which withdrew its BCCI investment in 1980, isn't the subject of any criminal investigation.
From Times Staff and Wire Reports
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