BANKING
Laxity at Bank of England Blamed in BCCI Scandal: The Bank of England was accused of lax regulation of the Bank of Credit & Commerce International, thus contributing to the biggest banking fraud in history. Chancellor of the Exchequer Norman Lamont revealed in Parliament details of a government-commissioned report saying that the Bank of England should have more vigorously pursued leads about BCCI activities coming from shareholders and auditors. About 40,000 British investors alone lost up to $2 billion in savings in the worldwide BCCI scandal.
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