The rules on S&Ls were lifted in the 80s, leading to the massive crash of 1989, after unscrupulous people, (including Neil Bush), used the lack of regulation to speculate and commit fraud. That is when housing became unaffordable for so many, also. (Not a coincidence).
28 y.o. Jeffrey Epstein left Bear Stearns in 1981 and set up his own shop, with his first client being fabulously wealthy arms dealer, Adnan Khashoggi, and they worked on Iran-Contra arms deals together.
In 1991, the Bank of England shut down the BCCI bank, known as a favorite for arms dealing and money laundering. The Bank, known as the "Bank of Crooks and Criminals" was a favorite of the CIA for laundering money.
Adnan Khashoggi being one of the crooks who used the bank.
AI version:
Jeffrey Epstein :BCCIReports and claims suggest that Jeffrey Epstein's early financial networks and operations potentially intersected with the controversial Bank of Credit and Commerce International (BCCI). [1] (https://www.iranintl.com/en/202602033927)
Parallel Operations Claims:
Accounts from associates like Steven Hoffenberg claim that Epstein worked alongside figures such as Adnan Khashoggi and Douglas Leese in operations running parallel to the Iran-Contra affair.
Money Transfers and Financing:
According to these historical and investigative claims, these covert financing operations and money transfers heavily relied on BCCI before the bank collapsed due to widespread money laundering and intelligence links.
Broader Financial Scrutiny
While recent document dumps from the Department of Justice and congressional investigations (such as those led by Senator Ron Wyden) focus heavily on Epstein's later primary accounts with major institutions like JPMorgan Chase and Deutsche Bank, allegations regarding BCCI tie back to his murky, shadow-network beginnings in international finance and arms-dealing circles during the 1980s.
The Epstein files:
What we know about his links to IranParallel operations and the role of BCCI . Hoffenberg claims these activities were carried out as part of an operation running.
Senate Committee on Finance Wyden Releases New Information on Financing of Jeffrey Epstein’s operations by Billionaire Leon Black, Seeks Documents from Trump Administration.
Adnan Khashoggi was deeply involved with BCCI, primarily using the rogue financial institution to bankroll and execute covert international arms deals throughout the 1980s.
The landmark U.S. Senate investigation into the BCCI Affair and subsequent declassified intelligence documents detailed his extensive ties to the bank.
The Iran-Contra Pipeline:
Khashoggi acted as a central middleman in the Reagan administration's arms-for-hostages exchange with Iran. He utilized a personal BCCI account in Monaco to funnel and manage over $20 million in transaction cash.
Millions in Financing:
Khashoggi secured a $10 million revolving loan from BCCI to purchase missiles destined for Iran. He also routinely negotiated high-fee, short-term overdraft lines of credit with the bank's Monte Carlo branch to bridge his weapon shipments.
The "Black Network" Affiliation:
Congressional records and investigative reports by TIME Magazine identified Khashoggi as a premium customer of BCCI's notorious internal "Black Network". This compartmentalized cell within the bank operated outside normal regulatory oversight to handle transactions for intelligence agencies, dictators, and global arms brokers.
Partnerships:
Khashoggi maintained close relationships with prominent BCCI shareholders and directors, such as Kamal Adham (the former head of Saudi intelligence), who personally stepped in to pay millions in debts to free Khashoggi's seized private aircraft.
In 1992, a 29 y.o. Scott Bessent worked with George Soros to break the Bank of England. The bank collapsed, the people suffered, and Soros made a cool billion dollars.
In 1993, the newly elected Vice President of the USA, Al Gore, gathered US bank regulators together to let them know that they were no longer to enforce the banking laws. Famously incorruptible regulator William Black (who refused to intervene for John McCain in the 80s, with the Keating S&L crimes), testified about that.
AI version:
"Former bank regulator William K. Black has long criticized Al Gore and Bill Clinton's 1993 "Reinventing Government" initiative for forcing financial regulators to back off strict enforcement.
According to William K. Black, this specific White House policy fundamentally shifted the mindset of federal regulatory agencies. Instead of acting as independent, aggressive watchdogs, regulators were ordered to treat banks and financial institutions as "customers".
Now the banks roam freely, with regulations, including usury laws, unenforced.
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