---
category: BCCI Scandal
summary: William Ryback was the Deputy Director of Banking Supervision at the Federal
  Reserve.
tags:
- Person
- BCCI
---

William Ryback was the Deputy Director of Banking Supervision at the Federal Reserve.[^1]

### Role in BCCI Investigation

Ryback was the Federal Reserve's spearhead in the [BCCI](/organizations/bank-of-credit-and-commerce-international/)-[First American Bank](/organizations/first-american-bank/) case.[^2] He had repeatedly investigated the supposed connections between the two banks but had found no concrete evidence.[^2]

In December 1990, Ryback traveled to [London](/places/london/) and demanded to see the October 1990 audit report of BCCI from [Zafar Iqbal](/people/zafar-iqbal/), who had recently taken over BCCI.[^2] This audit revealed over $1 billion in loans to an entity coded "XYZ Corp." and that the loans were secured by stock in XYZ, with no repayment.[^2] Ryback concluded that "XYZ Corp." was actually [First American Bank](/organizations/first-american-bank/) and that the loans were made to front men.[^2]

Ryback's findings led him to believe that BCCI had been lying to the Federal Reserve for years, and he sought to have [Clark Clifford](/people/clark-clifford/) and [Robert Altman](/people/robert-altman/) investigated for withholding this vital information.[^2]

[^1]: Beaty, Jonathan and Gwynne, S. C. *The Outlaw Bank: A Wild Ride into the Secret Heart of BCCI*. New York: Random House, 1993, p. 11.
[^2]: Beaty, Jonathan and Gwynne, S. C. *The Outlaw Bank: A Wild Ride into the Secret Heart of BCCI*. New York: Random House, 1993, p. 132-133.