The Underworld Bank scandal is oozing out all over. Conceived in Karachi, financed in Abu Dhabi, the conspiracy reached into the world's Western capitals and perhaps the U.N. under the protection of high-paid lobbyists and naive spooks. The B.C.C.I. scandal involves the laundering of drug money, the illicit financing of terrorism and of arms to Iraq, the easy purchase of respectability and the corruption of the world banking system. For more than a decade, the biggest banking swindle in history worked beautifully. Between $5 billion and $15 billion was bilked from governments and individual depositors to be put to the...