 Morgenthau convened a grand jury to determine whether Clifford and his partner, Robert A. Altman, had deliberately misled federal regulators when the two men assured them that BCCI would have no outside control.An audit by Price Waterhouse revealed that contrary to agreements between First American's nominal investors and the Federal Reserve, many of the investors had borrowed heavily from BCCI.Even more seriously, they had pledged their First American stock as collateral.