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FORUMS General Discussions Politics Kabul Bank a ‘Ponzi Scheme’
TOPIC: Kabul Bank a ‘Ponzi Scheme’
Created by: Seduction4Two
Original Starting post for this thread:
"Afghan and American officials had for years promoted Kabul Bank as a prime example of how Western-style banking was transforming a war-ravaged economy. But the audit, prepared this year for Afghanistan’s central bank by the Kroll investigative firm, gives new details of how the bank instead was institutionalizing fraud that reached into the hundreds of millions of dollars and obliterated Afghans’ trust after regulators finally seized the bank in August 2010 and the theft was revealed. "

"Among the largest beneficiaries were a brother of Mr. Karzai and a brother of First Vice President Muhammad Qasim Fahim who each owned stakes in the bank that had been bought with loans from the bank, according to the audit and regulatory officials. "

"Reached for comment, Mr. Karzai’s spokesman, Aimal Faizi, stressed that the president considered the audit incomplete: Mr. Karzai still believes Kroll has to find out where all the missing money has gone, to which countries it was sent and to which accounts if the firm wants the report to be seen as credible, Mr. Faizi said. "

"bank’s executives, they devised simple, yet effective, schemes to fool weak and reluctant regulators, and the Americans who were advising them, the audit says.

The owners kept two sets of books, and hid loans to themselves and their shareholders by taking them in the names of friends, relatives and even domestic servants, according to the audit and Afghan officials. They grouped related loans together to better keep track of who owed what. Hundreds of millions of dollars in illicit loans were routed to Dubai through a money exchange."

"For many Afghans, the scandal surrounding Kabul Bank, a linchpin of the economic order established here by Americans and their allies, has cemented the opinion that the United States brought crony capitalism, not free markets, to Afghanistan. The audit is likely to reinforce that view while raising potentially troubling questions about who is being prosecuted here in connection with the scandal, and who is not. "

How much aid do we provide Afghanistan with?

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Left to its own devices and bitch smacked when they let terrorist into its nation. I vote fuel air bbs and a high quantity if napalm.

Hazle Township PA
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Historically Afghanistan has never been won, by any of it's invaders. It needs to be left to it's own devices.

Rumson NJ
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I said much the same thing, M.

Not only the Russians, but the British before them.

Fullerton CA
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More than enough aid to keep these wars going... To keep the MIC happy. (military industrial complex) which just so happens to be the back bone of the US economy, because the private sector refuses to provide a living wage which grows nations, not personal bank accounts.

Hazle Township PA
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When we went into Afghanistan, I stated that we will get our posterior handed to us, one way or another. Afghanistan is nomad land, it's comprised of religious barbarians that have no desire to evolve.

I stated that we will see no different results than the Russians saw in the region when they invaded. It's an abyss, you can not change it. We get nothing, not a dime back, nothing beneficial, certainly no intelligence, and practically no cooperation.

Why we're there still, I have no clue.

Rumson NJ
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IMHO, the issue is that once again we have decided that our way of life is best for everyone.

We spend 30% more than the country's GDP on our military operations there. Not to mention more billions coming in as aid, much of if funneled off to warlords.

90% of the Afghan government outlays are aid.

And we wonder why so much is going missing. Money does not mean anything to them...

Fullerton CA
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It's a little disturbing that this was a headline only 3 days ago, and in the past 2 days I've seen very little coverage of it. Not sure what's happening, but I'm going to keep digging.

Rumson NJ
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SO Ghost is Pissed at Obama? After all he helped bail out those bastards on Wall Street didn't he? didn't he claim that Chrysler and GM both are paying the debt back to the People? If So wtf is the Money? I haven't seen one dime or at least where it was sent to.

Now back on Topic. Until we leave Afghanistan which looks like a long time from now. Because after 2014 there will still be some 40,000 troops staying in country. The "loans" will continue and the theft of those funds will continue. They being Afghan governmental authority will continue to deprive its people of roads, schools and hospitals just like their predecessors did. The Talaban.

Imperial MO
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After 5 responses.... Got it.

East Fishkill NY
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Feel free to continue, I just wont be responding to you unless you wish to address the actual topic. Have a blast.

Rumson NJ
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TOPIC: Kabul Bank a ‘Ponzi Scheme’