Afghan elite ransacked $900m from Kabul Bank, inquiry finds Relative to the size of Afghanistan's puny economy, the Kabul Bank crisis is the biggest banking scandal the world has ever seen, equivalent to around 5% of national income, and staggering in its scale and audacity. An array of forged documents and fake official stamps for nonexistent companies helped managers keep one set of books for auditors and another for themselves; more than $800m of the stolen money went to just 12 people and seven companies connected to them.Even Lloyd Blankfein can only marvel at their audacity. [cross-posted at Firedoglake]
Thursday, November 29, 2012
Learning from the best
Afghanistan has long been known for a few things: the place not to get involved in a land war; opium; and of course, corruption to an almost staggering degree. Well when a nation with such a history gets involved with a nation like America who's elite can really make a buck off of desperation -- the obvious happens.