Skip to comments.Audit Says Kabul Bank Began as ‘Ponzi Scheme’
Posted on 11/28/2012 6:32:40 AM PST by bjorn14
Kabul Bank became Afghanistans largest financial institution by offering the promise of modern banking to people who had never had a saving or checking account. What it really dealt in was modern theft: From its very beginning, according to a confidential forensic audit of Kabul Bank, the bank was a well-concealed Ponzi scheme.
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 Afghanistans 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.
(Excerpt) Read more at nytimes.com ...
Afghan Scam ?
Surprise, surprise !
By the way, how are the plans for a full independent audit of the Federal Reserve going?
Started out as a ponzi scheme. But is it still? I’d be impressed if they were able to pull out of a ponzi scheme because I don’t know of it ever happening before.
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