Free Republic 4th Quarter Fundraising Target: $85,000 Receipts & Pledges to-date: $69,292
81%  
Woo hoo!! And now less than $16k to go!! We can do this. Thank you all very much!!

Keyword: kabulbank

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  • The Bank Bust That Nearly Took Down Afghanistan

    12/27/2012 2:48:48 PM PST · by Lorianne · 1 replies
    TIME ^ | 30 November 2012 | John Wendle
    ... new details about how a small group of men profited from fraudulent loans. It called out local authorities for succumbing to political pressure and the international community for not doing enough to stave off the catastrophe which led to a near-complete meltdown of Afghanistan’s banking system in 2010. The report, partly compiled from the results of a nine-month-long audit conducted by Kroll, a global investigations firm, said that the crisis was brought on by a well-hidden Ponzi scheme. More than 92% of the bank’s loan book, or $861 million, was extended to 19 related individuals and businesses, which ultimately...