MORE BANK FRAUD IN AFGHANISTAN

NYTIMES:

According to Rahmatullah Nazari, the deputy attorney general, authorities arrested Sherkhan Farnood, the former chairman of Kabul Bank, and Khalilulah Frozi, its former chief executive officer, on Wednesday in connection with what he said was hundreds of millions of dollars in fraudulent loans to bank officers and insiders.

The attorney general has also brought charges against the governor of Afghanistan’s Central Bank, Abdul Qadir Fitrat, accusing him of taking millions in bribes to overlook the Kabul Bank fraud. Mr. Fitrat fled to the United States just before those charges were brought, saying he feared for his life because of his efforts to expose the fraud.

I BETCHYA THAT NEARLY ALL OF THIS MONEY IS US TAX DOLLARS.

THIS IS ALMOST ALWAYS WHAT HAPPENS TO AID MONEY AND STATE CONTROLLED BANKS AND PHONY PROPPED UP MARKETS.

I IMAGINE IN THAT CHINA THE LEVEL OF BANK FRAUD - PHONY LOANS - IS EVEN WORSE.

WHEN BANKERS RISK THEIR OWN MONEY, THERE'S LESS STEALING AND FRAUD.