$900 Billion Lost at Afghan Bank

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Johnny Oxygen's picture
Johnny Oxygen
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Posts: 1443
$900 Billion Lost at Afghan Bank

$900 Billion Lost at Afghan Bank

http://www.nytimes.com/2011/01/31/world/asia/31kabul.html?_r=2&ref=todayspaper

 

Time for an Afghan TARP? Kabul Bank, the largest in Afghanistan, has lost over $900 billion thanks to fraud and mismanagement. That's over three times the amount previously estimated, raising concerns that the bank could collapse and cause financial panic across the war-torn country. It would lead to a run on Afghanistan's solvent banks and shake the confidence of Western investors, whose money is disappearing into the pockets of an elite group of politically connected Afghans. "The troubles at Kabul Bank stand as a parable for the sometimes malign effect that the influx of billions of foreign dollars has had on this impoverished country since 2001," Dexter Filkins writes in his first story for The New Yorker.

goes211's picture
goes211
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Re: $900 Billion Lost at Afghan Bank
Johnny Oxygen wrote:

$900 Billion Lost at Afghan Bank

Make that $900 million.  I almost freaked out when I thought we were almost talking about $1 trillion lost by the Afghan banking system.  Now that would be serious money.  Only lossing $1 billion, that is practically just a rounding error at Goldman Sachs.  Wink

Johnny Oxygen's picture
Johnny Oxygen
Status: Diamond Member (Offline)
Joined: Sep 9 2009
Posts: 1443
Re: $900 Billion Lost at Afghan Bank

Oops

Million, billion...its all the same now-a-days. Sealed

hmmm...cut and pasted that from the Daily Beast.

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sevenmmm
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Re: $900 Billion Lost at Afghan Bank

 

Fraud in banking is everywhere!

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