While the United States and its allies continue to pour billions into Afghanistan, the widespread corruption continues unabated and unashamedly. The most recent such report is coming from the Department for International Development in England where it has found that hundreds of “nation-building” projects were completely fraudulent loans to conceal thefts.
As with the Bush Administration, the Obama Administration continues to soft pedal the widespread corruption to avoid a backlash among citizens who are facing massive cuts in services as their government spends wildly in Iraq, Afghanistan, and now Libya. The beneficiaries are not just the corrupt Karzai brothers but a host of Afghan officials. Indeed, President Karzai shutdown an investigation into corruption and the Administration continued to support him and his government. He then proceeded to tax U.S. contributions to his country.
U.S. officials have long known, according to the article below, that “insiders at Kabul Bank used fraudulent loans to misappropriate $850m (£525m), representing 94 per cent of outstanding loans.”
None of this appears to matter of course as we continue to expend lives and treasure in a country where many areas have increasing turned to the Taliban and against the West.
14 thoughts on “Kabul Bank Officials Cited In Secret Report For Stealing A Billion Dollars in Aid”
Have to agree with raff. See “Too Big To Fail” and you begin to understand these thieves are strictly penny-ante compared the the masters of the universe at Goldman, Lehman, et. al.
ha, shows how third world these people are. they think a billion is real money.
these Banksters are much more modest than our Wall Street banksters. How much did Wall Street get away with??
What Frank said …
I must be because we took Bible scripts off the gun sights causing us to pass the peak of Jesus, or not.
And that surprises who on this blog?
No, this isn’t tragic – its proof that we are spreading American values to Afghanistan!
Yippee! The banksters in Kabul have learned the lessons of the masters of the universe in America! Screw the peons! Grab the government money with both hands! Apply the proceeds to your own well-being!
This is so utterly tragic.
Yep, “Confessions of an Economic Hitman.” — in reference to AY’s quote, and Otteray Scribe gets the credit for highlighting the book…
Yep, “Confessions of an Economic Hitman.” (OS thought to mention it first…)
A billion here, a billion there… Hell, we have money to burn…
So, you have a problem with this….Geeze….just print more money…Credit Default Swap…..
“Their tools included fraudulent financial reports, rigged elections, payoffs, extortion, sex, and murder.”
I am using the excerpt again….
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