Afghanistani banking fraud - Sound familiar?

Holy Cow

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In early September 2010, Afghanistan froze the assets of leading shareholders and borrowers at the country's top private bank (Kabulbank). For the following month Afghan President Hamid Karzai fought tooth and nail to prevent outside investigators coming in to check out what was going on in the bank.

Past audits of Kabul Bank have been handled by a Pakistan-based affiliate of PWC.

Some quotes from the article linked below, does any of this sound familiar?


The case has raised questions about the handling of funds from Western donor countries, channeled through a nascent commercial banking sector that the United States has encouraged Afghanistan to build and which is tied so closely to Karzai's family and members of his inner circle.
A widespread perception among Afghans that Karzai's government is corrupt will be a major issue at a Sept. 18 parliamentary election. The United Nations estimates Afghans spend $2.5 billion a year -- a quarter of GDP -- on bribes.
Reuters AlertNet - Afghanistan freezes troubled bank shareholder assets

The IMF team that were sent to investigate this fraud arrived in Ireland yesterday, to take a look at the Irish banks. If Ireland wants a red cent from the IMF, we need to show them a clean banking system. No doubt the IMF have been watching with interest at the speed of the Garda investigation into alleged wrong doings in the Irish banking sector.

I cant see the IMF rubbed stamping any cash for this country while certain people are still making decisions.
 


bokonon

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The IMF team that were sent to investigate this fraud arrived in Ireland yesterday, to take a look at the Irish banks. If Ireland wants a red cent from the IMF, we need to show them a clean banking system. No doubt the IMF have been watching with interest at the speed of the Garda investigation into alleged wrong doings in the Irish banking sector.

I cant see the IMF rubbed stamping any cash for this country while certain people are still making decisions.
So the IMF Bank Fraud experts flew in yesterday? To be expected.

Will the Gardai now suddenly be able to decrypt those files?
 

bokonon

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I wonder if this development will "yield" an "uptick" in helicopter crashes and "suicides"...
 

Holy Cow

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Will the Gardai now suddenly be able to decrypt those files?
LMAO. Not a chance. They are now off the case, the big boys have come in to sort it out.

Lets just say, when the IMF boys are talking back to their bosses, Irelands international reputation will be dirt.
 

Berty

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So the IMF Bank Fraud experts flew in yesterday? To be expected.

Will the Gardai now suddenly be able to decrypt those files?
Well, even if they cant the IMF crowd will. And then we might see the feck is going on without all the spin and bull.:mad:
 

anewbeginning

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Clean banking system and the Fianna Fail political party are mutually exclusive unfortunately.

We need a new start in this country, and we need Fianna Fail removed from all positions of influence.

The comparision with Afghanistan is a good one. Both countries have political systems dominated by backward, tribal, corrupt politicians, who use their power to further the corrupt activities of friends.

However, I believe the corruption which will be exposed in Ireland and Anglo Irish Bank in particular, will make Kabul Bank look like it was run by nuns.
 
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subic

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Does anyone know the legal position with regard to the IMF and fraud? Are they allowed to investigate?
 

anewbeginning

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Not sure subic.

I think the feeling is the IMF will not hand over any money to the banks until they are certain they are clean as a whistle and they will get their money back.

The IMF are a business like anyone else. They charge interest. They won't invest money here unless they are sure they will get it back.

They are not a charity and they don't give money for free.

And they won't give our banks money unless they think they will get it back. If they suspect the money would be siphoned off to the bank accounts of people like Seanie Fitz, as happened in the past, they will be out of this country in a shot without handing over a cent.

The IMF are not mugs. They won't be throwing money into the vast hole of Anglo Irish Bank for a start I suspect.
 

subic

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Not sure subic.

I think the feeling is the IMF will not hand over any money to the banks until they are certain they are clean as a whistle and they will get their money back.

The IMF are a business like anyone else. They charge interest. They won't invest money here unless they are sure they will get it back.

They are not a charity and they don't give money for free.

And they won't give our banks money unless they think they will get it back. If they suspect the money would be siphoned off to the bank accounts of people like Seanie Fitz, as happened in the past, they will be out of this country in a shot without handing over a cent.

The IMF are not mugs. They won't be throwing money into the vast hole of Anglo Irish Bank for a start I suspect.
Ok thanks, their mandate here is very vague and not much info coming out.
 

Holy Cow

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Well, even if they cant the IMF crowd will. And then we might see the feck is going on without all the spin and bull.:mad:
Its all about the unwritten word at this stage. The IMF lads will be whispering all over the place about the real truth in Ireland.

FF have tarnished the rep of this country for at least 1 generation of international investors.
 

Holy Cow

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Does anyone know the legal position with regard to the IMF and fraud? Are they allowed to investigate?
Legal does not come in to it when you are dealing with the money lender of last resort. You do as they say or your knees get broken.

FF will find it very difficult to maintain power here if they have to implement IMF policies.

FF needs IMF to survive, but IMF kills FF.
 


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