Losses at Afghan Bank Could Be $900 Million

Catz Part Deux · Jan 31, 2011

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

Fraud and mismanagement at Afghanistan’s largest bank have resulted in potential losses of as much as $900 million — three times previous estimates — heightening concerns that the bank could collapse and trigger a broad financial panic in Afghanistan, according to American, European and Afghan officials.

The extent of these losses make it clear that keeping the bank afloat — something the government has said it is determined to do — would require large infusions of cash from an already strained budget.

Banking specialists, businessmen and government officials now fear that word of Kabul Bank’s troubles could prompt a run on solvent banks, destroying the country’s nascent banking system and shaking the confidence of Western donors already questioning the level of their commitment to Afghanistan.

I think this would be the top story in most media outlets, were it not for the protests in Egypt.

liblady · Jan 31, 2011

Catz Part Deux said:
http://www.nytimes.com/2011/01/31/world/asia/31kabul.html?_r=2&hp

I think this would be the top story in most media outlets, were it not for the protests in Egypt.

any more money we throw at afghanistan will ultimately have been wasted.

apdst · Jan 31, 2011

liblady said:
any more money we throw at afghanistan will ultimately have been wasted.

Yeah, let's walk off and allow history to repeat itself.

Renae · Jan 31, 2011

apdst said:
Yeah, let's walk off and allow history to repeat itself.

You have to know when to hold them, and when to fold them.

In this case, a working banking system is a GOOD thing, so demanding that a real institutional system to prevent fraud and waste.

Councilman · Feb 1, 2011

We have known for a long time that corruption in Afghanistan is rampant and has been since before we got involved. It's just a matter of degree.

We cannot allow any Nation in the Middle East to collapse from Egypt to Afghanistan and everything in between. We also need to make sure that none of them fall under Islamic/Sharia law which would further complicate the whole situation and bring us too close to a war no one could possibly win.

A bank collapse is never a good thing and a bailout without massive reform is a waste of money.

danarhea · Feb 1, 2011

Catz Part Deux said:
http://www.nytimes.com/2011/01/31/world/asia/31kabul.html?_r=2&hp

I think this would be the top story in most media outlets, were it not for the protests in Egypt.

Damn, just like banking in the good old USA. So when is the government going to give the Afghan banksters their bailout money for screwing up so good? :mrgreen:

Catz Part Deux · Feb 1, 2011

danarhea said:
Damn, just like banking in the good old USA. So when is the government going to give the Afghan banksters their bailout money for screwing up so good? :mrgreen:

I think that, unlike the U.S., it's the wild wild west there, and those involved should be rotting in an afghani prison with all their assets forfeited. The FBI/DEA are great at tracking assets and should be given free reign to do so.

Losses at Afghan Bank Could Be $900 Million

Catz Part Deux

liblady

pirate lover

apdst

Renae

Councilman

danarhea

Slayer of the DP Newsbot

Catz Part Deux

Losses at Afghan Bank Could Be $900 Million

Catz Part Deux

liblady

pirate lover

apdst

Renae

Councilman

danarhea

Slayer of the DP Newsbot

Catz Part Deux

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