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Afghanistan’s Top Banker Flees For His Life

From an irony proof Associated Press:

Afghan official: Country’s top banker flees nation

By Deb Riechmann, Associated Press Mon Jun 27, 2011

KABUL, Afghanistan – Afghanistan’s top banker, who is alleged to have played a role in the failure of the nation’s largest private lender, has fled the country, a spokesman for President Hamid Karzai said Monday…

We didn’t even realize Afghanistan had a Community Re-investment Act.

Fitrat told The Associated Press in a telephone interview from a Northern Virginia hotel that he left the country because his life had been threatened and that the Karzai government was refusing to prosecute those allegedly involved in fraudulent loans.

It sure sounds like our country. (By the way, Fannie Mae and Freddie Mac are both in the DC, Northern Virginia area.)

"My life has become completely endangered," Fitrat said. "Since I exposed the fraudulent practices on April 27 in parliament I have received information about threats on my life."

He said he has permanent resident status in the United States and would not be returning to Afghanistan.

Doesn’t everyone?

The former bank governor said he asked for the Karzai government to prosecute those involved in the alleged fraud 10 months ago.

"To date, there is no information of any credible plan to try and prosecute these suspects for the crimes they have allegedly committed, Fitrat said in taking the unusual step of resigning in the U.S. rather than Afghanistan.

Kabul Bank, Afghanistan’s largest private financial institution, nearly collapsed last year because of mismanagement and questionable lending practices. The bank — now under the control of Afghanistan’s central bank — became a symbol of the country’s cronyism and deep-rooted corruption and is now considered a bellwether on attempts to root out patronage and show accountability to world financial institutions, such as the International Monetary Fund

Again, how is any of this all that different from what we are going through?

The former bank chairman, Sherkhan Farnood, a world-class poker player who raised money for Karzai’s re-election campaign, owned 28 percent. A brother of one of Afghanistan’s two vice presidents was once a shareholder, and Karzai’s eldest brother, Mahmood Karzai, had owned 7 percent.

Besides buying property in Dubai, United Arab Emirates, the shareholders of Kabul Bank took out loans to heavily invest in an airline, fuel and gas companies and two shopping malls in Kabul, Fitrat said earlier this year…

Well, they didn’t give out mortgages to people who would never be able to pay them back. So they weren’t completely crazy.

A report released in May by Afghanistan’s anti-corruption office showed about $467 million of outstanding loans were made without appropriate documentation or collateral. A recent USAID inspector general report estimated that fraudulent loans diverted $850 million to bank insiders.

Afghan officials blamed the central bank’s weak oversight of Kabul Bank for its demise

And still more similarities.

We only wonder who is Afghanistan’s Barney Frank?

This article was posted by Steve on Wednesday, June 29th, 2011. Comments are currently closed.

6 Responses to “Afghanistan’s Top Banker Flees For His Life”

  1. tranquil.night says:

    He probably thought he had some support in publicly going up against the machine. Instead it just became a game of who can squash the messenger.

    This is why we can’t leave the people willing to stand up for the Truth on the battlefield anymore. Everybody says they’re the one’s stuck 8th Century society, but the parallels between the corruption of absolute state power and where we’re headed are all too obvious, be it Greece or any other country heading completely backwards and down the spiral.

  2. Liberals Demise says:

    “We only wonder who is Afghanistan’s Barney Frank?”

    Wouldn’t that be the cartoon figure the Danish guy drew with a towel wrapped around the head and a bomb with a lit fuse?
    Moooselimbs don’t have a homo community but I am sure there are some Frank animal hustlers!

    • Right of the People says:


      I beg to differ, Mooselimbs love little boys as a rule, just ask Spike. I know pedophilia and homosexuality are supposedly different but when the victim of pedophilia is the same sex, I call that being a fag in addition to being a sick puppy.

      I’d be checking Karzai’s offshore bank accounts if you want to find where the money went.

    • Liberals Demise says:

      Point taken…….NAMBLA in Arab Spring mode……so to speak.

  3. Astravogel says:

    Shopping malls in Kabul? Who knew?
    Only thing of interest I’ve seen there
    is a dry river bed full of trash and people
    standing around in the noonday sun.

  4. canary says:

    Milk cow Fitrat ran after Afghan’s corrupt pres Karzai erased loan(s) his corrupt brother owed the bank.
    Loans of 22 million. This would mean Karzai ran the bank and Fitrat did what Karzai said, and milked the money for themselves. I want to see Fitrat’s Afghan house and American house. Hope the name of that hotel get’s out too.

    France24: Top Afghan Banker: From ‘milk cow’ to sacrificial lamb?

    June 29 2011…
    Last month, a Karzai-appointed inquiry commission presented a report on the Kabul Bank scandal to the Afghan president, the contents of which have not been made public.

    But at a press conference in Kabul announcing the news, the commission’s chairman, Azizullah Ludin absolved Karzai’s brother of wrongdoing, telling reporters that Mahmoud Karzai had paid off his loans to the bank.


    Ludin’s statement appeared to be at odds with Fitrat’s April parliamentary deposition, which said Mahmoud Karzai still owed the bank $22 million.


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