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Audit Says Kabul Bank Began As ‘Ponzi Scheme’

Tuesday, November 27, 2012 - 3:33 PM
If you have been disappointed in the U.S. banking system, just remember, things could be worse as described by this New York Times article:
Kabul Bank became Afghanistan’s largest financial institution by offering the promise of modern banking to people who had never had a saving or checking account. What it really dealt in was modern theft: “From its very beginning,” according to a confidential forensic audit of Kabul Bank, “the bank was a well-concealed Ponzi scheme.”

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Ken TuminKen Tumin5,471 posts since
Nov 29, 2009
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