Audit Says Kabul Bank Began As ‘Ponzi Scheme’

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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