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Exporting democracy (and, more importantly, capitalism) abroad

Wave that flag and hold back the tears, because this whole American nation-building effort is finally paying off. For well-connected insiders and dubious real estate projects in Dubai.

Losses at Afghan Bank Could Be $900 Million
By ALISSA J. RUBIN and JAMES RISEN, New York Times


KABUL, Afghanistan — 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.

Only a few years into reconstruction, and the Afghans have already replicated our financial system. Now the next step is a massive bailout, retention of the executives who created the mess and, once the dust settles, a return to corruption as usual. Just like Wall Street does it.

January 31, 2011 in Current Affairs | Permalink

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