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As the pope said to Michaelangelo ..gazing at Obama we can only wonder..'WHEN WILL YOU MAKE AN END?'By ADAM B. ELLICK
KABUL, Afghanistan -- In a bid to fend off the threat of a nationwide financial crisis, the Afghan and United States governments hammered together a deal to bail out Afghanistan's largest bank on Saturday after lines of frantic depositors mobbed the bank for a third day.
Details of the deal were still being worked out on Saturday by the Central Bank of Afghanistan with assistance from the United States Treasury Department, Afghan and American officials said. But American officials said no United States funds were involved in the bailout.
The
planned injection of cash into the beleaguered Kabul Bank is meant to slow the run on the bank by its customers, who have withdrawn more than $200 million in the past few days amid fears of a wider economic collapse.
But on Saturday, thousands of nervous Afghan depositors, unaware of the bailout and unconvinced of the bank's solvency, stormed the bank's central branch in Kabul to withdraw their savings.
Hundreds of men pushed and shoved their way to the front, while others waited behind them for hours in the saunalike atmosphere of the lobby, the crowds making it impossible to discern where the lines ended and began. Furious customers shouted angry complaints. An elderly woman in a black dress cried out in distress.
But the teller drawers were largely empty and most customers left empty-handed. "What should I give you when I have nothing to give?" a teller told one agitated customer.
Similar scenes were reported at branches in other cities.
11 comments:
Hi Epaminondas.
Do you happen to know if among the banks involved there might be the ex shorebank reborn as the Urban Partnership Bank?ShoreBank had indirect ties to a few members of the Obama administration.
There's something a bit strange about this story.
Afgahnistan only has 30 million people, and the GDP is 13 billion. If I am not mistaken, this means the average annual income per capita is $433.
Additionally, I think most of the economy is propped up by the United States.
I propose there may be other forces at work in the collapse of the bank accounts:
http://astuteblogger.blogspot.com/2010/09/karzais-brother-calls-for-us-to-shore.html
According to Bloomberg's BusinessWeek, sharia compliant banking is just now entering Afghanistan. . .(yet the rest of the world must keep up w/sharia to do business w/arabs)
Bloomberg: Afghanistan Opening First Shariah-Based Banks: Islamic Finance
Aug. 19 (Bloomberg) -- Afghanistan plans to issue licenses for three Islamic banks, the first to offer a range of services that comply with religious law in a country where 99 percent of the population is Muslim.
Afghan United Bank, Ghazanfar Bank and Maiwand Bank are seeking permission to provide products that meet Shariah principles, said Aimal Hashoor, a central bank spokesman in Kabul. Now, seven local banks can offer Islamic services through dedicated tellers at branches, he said. The products are limited to Islamic loans, said Sayed Mahmood-ul-Hassan, chief executive officer of Afghan United Bank.
BBC: Karzai suddenly arranging peace talks with taliban
Taliban leveraging by mu$cling out Karzai's brother?
Will, is that you? Could you email me about this story?
Shorebank failed Friday and it's deposits and most of its assets were acquired by a consortium of major U.S. financial institutions and philanthropic groups and will reopen under the name Urban Partnership Bank.
Major investors in Urban Partnership include American Express Co., Bank of America Corp., Citigroup, Ford Foundation, GE Capital's equity investments arm, JPMorgan Chase & Co., Key Community Development Corp., Morgan Stanley, Northern Trust Corp., PNC Investment Corp., Goldman Sachs Group Inc., and Wells Fargo & Co. Former First Chicago executives who joined ShoreBank in recent months will run the bank.
Seeking the names of who are the former first Chicago execs, we find William Farrow, a former banker with First Chicago Corp, will be president and chief executive of UPB and David Vitale, former executive chairman of ShoreBank, will be chairman."
This blogger, WhatReallyHappened covers the back story:
The Shorebank, Obama, Chicago Climate Exchange Scam
Part One:
This is an interesting story put together from various articles and TV shows by the British Times paper.It shows what Obama and his friends are really all about. It's not hope and change, it is money.
It's definitely worth the read. You will not be disappointed. . .
A small bank in Chicago called SHOREBANK almost went bankrupt during the recession. The bank made a profit on its foreign micro-loans (see below) but had lost money in sub-prime mortgages in the US. It was facing likely closure by federal regulators. However, because the bank's executives were well connected with members of the Obama Administration, a private rescue bailout was arranged. The bank's employees had donated money to Obama's Senate campaign. In other words, ShoreBank was too politically connected to be allowed to go under.
ShoreBank survived and invested in many "green" businesses such as solar panel manufacturing. In fact, the bank was mentioned in one of Obama's speeches during his election campaign because it subjected new business borrowers to Eco-litmus tests.
Prior to becoming President, Obama sat on the board of the JOYCE FOUNDATION, a liberal charity. This foundation was originally established by Joyce Kean's family which had accumulated millions of dollars in the lumber industry. It mostly gave funds to hospitals but after her death in 1972, the foundation was taken over by radical environmentalists and social justice extremists.
This JOYCE FOUNDATION, which is rumored to have assets of 8 billion dollars, has now set up and funded, with a few partners, something called the CHICAGO CLIMATE EXCHANGE, known as CXX. It will be the exchange (like the Chicago Grain Futures Market for agriculture) where Environmental Carbon Credits are traded.
Under Obama's new bill, businesses in the future will be assessed a tax on how much CO2 they produce (their Carbon Footprint) or in other words how much they add to global warming. If a company produces less CO2 than their allotted measured limit, they earn a Carbon Credit. This Carbon Credit can be traded on the CXX exchange. Another company, which has gone over their CO2 limit, can buy the Credit and "reduce" their footprint and tax liability. It will be like trading shares on Wall Street.
Well, it was the same JOYCE FOUNDATION, along with some other private partners and Wall Street firms that funded the bailout of ShoreBank. The foundation is now one of the major shareholders. The bank has now been designated to be the "banking arm" of the CHICAGO CLIMATE EXCHANGE (CXX). In addition, Goldman Sachs has been contracted to run the investment trading floor of the exchange.
Part 2:
So far so good; now the INTERESTING parts.
One ShoreBank co-founder, named Jan Piercy, was a Wellesley College roommate of Hillary Clinton. Hillary and Bill Clinton have long supported the bank and are small investors.
Another co-founder of Shorebank, named Mary Houghton, was a friend of Obama's late mother. Obama's mother worked on foreign MICRO-LOANS for the Ford Foundation. She worked for the foundation with a guy called Geithner. Yes, you guessed it. This man was the father of Tim Geithner, our present Treasury Secretary, who failed to pay all his taxes for two years.
Another founder of ShoreBank was Ronald Grzywinski, a cohort and close friend of Jimmy Carter.
The former ShoreBank Vice Chairman was a man called Bob Nash. He was the deputy campaign manager of Hillary Clinton's presidential bid. He also sat on the board of the Chicago Law School with Obama and Bill Ayers, the former terrorist.Nash was also a member of Obama's White House transition team.
(To jog your memories, Bill Ayers is a Professor at the University of Illinois at Chicago. He founded the Weather Underground, a radical revolutionary group that bombed buildings in the 60s and 70s. He had no remorse for those who were killed, escaped jail on a technicality, and is still an admitted Marxist).
When Obama sat on the board of the JOYCE FOUNDATION, he "funneled" thousands of charity dollars to a guy named John Ayers, who runs a dubious education fund. Yes, you guessed it. The brother of Bill Ayers, the terrorist.
Howard Stanback is a board member of Shorebank. He is a former board chairman of the Woods Foundation. Obama and Bill Ayers, the terrorist, also sat on the board of the Woods Foundation. Stanback was formerly employed by New Kenwood Inc., a real estate development company co-owned by Tony Rezko.
(You will remember that Tony Rezko was the guy who gave Obama an amazing sweet deal on his new house. Years prior to this, the law firm of Davis, Miner, Barnhill & Galland had represented Rezko's company and helped him get more than 43 million dollars in government funding.Guess who worked as a lawyer at the firm at the time. Yes, Barack Obama).
Adele Simmons, the Director of ShoreBank, is a close friend of Valerie Jarrett, a White House senior advisor to Obama. Simmons and Jarrett also sit on the board of a dubious Chicago Civic Organization.
Van Jones sits on the board of ShoreBank and is one the marketing directors for "green" projects. He also holds a senior advisor position for black studies at Princeton University. You will remember that Mr. Van Jones was appointed by Obama in 2009 to be a Special Advisor for Green Jobs at the White House. He was forced to resign over past political activities, including the fact that he is a Marxist.
Part 3 (end)
Al Gore was one of the smaller partners to originally help fund the CHICAGO CLIMATE EXCHANGE. He also founded a company called Generation Investment Management (GIM) and registered it in London, England. GIM has close links to the UK-based Climate Exchange PLC, a holding company listed on the London Stock Exchange. This company trades Carbon Credits in Europe (just like CXX will do here) and its floor is run by Goldman Sachs. Along with Gore, the other co-founder of GIM is Hank Paulson, the former US Treasury Secretary and former CEO of Goldman Sachs. His wife, Wendy, graduated from and is presently a Trustee of Wellesley College. Yes, the same college that Hillary Clinton and Jan Piercy, a co-founder of Shorebank attended. (They are all friends).
Interesting? And now the closing...
Because many studies have been exposed as scientific nonsense, people are slowly realizing that man-made global warming is nothing more than a money-generating hoax. As a result, Obama is working feverishly to win the race. He aims to push a Cap-and-Trade Carbon Tax Bill through Congress and into law.
Obama knows he must get this passed before he loses his majority in Congress in the November elections. Apart from Climate Change he will "sell" this bill to the public as generating tax revenue to reduce our debt. But, it will also make it impossible for US companies to compete in world markets and drastically increase unemployment. In addition, energy prices (home utility rates) will sky rocket.
But, here's the KICKER (THE MONEY TRAIL).
If the bill passes, it is estimated that over 10 TRILLION dollars each year will be traded on the CXX exchange. At a commission rate of only 4 percent, the exchange would earn close to 400 billion dollars to split between its owners, all Obama cronies. At a 2 percent rate, Goldman Sachs would also rake in 200 billion dollars each year.
But don't forget SHOREBANK. With 10 trillion dollars flowing though its accounts, the bank will earn close to 40 billion dollars in interest each year for its owners (more Obama cronies), without even breaking a sweat.
It is estimated Al Gore alone will probably rake in 15 billion dollars just in the first year. Of course, Obama's "commissions" will be held in trust for him at the Joyce Foundation. They are estimated to be over 8 billion dollars by the time he leaves office in 2013, if the bill passes this year. Of course, these commissions will continue to be paid for the rest of his life.
Some financial experts think this will be the largest "scam" or "legal heist" in world history. Obama's cronies make the Mafia look like rank amateurs. They will make Bernie Madoff's fraud look like penny ante stuff.
Glenn Beck discusses the ShoreBank issue on May 20th. Video here - the entire program self loads sequentially in ten minute segments. In his familiar dramatic flair, he begins this program at the five minute mark retelling the story of the five bus loads of SEIU thugs protesting at a bankers home where the banker's young son was alone in the house, and the local police refused to assist. SEIU is overextended to this bank.
In the third segment, Beck begins the explanation of Shorebank.
Here's a direct link via YouTube, to specific segment of Beck's introduction to Shorebank
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