Banksters, Afghan style

Der Spiegel in July: "Billions of dollars are being secreted out of Kabul to help well-connected Afghans buy luxury villas in Dubai."

The Dubai villas are usually registered in the name of those issuing the loans, such as Sherkhan Farnood, deposed chairman of Kabul Bank, who transferred hundreds of millions of dollars from Afghanistan to Dubai in 2009.

In July Farnood boasted :

"Kabul Bank is so flush that it is building a $30 million headquarters, a cluster of shimmering towers of bulletproof glass."

Since yesterday Kabul Bank is more like a clusterfuck of shimmering droves of Afghans making bank withdrawals and the only bulletproof part is the time-honoured bankster strategy of asking the US Treasury for a bailout. Farnood today :

"If we survive Saturday and Sunday, we will be okay," said Farnood, who spoke at his luxury waterfront villa in Dubai shortly after his return to the Persian Gulf emirate from Kabul.

Mahmoud Karzai, brother to President Karzai, third largest shareholder in Kabul Bank and ... wait for it ... proud owner of a Dubai villa :

"America should do something. If the Treasury Department will guarantee that everyone will get their money, maybe that will work," said the president's brother, who rushed to Kabul on Wednesday from Dubai, where he spends most of his time in a Palm Jumeirah villa purchased with Kabul Bank money. "

Quick financial status update on your investment as a shareholder in those Dubai villas :

Canada's aid in Afghanistan will amount to $1.9B over the ten-year period ending in 2011, making Canada one of Afghanistan's largest donors. In the 2008/2009 fiscal year, Canada disbursed approximately $224M but unfortunately the Dubai real estate market collapsed in 2008.