Posted on 10/29/2011 6:27:40 AM PDT by nuconvert
A bank fraud scandal of unprecedented proportions is shaking domestic politics in Iran.
Several of Iran's largest banks have been swindled out of an estimated $2.6 billion. The scandal has sparked a widening investigation with more than 30 arrests so far. It has also led to charges that some of President Mahmoud Ahmadinejad's closest advisers were involved.
On its face, it appears it was easy for some of Iran's most important bankers to steal so much money.
All they did was secure falsified letters of credit from several key banks, and money started flowing into the accounts of an investment firm and out of Iran, says Muhammad Sahimi, a writer for the website Tehran Bureau.
"Bank Melli and Bank Saderat, which are two important banks in Iran, were used to open huge lines of credit without presenting any assets to, you know, back up those line of credits," Sahimi says. "And these line of credits were played against each other to get in some sort of Ponzi scheme."
(Excerpt) Read more at npr.org ...
the obviously weren’t smart enough to set up a central bank to do their swindling for them.
A bit more on the story first posted about a month ago ...
http://www.freerepublic.com/focus/f-news/2786678/posts
This was the basis for the new reports out that the Mullahs want to do away with the President’s office and go back to a more Parliamentarian ruling. They actually have far more internal problems than they do externally. I guess that slush fund for Hezbollah and Hamas is starting to dry up, especially since their influence might be waning as the new Egypt is able to now start the funding of them closer to home as evidenced by Hezbollah moving it HQ from Damascus to Cairo.
As far as the people of Iran go, the real Persians, they know Obama cannot be counted upon to support them and quite possibly are waiting for the next green revolution until after he is voted out. Until then, the current regime will slide further and further down the abyss making the overthrow of the Islamic Revolution all the easier.
>>>This was the basis for the new reports out that the Mullahs want to do away with the President’s office and go back to a more Parliamentarian ruling.
Reads like Obama’s Office & the House
>>>They actually have far more internal problems than they do externally.
One of many “internal problems” like Fast & Furious
* YAWN *
Over here, we spent several years blaming our president personally for losing planeloads of cash sent to Iraq, and then the next president’s administration found it all safe and sound!
I’m sure it’s around somewhere, Iran.
Speaking to his aides, Ahmadinejad said: “How many times have I told you not to reply to those letters from Nigeria?”
Simply ain't gonna happen.
Careful there Army brother. What they were sold on ousting the Shah wasn’t anything like it has turned out. I was there before the Shah was deposed and know what they wanted and were promised. An end to the false monarchy and the start of a secular republic.
Never believe ANYTHING you hear on NPR. Every “story” they broadcast is part of their communist agenda.
well, this story is true
...with more than 30 arrests so far. It has also led to charges that some of President Mahmoud Ahmadinejad's closest advisers were involved.
The mullahs are powerless against the might of J.P. Morgan and Goldman Sachs. Just like the US Government :)
Can you say, Mortgage Backed Securities? I knew you could.
Not too different, really. Corruption is everywhere.
Update:
Second man linked to Iranian bank scandal has moved to Montreal
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