Grameen Bank's Yunus 'stole' $100 mn

Grameen Bank's Yunus 'stole' $100 mn: "- Sent using Google Toolbar"



Is this really so surprising? NGO people are slick operators; every gentleman I know who has tried to do good has come to grief. You have to be cold-blooded and sly to create a money-generating organisation.

What is even less surprising is the donors' complicity in keeping the matter hushed up. Donors know well how sleazy the world of NGOs is: only 25% of donor money ever reaches the poor.

Furthermore, during the caretaker government rule, it was found that Grameen Phone was guilty of massive illegal activity in the provision of VOIP services which were illegal. Yunus, of course, knew nothing about such shenanigans.

One NGO that collapsed because the protege got out of hand was GSS (Gono Shahajjo Shangstha): donors had known for years that the director was a predatory skirt-chaser.

Another large NGO that imploded was Proshika: its former director eventually resorted to vandalism of his own erstwhile offices to try and get it back. He had packed the board with cronies and gone into politics, something an NGO is not supposed to do.

The function of NGOs in Bangladesh and elsewhere is not to help the poor but to buy the loyalty of the elite.

In this, they succeed admirably.

Crimes of Finance

http://onlinejournal.com/artman/publish/article_4830.shtml

(click above for article)

I remember how, on the saree-tails of Sheikh Hasina, the Beximco Group allegedly rigged the stockmarket in 1996, soon after the petticoat came to power; today, again, on the same garmented ladder of the same woman, and again as soon as she came to power, the Beximco Group appear to be treating other people's money as their own.


Excerpt:

"The prime minister, Sheikh Hasina, appeared on television in a question-and-answer session on every subject conceivable. It was a charade of 'transparency'. Among the three interviewees was one Debapriya Bhattacharya, well-known to the author since his childhood days, and well-known among the elite today (indeed, he is currently president of the Trade and Development Board of the United Nations Conference on Trade and Development, UNCTAD). He questioned the prime minister how it was that 50 million takas had been siphoned out of the country and the alleged masterminds incorrectly charged. He noted that it was regrettable, and the subject, of such enormous moment, was quietly shelved. But Bhattacharya had earned his fifteen minutes.

It so happened that Bhattacharya's mother, Mrs. Chitra Bhattacharya, was an MP of the ruling party, and the whole family was tight with the PM. This was what allowed young Bhattacharya to appear to be questioning the executive: a very well-choreographed family affair."