Monday, February 22, 2010

Bizarre Bank

Have you ever known a bank 
  • whose Chairman and Executive Directors never attended any Board Meeting, yet signed its minutes?
  • whose Chief Executive's authorisation of transactions was done from another country by someone else, using "pcAnywhere" software?
  • whose Chairman apparently signed the Annual Report when he was in the ICU in a different continent?
  • whose borrowers denied having ever applied for, or having been given, loans though the books showed loans made exceeding $2Bn?
If you haven't, this story in The Economist will describe one such bank which has just recently gone into administration. Bizarre is the only word to describe this fraud.

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