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Thursday, 24 September 2009

The spirit of Willie Sutton

.... lives on in Khazakstan, no doubt for make glorious benefit Swiss private banking system, and this time it was an inside job.

Police in Kazakhstan have arrested Abylkasym Mamyrbekov, ex-deputy chief executive of Alliance Bank, and charged him in connection with the theft of $1.1 billion moved into privately held offshore bank accounts.

How does the deputy head of a bank get into a position to move that kind of money? Easy, the former chief executive, Zhomart Ertayev, was also arrested in August.

With bonuses capped in the EU, I reckon that meant the pair came close to being the most highly remunerated bankers in Europe.

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