micro loan Nobel laureate Yunus accused of diverting funds

Discussion in 'Economics' started by Wallace, Dec 2, 2010.

  1. "Dhaka, Dec. 1: A Danish documentary has made public documents which it said
    reveal that Bangladesh Nobel laureate, Mohammad Yunus had diverted development
    aid from foreign countries meant for Grameen Bank to for-profit ventures in 1996.
    According to the documentary aired on Norwegian national television, the authorities
    there discovered in 1997 that aid totalling 608 million kroner (around $100 million)
    contributed to the Grameen Bank had been diverted by Yunus and his closest
    associates to Grameen Kalyan, a company that apparently was not involved in
    microcredit operations. The contributions were made by several countries, including
    The film refers to another alleged transfer of $175 million. The documentary quoted
    Prof. Jonathan Morduch from New York University as saying that Grameen Bank,
    which also won the Nobel Peace prize alongside Yunus, received $175 million in
    subsidies to give tiny loans to poor people."
  2. Steve Cohen next
  3. "Behind every great fortune there is a crime." --Honore de Balzac
  4. At least these investments are safer than lending money to dead broke lazy people.