Western Bank Giants (JP Morgan Chase & Citibank) Prepare to Revamp Iraq’s Financial System

[sabra]

Source: WSJ

Representatives from J.P. Morgan Chase and Citibank reached a handout to their Iraqi counterparts today, saying they were ready to work with local banks to help modernize the financial system in the war-torn country.

Iraq’s banking system needs a complete overhaul, from boosting international wire transfer capabilities to setting up ATMs to establishing widespread use of credit cards. Like many sectors that languished under the Saddam Hussein regime, banks in Iraq remained relatively cut off from the modern financial world during the years of the dictatorship.

Neil Passmore, vice president of Equity Capital Markets for J.P. Morgan Cazenove in London, said he wanted to let Iraqis know that J.P. Morgan was keen to work with Iraqi companies to access international capital and investors in the Western world. He added that with the progress he has seen in Iraq, he assured the audience that within six to nine months, an Iraqi-based company will raise capital from London investors.

“I have a marketing message,” he said at an international banking conference hosted by the Finance Ministry and the Trade Bank of Iraq. “J.P. Morgan would like to be alongside that effort.” It was Mr. Passmore’s first trip to Baghdad, but he has visited the Kurdish region and Basra in southern Iraq.

Read more: http://blogs.wsj.com/iraq/2009/01/28/western-bank-giants-prepare-to-revamp-iraqs-financial-system/?mod=googlenews_wsj

[Veritas_et_Aequitas]

1. Haven't the Iraqis suffered enough?

This probably isn't going to end all that well.

[aquart]

2. My thought was "Iraqis, save yourselves!!!!"

They're about to be looted by the thieves at Citibank.

[ensho]

3. agree, Iraqis look out!

seems to me they know how to fix their own finances if we would leave them alone.

[Still Sensible]

4. Well that ought to ensure they are thorougly

screwed.

[Blaze Diem]

5. Ahhhh..the smell of money..Bush Sr.'s promise of the New World Banking Order

Why boy Bush had to be SELECTED, to finish the job, when Dad Bush's plan was interrupted by the election of a guy named William Jefferson Clinton.

Bush crime family's paws are everywhere.

[madrchsod]

6. how many billions is missing?

pallets of american greenbacks disappearing....

[TankLV]

7. And Illinois gov Blago will accompany them to advise on how to institute good government...

This is from the Onion, isn't it?!?!

please tell me it is...

[Career Prole]

8. This should be an Onion headline!

Only they could properly do it justice.

[chill_wind]

10. Word! n/t

[harun]

12. My thoughts exactly. They could do a number on this one.

[chill_wind]

9. K & R.

[slipslidingaway]

11. Once all the toxic assets are removed from their books...

it will be easier to revamp Iraq's Financial system.


"Iraq’s banking system needs a complete overhaul, from boosting international wire transfer capabilities to setting up ATMs to establishing widespread use of credit cards."