Former Defense Secretary Donald Rumsfeld once observed that if you can’t solve a problem, enlarge it. In that spirit, take a look at this press conference in Baghdad Sunday, and watch as U.S. Embassy spokesman Adam Ereli boasts about sending Citibank to Iraq:
Beyond education and culture, in the field of economy and services, it’s worth noting that representatives of U.S. banks, JP Morgan and Citibank and others came to Baghdad on January 28th, participated in an international banking conference that explored correspondent banking relations that would deepen commercial ties between Iraq and the international community, business community. Citibank has already established correspondent relationship services agreement with Iraq’s Warka Bank that allows clients of both banks to execute cash payments, wire transfers and trade transactions to both corporate and retail entities in all Iraq’s cities and provinces.
Yes, clearly Citibank is just the right institution to help the Iraqi banking sector become mature and responsible corporate citizens. I hear Warka Bank is too big to fail. Or, who knows, maybe J.P. Morgan can pull a Bear Stearns on it. Expect Warka to downgrade the ratings of Iraqi businesses if ever the Council of Representatives moves to protect workers’ rights.
Crossposted to The Streak, sort of.