We need to ask ourselves has Iraq been lying to us about previous banking improvements? The answer is yes and no. They were doing what they said they were doing but not what the Department of Treasury required. We were led to believe Iraq would be able to integrate without error with international banks. That belief was incorrect. Here’s what Iraq is doing as per the Treasury department’s and the Iraqi Prime Minister’s demand – Article “Iraq announces Major Banking Sector Overhaul” The plan involves major restricting of both public and private banks with top global consultants enlisted to guide the transformation. Ernst and Young will oversee reforms of state-owned banks…
