[lbo-talk] Bank scam

[C. G. Estabrook]

Reuters: "U.S. Treasury Under Secretary John Taylor, visiting Baghdad,
told reporters Iraq's central bank had been granted the right to open a
deposit with the Federal Reserve Bank of New York.  'This enables the
central bank to earn income on its reserves, of approximately $5 billion,
that will be over $100 million a year. That can be used to improve
infrastructure,' Taylor said."

Isn't this on a ethical par with payday loans, if on a rather larger
scale?  --CGE