If you thought what I described in my recent pieces on Bulgaria was corruption, just read this.....it makes Bulgaria look like the Garden of Eden. Honestly, I was shocked. What was supposed to be a post about the failure of the Angolan arm of BES turned into a post about the systematic looting of Angola by its corrupt political elite. And I've only scratched the surface, really. Horrifying.
I am grateful to Nicholas Shaxson for pointing me in the direction of this piece of analysis.
The BES story so far:
Banco Espirito Santo: a Portuguese disaster, not a European crisis
How to rip off a bank, Espirito Santo style
How to rip off a country, Espirito Santo style
Plus, for comparison purposes, the Bulgaria sequence:
What on earth is going on in Bulgaria?
The curious case of the Bulgarian bank runs
The Bulgarian Game of Thrones
The EU should beware of Russian interest in Balkan banks
Oh, and if' you'd like some more Angolan and Portuguese horror, here's David Malone from 2012. Different bank, same people. Plus the media dimension, which I didn't even touch on. Enjoy, if you can.
Ricardo Espirito Santo Salgado, CEO of BES, meets Eduardo dos Santos, Angolan President.
October 2013. Photo credit: Angop