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Some once robust financial institutions have also been hit by questionable dealings involving bank insiders. Dubai's Abdul Wahad Galadari, former chairman of the Union Bank of the Middle East, borrowed heavily from his bank to speculate in gold and silver. When the Dubai government rushed in to rescue the failing UBME in November 1983, officials found that Galadari owed $8.7 million...

Author: /time Magazine | Title: Gulf of Woes: Banks decline and fall | 4/18/2005 | See Source »

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