Word: rafidain
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Dates: during 2000-2009
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Iraq's coffers may technically be burgeoning with billions of petrodollars, but over the summer, the vaults of some branches of the country's two main state-owned commercial banks, the Rafidain and Rasheed, were empty. A kink in the supply chain owing to miscommunication among several financial bodies meant that the flow of physical bank notes to some provinces like Diyala was reduced to a trickle. There was no shortage of cash on the streets of the province, but government pensions and salaries were delayed, as were payments to contractors, who in turn didn't have the cold hard...
...Iraqi experts into Syria to investigate Saddam's finances. Meanwhile, some of the accounts in Lebanese banks remain open. "We're trying to get [those] banks to give us information on the accounts, but they refuse," complains Dawud Hassan, director of the international division of Iraq's Rafidain Bank, which Saddam used for foreign transactions. Hassan says the Iraqi secret police--the only people Saddam trusted with the money--controlled the accounts, and he suspects the money could today be helping underwrite Iraq's Baathist resistance...
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