Iraq Takes Banking Advice from Citibank

Posted by Amanda Terkel, Think Progress at 5:26 AM on March 11, 2009.

The Washington Independent’s Spencer Ackerman notes that at a press conference in Baghdad on Sunday, U.S. Embassy spokesman Adam Ereli boasted that the Iraqi banking sector is taking advice from Citibank:

Beyond education and culture, in the field of economy and services, it’s worth noting that representatives of U.S. banks, JP Morgan and Citibank and others came to Baghdad on January 28th, participated in an international banking conference that explored correspondent banking relations that would deepen commercial ties between Iraq and the international community, business community. Citibank has already established correspondent relationship services agreement with Iraq’s Warka Bank that allows clients of both banks to execute cash payments, wire transfers and trade transactions to both corporate and retail entities in all Iraq’s cities and provinces.

Citigroup, Inc. recently received its third bailout of U.S. taxpayer money. Ackerman writes, "Yes, clearly Citibank is just the right institution to help the Iraqi banking sector become mature and responsible corporate citizens. I hear Warka Bank is too big to fail."

Tagged as: iraq, citibank

Amanda Terkel is Deputy Research Director at the Center for American Progress and serves as Deputy Editor for The Progress Report and ThinkProgress.org at the Center for American Progress.