Darn it. My ATM has a measly $500 / day withdrawal limit

Ah Somalia. The UN has issued a report saying that  “Despite the change in leadership in Mogadishu, the misappropriation of public resources continues in line with past practices.” (I know, I know. Please insert your favorite pot-kettle joke here)

In other words, the new government is stealing everything that’s not nailed down, starting with the money in the Central Bank.

“On average, about 80 percent of the withdrawals from the country’s Central Bank (CB) are made—not to run the government—but for private purposes.  The CB has become, in a way, an ATM for certain public officials, or as the report calls it a “slush fund.” A case in point, of $16.9 million transferred to the CB for government use, $12 million cannot be accounted for.”

And the head of this ATM / Central Bank? It’s none other than Abdusalam Omer, back in the saddle again after his days in the Washington DC City Government.

Phone call for Pete Leeson.