I wonder if anyone has ever stopped to think why someone who owns a bank would lend money to an organization whose cash flows can’t satisfactorily run the business and repay the loan? By ICC restructuring the debt they’ve legitimized a loan that none of us understand.
Did that money ever arrive and if so, where did it go? Forget the interest, I’m talking about the principal. I know auditors signed off on it, but that means nothing here.
Here’s an outrageous story- my good friend once attended a gala evening where our ex President was handing out cash prizes to medal winners of the All Africa games. The “prize money” was significant and there was much fan fare and ululating and it was all televised. Over 100k was handed out to the various athletes and there was joy and celebration. Once the euphoria had subsided and people got down to the business of tucking into the free food and drink a guy from the President’s office quietly did the rounds and told the winners there had been a mistake and took half the money back.
This is a true and verifiable event. For the slower ones amongst us, I hope you’re getting the analogy. Unfortunately I can’t draw a picture for Muddy.
