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Banking Excesses

Looting of the Public Till

The main reason for nationalising the banks in 1974 was that credit was never available to the masses, it simply got circulated among the wealthy coterie of few families. Bhutto was absolutely correct in his premise and, to an extent, successful in spreading credit to a broad spectrum of aspirants. Nationalisation created its own inherent ills to go with its advantages. With the bureaucracy’s discovery of the potential of financial strength as a source of power, a new mixed elite of banking executives and financial bureaucrats came into existence, answerable to nobody. The result has been unbridled loot of the banks for the last decade or so that has surpassed standard corrupt practices of kickbacks and graft in the Third World by miles.