Thursday, December 31, 2020

Finding Alternate Staple

Rising price of rice pushes millions to starvation,
Mismatch between storage and demand data demands explanation.
In the past, rice crisis led to famine like situation.
Finding alternate staple calls for attention.

Rice price soars up again. According to Trading Corporation of Bangladesh, coarse rice is selling between Tk 46 and Tk 50 in Dhaka. This causes hardships to lower income groups who depend on this kind of staple. The cause of the recent hike has yet to be ascertained.

A news report says government has decided to import 1 million ton of rice to support its social safety net programs. Meanwhile government has also nodded affirmatively to private importers' proposal to import another 1 million ton of rice in a bid to stabilize the market.

In another development that coincides with the rice price hike, onion price comes down as major onion exporting country lifts the ban from onion export.

Pandemic contributed to fall in mean wages in informal sector where a large part of consumers of coarse rice work to feed their families. Despite several natural calamities and rise in prices for other crops, government repeatedly assured that price of rice would not be grave concern as both the production and stock of rice was good and commensurate with market demand.

What can be construed from the news report is that rice mill owners refuse to sell rice to government at government fixed price. They demand more. So government's ongoing rice purchase program has hit a dead end.

I don't have access to current data on rice demand and production. But it appears that few operators control the whole grain market. Government institutions have some reservation revealing up-to-the-minute data on kitchen commodities. And private operators will seldom publish the true data. As demand for such staple is highly inelastic, there will be l change or reduction in rice consumption.

Since Boro, a winter crop heavily depends on irrigation, constitutes a major part of total rice yield, we have to wait for some months to see the full benefits of falling oil price in rice production.

It is anticipated that Boro production cost will be lower as inputs like urea will be much less costlier than previous year.As natural gas price is also lower in the international market, so making urea from natural gas will be less costly this year. So hopefully, Boro rice will be cheaper next year if everything goes well.

When it comes to lessen our carbon footprint, I think it is better to depend less on rice. Rice production process heavily hinges on oil and fertilizer like urea. Swampy ground of Bangladesh is more suitable for rice cultivation. In addition, its preparation is not as labor intensive as baking bread or preparation of other food. No wonder why it has become so popular staple food in Bangladesh.

Finding another staple, to substitute it or to lessen burden on it, is not easy due to cultivation and preparation challenges. Potato could be think of a close substitute.But swampy and waterlogged land hinder its widespread cultivation. In addition,like rice it cannot be cultivated 3 times a year.

Most crucial challenge in making potato main staple lies in the food habit of Bangladeshis. In fact, Bangladeshis are not ready yet to see potato as their main staple. Potato is still consumed as in mashed form or in curry form to supplement the main staple rice. Getting used to potato as main staple will take a long time and require popularization program and commitment.

Sweet potato could be another alternative that vies for main staple. Again the reasons put forward for not popularizing the potato will be applicable here.

The best way to reduce our dependence on rice is to switch to other forms of rice. Muri(puffed rice) and Chira(parched rice) are still consumed as snacks. The two could easily enter as main meal. When they are being consumed, amount consumed at a fixed time is much less than that of rice. Their relatively hard and crispy texture makes the chewing time longer. This will significantly contribute to reduce per capita rice consumption.

Lessening our dependence on rice is not only essential to curb our carbon footprint , but is also important for protecting the habitats for other animal. There are reports that wild animals got killed when they damaged the crops of paddy fields near forests in search of foods. Nowadays, this kind of incident crops up on far too many occasions.

It is a pity that whenever ruling party rules the country rice crisis reaches an embarrassing point.In the 40s , it was one of ruling party founder's wrong policy that contributed to the worst famine of the undivided Bengal. In 1974, inequality and mismanagement again caused another famine.

It is not yet known what causes the current rice price hike. But a year ago, if we remember, it was politically backed big rice traders who were blamed for the soaring price of rice.

It is a shame that we have not yet taken any steps that at least correctly forecast future demand and consumption so that rising food price does not push millions of people to starvation and poverty.

As Bangladesh is turning fifty next year, it is a pity that we have not yet emerged out from the image of a starving nation. Finding an alternate staple is as important as getting our forecast on future production and consumption of main staple right.

Saturday, December 26, 2020

La Semaine Dernière A Mes Yeux

(18 décembre --- 25 décembre)

un reportage, 75% de 286 lits de réanimation sont remplis dans les hôpitaux à Dacca. Le service de réanimation est occupé dans les premiers 5 hôpitaux publics à Dacca.

Selon un reportage, un éléphant a été tué par balles à Cox's Bazar. L'éléphant est descendu dans un champ de poivre en causant dégâts au champ. A partir du début de novembre jusqu'au 23 décembre, 5 éléphants ont été tués par balles et électrocution à Cox's Bazar.

Selon un reportage, l'autorité de l'université de Dacca a décidé de démolir la cantine et le centre de rassemblement, œuvre d'un architecte grec Constantinos Doxiadis. La décision a provoqué polémique.

Selon un reportage, le parquet de Dacca a condamné un ancien colonel de l'armée de la terre à 9 ans de prison dans fraude fiscale.

Selon un reportage, le renseignement policier a trouvé un ancien conseiller coupable pour avoir blanchi l'argent.

Selon un reportage, cadavre d'une stagiaire de paramilitaire a été trouvé pendu depuis le toit dans un appartement à Azimpur, Dacca.

Sunday, December 20, 2020

La Semaine Dernière A Mes Yeux

(11 décembre --- 18 décembre)

un reportage, le gouvernement a changé la décision d' annuler la Foire du livre qui aura lieu à l'occasion de la journée de la langue maternelle, 21 février, l'année prochaine. Les maisons d' édition ont fortement opposé la décision. Elles ont mis l'accent sur décalage du commencement de la Foire.

Selon un reportage, la Foire de la commerce qui aura lieu en janvier a été décalé de deux mois. Covid-19 a joué un rôle dans le décalage.

Selon un reportage, un bateau «MV Aijdihar» et 7 marins bangladais se sont échoues à Bandar Abbas en Iran. Le patron de bateau est un Américain, originaire de Pakistan. Les marins bangladais sont montés au bateau depuis le port de Mongla. Le bateau n'est pas en bon état. Donc, l'autorité iranienne a saisi le bateau.

Selon un reportage, le gouvernement a prolongé la fermeture dans les établissements scolaires jusqu'au 16 janvier à cause de Covid-19.

Saturday, December 19, 2020

Republic Of Plunderers & Parasites

What an spectacle of victory!
Inequality,discrimination bury the glory.
There is growing sign of parasitism.
Citizens see no sign of optimism.
As cruel toddler treats its pet,
Smart elites flee abroad to secure their fate.


As Bangladesh steps towards celebrating its 50th anniversary next year, dissimilarities, discrimination, injustice and inequality it fought 50 years ago become more shockingly visible. Cheerleading for overpriced infrastructure projects, where contributions of Bangladeshi companies are infinitesimal and whose implementation are dominated by foreign companies, boasts jingoistic attitude that has little impact on vernacular life of common people. Embryonic zeal of self-determination has turned into parasitism. No short of excuses to misappropriate public money. From private companies to individuals,all depend on government money for survival. This trend could be found from social security expenditures to incentives for business. Even parasitism has become endemic in individual life. A rent-seeking class has emerged, exploiting others' hard earned income. Land grabbing, forest grabbing, extortion, squeezing father-in-law (sometimes brother/sister-in-law or in-laws in general) whenever odd situation strikes have become common practice in order to prosper in personal life.(Nowadays stealing someone's creative work, article, plagiarism are also becoming pretty common; another indication of growing sign of parasitism). Four decades ago ,these things could be viewed as taboo and criminal act. Now they become integral part of Bengali's DNA.Even a decade ago , extortion in the name of " Mukh Mithai"(Sweetening Mouth) was seen as serious transgression. Now everyone gets used to it!

No government spokesman, partisan expert, government statistical pocket book will ever publish this unpleasant truth. Unfortunately this is the reality stands before us in 2020.

There has been delay in publication of Household Income Expenditures Report, which has little credibility. I personally found data mismatches in annual report of Bangladesh Bank and on website of Board of Investment. I also found anomalies in PDF versions of statistical pocket books. Why does a successful and confident government want to hide and fidget data?

Today's Bangladesh contravenes breaking up of Pakistani feudal structure. In fact, feudalism is consolidated in Bangladesh. Wealth has amassed into the hands of few people. Bangladesh outperforms other countries in generating super rich. From DTH service to COVID vaccination program, all are being done by powerful cronies. During the lockdown, I took notice of a news item that revealed that family members of a former minister and businessman left Bangladesh for London on a chartered plane. Former opposition party minister turned out to be relative of ruling party crony through the marriage of their son and daughter.Months after months staffs of former minister's cell phone company demonstrated on the streets for their dues after the company had been incapacitated by lack of bank credit and government cooperation. The former minister and his son already laundered huge money in Singapore. In my earlier piece, I elaborated how mismanagement and corruption in the banks contributed to piling up of Non Performing Loans (NPL).

In rural village, poor people sell their meagre land to loan sharks or local elites in order to go abroad to make a fortune. Policy change, deception, international crisis often lead them to lose their land. Rural land, due to presence of erroneous land dispute settlement, are concentrated into the hands of few powerful people.

Five decades ago, when we got liberated from Pakistan, we owe to Pakistan around $ 5 billion. Now more than $ 5 billion , some estimates put the figure somewhere around $15 billion, are laundered from Bangladesh every year. So Bangladeshis outdid the Pakistanis exploiting the local economy and laundering wealth abroad.Sense of insecurity and hopelessness have increased in magnitude in five decades. Where is the progress in independent Bangladesh?

Three or four decades ago Bangladeshi constructors and engineers built roads and utility lines in Middle East and Maghreb.Now Libyan coast is washed away with Bangladeshi migrants who are desperate to take a perilous boat ride to Europe. Just couple of months ago, Reuters carried out a special story on stranded Bangladeshi in Bosnian jungles.Even in Pakistani period, when poverty was so abject, people did not flee the country in drove. Why are so many people fleeing abroad clandestinely from independent and prosperous country?

Business malpractices also reach worrying level. Earlier adulterating milk with water was prevalent. Now no business is without malpractice. Digital weighing scale is deliberately tempered to give less amount of goods to consumers. Mobile data pack and other services often do not yield the promised amount. Since it is hard to fathom the true consumed value, such malpractices often go unnoticed. Bus fare, auto fare are artificially hiked to whiten black money.

During the colonial time our educational institutions produced brightest minds and there was liberty in freedom of expression.Had there been no freedom of expression, Bengali language would not get the status as it is enjoying now and our struggle to independence would not culminate into full blown armed struggle.

There had been skirmishes and assault on teachers. But now students and teachers both lost their lives in campus. Even teachers cannot speak their minds in campus. Prof Ajoy Roy who taught several decades at Dhaka University despite repeated pleas from relatives in Kolkata to settle there had to bear the news of his son's killing at the university premises. Prof Human Azad, one of the brilliant linguists both Bengals ever produced, was attacked with machete at the university. His son on several occasions was also assaulted at the university.They were attacked for expressing their views and speaking their minds.

Same kind of incidents were purported in other universities.

In the Pakistani period, even undergraduate of a mofussil town knew three languages--- Urdu, English, Bengali--- and wrote impeccable English. From the autobiography of historian Tapan Roy Chowdhury I came to learn that a library in Borishal even ordered French book from foreign publishers because there were readers in that village. We do not have that kind of libraries or independent book shop now.

Back then university produced graduates whose ideas and innovation found global platform and audience. Composite material that was used to build F-15 fighter jet, a reliable platform for many Air Forces, was the brain child of a Dhaka University chemistry graduate. Quantum statistics, which revolutionized scientific analysis, was born at the Curzon Hall in Dhaka University.

Now Pakistani universities assemble their own satellite, excel in reverse engineering , build jet prototypes.

Where are we now? Is there really any intellectual advancement in Bangladesh?

I do not understand why in a well functioning economy there is a silent invasion of drugs. Today yaba or methamphetamine market in Bangladesh is worth $5 billion. The autobiography of veteran journalist Abdul Gaffar Chowdhury shed some light on the tobacco related business in the Pakistani period. Back then 1 million people were employed in "Tendu Pata"(tobacco leaf) related business. Now hardly any business or vocation left where drug money is not invested.

The whole real estate sector is thriving on undocumented money. Government does not question origin of the money invested in real estate sector. Buying and selling flat have become popular mode of legalizing black money as less paperwork is required.Politics has become more violent as black money finds safe sanctuary in politics. Back in pre-independence days , this was unthinkable. Seasoned politicians had some principles back then.

Last leg of Pakistani period witnessed a boom in setting up educational institutions across Bangladesh. Now we see a contest to set up religious seminaries across Bangladesh on empty government lands. Such seminaries guarantee steady stream of revenues from devotees and government does not ask for any explanation how the donation money is spent. In addition, setting up such seminaries brings lucrative donations from Middle Eastern countries. So there is a rat race to become member of the management committee of religious seminaries.

Now there is no public service job quota for women. Stipend program for women is slashed. Minimum marriage age for woman is lowered. Literary works by writers of other faiths are taken off from school text books. Where are we heading ten years later?Should there be any reason to remain complacent?

Bangladeshi rulers have proved that they are the worst rulers than the English and the Pakistanis. Compared to the Bengalis, they were farsighted and compassionate. That was why they built institutions. Bengali rulers treat their citizens like a sadistic toddler treat its pet.All their efforts end up making the country a nightmarish hell.Smart ones among the ruling elites purchase foreign identity. And for the commoners, there is no escape from this republic of sadistic plunderers and parasites.

Saturday, December 12, 2020

La Semaine Dernière A Mes Yeux

(04 décembre --- 11 décembre)

Selon un reportage, une société bangladaise a appelé ses ouvriers qui travaillaient dans un atelier d'une confection en Éthiopie après la guerre risque d' envelopper le pays. Les ouvriers sont retournés au Bangladesh.

Selon un reportage, une salariée d' une banque privée a été accusée d'avoir escroqué $ 600.000 depuis la filiale de la banque à New York. La banque a entamé une enquête. Elle est salariée vacataire.

Selon un reportage, ingénieurs ont mis en place viaduc de Padma Bridge, deuxième plus longue pont dans l'Asie de Sud. Le pont de deux-étage , une longueur de 6,15 km , reliera le Sud-est avec le Sud-ouest de Bangladesh. Ingénieurs mettront en place voie ferrée au premier étage et rue asphaltée au deuxième étage. Le coût de pont est effréné, causé assez de polémique dans le pays. Si tout va mieux, le pont sera ouvert pour tous en 2022.

Selon un reportage, incendie a ravagé un entrepôt à Puran Dhaka, le vieux quartier de Dacca.

Plunder In Disorder

New bout of corruption is seen in bank.
Malpractices reach even low rank.
Bangladesh is high on a fever.
This has become the mot of some clever:
"O wind! put everything in disorder!
Let me relish much of the plunder!"

News reports in recent weeks once again disclose that corruption and malpractices in Banking sector, which has already been reeling from earlier scams, continue unabated. No change in corporate governance and no change in business as usual. The disappointing picture is writ large on all the financial institutions of Bangladesh.

A news report, dated on November 30, says government mulls retaining political appointees in the management board of public banks. In the past this kind of appointment set the path for seeking loan for project deemed not-profitable and triggered corrupt acts abusing the power. This politically motivated projects and mismanagement of the boards in the end contributed to piling up of bad loans (NPL). Back in June 2019, I wrote an analytical piece titled " Default Loans: In Search Of Root Cause" on this blog.

In 2010, the amount of NPL was Tk 227.1 billion and rose to Tk 893.4 billion by the end of June 2018 (Source: Bangladesh Bank). A little less than 50% of those NPLs belonged to state-owned commercial banks (SCBs). Meanwhile, NPLs for private commercial banks(PCBs) and foreign commercial banks(FCBs) stood at Tk 389.8 billion and Tk 22.7 billion respectively. One may argue that SCBs operations and client base are much bigger than those of PCBs and FCBs. Gross NPL to total loan or net NPL to total loan , which Bangladesh Bank uses to measure asset quality, may give a better indication of comparison of bad loans by types of banks. In 2010, gross NPL to total loan by SCBs was 15.7. Meanwhile, it was 3.2 per cent for PCBs and 3.0 per cent for FCBs.(Source: Bangladesh Bank) By the end of June 2018, gross NPL to total loan for SCBs, PCBs and FCBs rose to 28.2, 6.0 and 6.7 percent respectively. It is evident that percentage of bad loans to total loans is far more higher in SCBs than those in PCBs and FCBs. How the decision is made at the management board calls for greater scrutiny.

One of the public banks has come under scanner after a news report divulged that $603,947 had gone missing from an exchange house in New York operated by Janata Bank. Stealing had taken place in the transition period, when outgoing CEO would hand over the responsibility to incoming CEO. A temporary worker had been playing the role of acting CEO in the meantime. The exchange house maintained an account at the Habib American Bank's New York branch. It appeared that the acting CEO did not deposit the money at the Habib Bank account contrary to her claim. While the acting CEO was stopped answering to official emails and shut all the contact with her employers. The Janata Bank authority decided to settle the matter through legal means. It is surprising that a temporary telephone operator turned CEO was given the charge to run an exchange house, which has already been on a loss-making path, in foreign shore. This incident laid bare how clumsily decisions are being made in public financial institutions.

Unbridled corruption is taking place at private banks too. A data entry operator, who got the job by forging educational certificate, swindled Tk 80 million from NCC Bank. He even constructed a six-storey building, bought residential plot and car at native village.

A staff at Premier Bank in Rokeya Sharani branch took loan in the name of two clients manipulating office documents. He invested the money in his family run grocery. One of the victim clients got aware of this when he applied for loans in other bank. Bangladesh Bank has stipulated that client took a certain amount loan not be eligible for further loan. Denial of the client's loan request surfaced the murky scam.

Last year I did a small survey among some rickshaw pullers. One puller shared with me a fraudulent incident. The rickshaw puller opened a deposit account, which would become mature in two years, at a private bank. He regularly deposited the monthly amount in time. By the time the account got matured , he came to learn that he would have to wait for another year for its maturity. He protested. But he was told one of the cashiers did not keep record of any money of his account for a year. Daily wage earners are not even spared from the greed of corrupt staffs.

What we are seeing is mimicking of corrupt practices at individual level in the banks. If the management and high officials could indulge in corrupt practices and go scot free then it is ok for a staff to take one or two "peanuts"! More aptly, trickle down of corrupt practices from top to bottom. When the fever of "Ektu Elo Melo Kore De Ma/ Lute Pute Khai( O wind ! put everything in disorder / let me relish much of the plunder)"[I borrow the lines from a popular song of the film "Jamai 420"] sweeps across the Bangladesh, it would be naive to expect dramatic improvement in corporate governance.

Until the feverish pitch for corruption subsides, replacing one political appointee with another, curtailing the power of central bank, changing regulations, interfering with the decision making process of the management board will not produce the desired outcome in financial institutions. What has to be changed first is the attitude and tolerance towards corruption.

Sunday, December 6, 2020

La Semaine Dernière A Mes Yeux

( 25 novembre --- 04 décembre)

Selon un reportage, la société anglaise Debenhams a fait le dépôt de bilan. Covid-19 a repoussé la société, qui achetait beaucoup de vêtements bangladais, vers faillite. La nouvelle a provoqué soucis parmi les exportateurs bangladais. Debenhams ne paie pas encore $70 millions à ses exportateurs bangladais. De plus, les salariés de Debenhams ne reçoivent pas leur arriéré. Ils ont récemment tenu une conférence de presse à ce propos.

Selon un reportage, 119 personnes dont 87 indigènes ont été tués en 3 ans à CHT. Le mercredi Bangladesh a observé 23ème anniversaire de l'accord de paix.

Selon un reportage, Australie a appréhendé un médecin originaire de Bangladesh pour avoir violé femmes et adolescentes là-bas.

Selon un reportage, 9 médecins ont péri en novembre pendant Covid-19. Le bilan est lourd pour médecin bangladais.

Selon un reportage, Bangladesh a relogé des Rohingyas dans une petite île, Bhashan Char. Des bateaux de l'armée de la mer et de la terre ont aidé à relogement. L'ONU a exprimé soucis à ce propos. L'ONU a mis l'accent sur volonté de Rohingya dans le cas de relogement.

Selon un reportage, le bureau de l'Anti corruption a trouvé un compte de $1 milliard dans une banque à Singapour. Le compte appartenait à un homme politique bangladais qui a été pendu pour crime de guerre fait en 1971.

Selon un reportage, une bancaire s'est suicidée à Cumilla. Elle a sauté depuis 9ème étage de sa maison. Bangladesh est devenu un cauchemar pour femme seul. Chaque année beaucoup de femmes se sont suicidées en buvant poison et pesticide, d'après ministère de l'intérieur.

Friday, December 4, 2020

The Untouchables

Black money lies idle in foreign bank.
Among the launderers are leaders in high rank.
No accountability in institutions feeds the anarchy.
Progress made so far is in jeopardy.

A Bangladeshi daily recently divulged that Anti Corruption Commission had found $1 billion worth of money deposited in a Singaporean bank. The account had no nominee. It belonged to a Bangladeshi citizen. The report claimed the owner of the account was a Bangladeshi politician who was hanged for war crimes he had committed in 1971. His wife and children abstained from claiming the money, following their lawyer's advice to avoid any legal repercussions.

The incident once again laid bare gravity of corruption and money laundering taking place in Bangladesh. When it comes to plunder people's money, both the ruling party and the opposition are found on the same boat.

Earlier Singaporean media and Panama Papers revealed that brother of a ruling party politician and owner of a Bangladeshi corporate group was included in the list of Singapore billionaires. Despite the zero controversy involved in amassing the money, political connection and how the wealth was amassed provided enough air to run the rumor mill wild.

Hanged opposition politician was parliamentary advisor to then PM. In addition, he had run his own business affairs. His family members also head several business conglomerates in the country. Similarly, brother of the Bangladeshi billionaire in Singapore once headed the parliamentary committee for defense and held important portfolios.

Revelation of their documented and undocumented wealth in the media while they are holding important positions exposes impunity and less regard to public perception enjoyed by some public figures. In a civilized country, such revelation will lead to fall of government or resignation of concerned person.

Only recently government bodies displayed great concern and effort to detect and recover such clandestine wealth. Earlier such bodies were reluctant to make a move in this regard. The institutions established to detect and provide regular info about such wealth failed to live up to their utility. I came across an investigative report, carried by an online news outlet based in a foreign country, couple of months ago. It revealed that brother of the chief of a powerful institution, who received president's mercy for killing a person, was seen in a gathering with a notable politician of an off-shore heaven country in South East Asia. I previously ignored the report considering it as a political propaganda. But the recent news report evoked the photograph of that investigative story and underscored the nexus between such institution and corruption taking place at political corridor.

Earlier a report about a businessman who mediated arms purchase caused consternation in local press. He amassed huge fortune in Swiss banks and even appeared before Anti Corruption hearing.

Lack of accountability of these institutions perpetuates corruption and propels capital flight from the country towards off-shore heavens. The lack of accountability also let the vested quarter take unfair advantage of these institutions.

Meanwhile, inaction of these institutions also help seeding distrust and fear into the minds of the people. This hopelessness, in turn, contributes to capital flight and human trafficking. So one is feeding the another.

When disciples of rigid ideologies challenged existing laws, customs, traditions defying laws on the streets, it would not be naive to surmise this kind of statement. Specially when some of them found safe sanctuaries in many off-shore heaven countries. Even the architect of rapprochement between disciples of rigid ideologies and government breathed his last at a specialized hospital in Singapore this year. It is indeed interesting to see that the mastermind did not feel confident to take treatment in a country that is evolving under his mediation.

Let's just set aside the high profile political money transfer. Literally, businessmen, politicians, bureaucrats regularly launder money abroad. No one would raise concern if Bangladesh were a prosperous and welfare country. And inequality reached such a worrying level.

Advertisement of an international LED television manufacturer struck me. It pleaded the consumers to purchase LED TV set at a set price before the limited stock got finished as the manufacturing plant in Malaysia was shut down because of COVID-19. 170 million consumers' LED TV manufacturing plant was built in Malaysia! Sometimes I wonder how Bangladesh has become peripheral colony of off-shore heavens with the assistance of local powerful institutions. From cooking oil to port fees , this trace of hidden colonialism can be found.

In Bangladesh, we see sales executive of local commercial banks solicit people to bank with them and to have a credit/ debit card of their banks. Sometimes I have this weird feeling that perpetrators of corrupt acts, rioters, hatred preachers, disciples of rigid ideologies work just like sales executives of off-shore heavens to get new clients for them.

We are paying a high price for lack of accountability in key institutions. Bangladesh has been turned into a lawless jungle, a dumping ground of obsolete ideology, a transit route for drugs, a safe sanctuary for human traffickers, home of nouveau super rich and a paradise for money launderers.

Fortune lying idle in foreign banks is a stark reminder that establishing accountability in key institutions could stem the generation and laundering of such wealth.