Tidbits, Ukraine, Markets & Rain Days Update 1/23/23
Ukraine has had the reputation as the most corrupt country in Europe ever since the Soviet Union collapsed in 1991. Anybody can get a driver’s license by simply paying a bribe. It matters not if you can drive or read the signs. Securing any government document is the same process. If the war in Ukraine ends this year, the most likely reason will be that Ukraine's financial supporters stop their support because of Ukraine’s corruption. Allegations of war material corruption are becoming frequent and the money people are beginning to ask questions.
Around 2012, a President of Ukraine was elected because he promised he would take drastic measures to root-out corruption by appointing a tough anti-corruption prosecutor with unlimited access to any branch of government.
In 2016, the corruption prosecutor was investigating Burisma Holdings, one of Ukraine’s largest natural gas companies, who had been paying Hunter Biden US $83,333 per month consulting fee since 2014. The last installment of an US$1 billion aid package from the USA was being held up by the Obama Administration for no known reason. Later, then Vice-President Joe Biden bragged on video tape that he called the president of Ukraine and told him he had to fire the corruption prosecutor or the US$1 billion aid package would never be released. The prosecutor was fired before the day was out and the money was released.
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