January 24, 2011
What institutions can you trust these days with your donations? The Associated Press reported today that the $21.7 billion Global Fund to Fight AIDS, Tuberculosis and Malaria is a fraud where at least two-thirds of the
funds were “pocketed,” and donated medicines were sold on the black market for profit.
The prestigious development fund is backed by celebrities like Bono, politicians like French president Sarkozy, and a cool $150 million from Bill and Melinda Gates. The AP wrote, “The fund has been a darling of the power set that will hold the World Economic Forum in the Swiss mountain village of Davos this week.”
Although many of the contributors to this fund likely had good intentions for their donation, it seems that funds of this size are too-big-to-succeed and are ripe for corruption. The fund spokesman, Jon Liden, said, “We would contend that we do not have any corruption problems that are significantly different in scale or nature to any other international financing institution.”