P for profiteering
Microcredit sector CEOs are now part of a 'microcredit mafia', according to well-respected German economist and financial journalist, Norbert Haering, who works at Germany's leading business newspaper Handelsblatt. Haering just released a blog report (which usually presages a much longer article to come) noting that in 2014 the huge US-based FINCA microfinance investment and advisory non-profit group, which counts the cool Oscar-winning actress Natalie Portman (Black Swan, V for Vendetta) among its unpaid 'Ambassadors', quietly agreed to double the salary of CEO Rupert Scofield, which is now a Hollywood-style $US1.4 million. Interestingly, remarks Haering, Mr Scofield is now earning a tad above the salary awarded to the CEO of another large non-profit microfinance advocacy and investment body, ACCION, and he speculates that maybe ACCION will respond by raising its CEO's salary once more. All this is one further indication, surely, that the effective take-over of the global microcredit sector by Wall Street's values and operating systems very much remains firmly on course.
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Posted by: milford bateman <milfordbateman@yahoo.com>
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