Wed March 2, 2011

Nobel Winner Removed From Bank He Founded

The government of Bangladesh is trying to remove Nobel Prize winner Muhammad Yunis from the bank he founded nearly three decades ago to help the country's poorest people. Grameen Bank pioneered the use of micro-loans to give the poor an opportunity to start small businesses — or make other sound investments in their future. These loans are almost always repaid in full and on time. The government says Yunis has violated laws setting a mandatory retirement age of 60. But many suspect the government is merely trying to gain full control of a politically powerful organization, which serves some 8 million borrowers, most of them women. Some critics also suggest that authorities are punishing Yunis for his outspoken criticism of government corruption. Grameen is expected to challenge his dismissal in the courts.

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