A Historical Embezzlement

Iranian media is abuzz with the news of recent embezzlement. Surprisingly except for some irregularities it does not seem any crime has taken place. Iranian banks do not have a market based approach to the concept of risk in financing, instead they rely on bureaucratic procedures. I wrote a piece on this which appeared in Donya ye Eghtesad in Tehran on Saturday. It advocates adopting a risk score and a market approach to banking system. A veteran journalist criticized me for not paying attention to the decline in national currency, frankly I think even when Rial is losing value a market approach will work better and more efficiently than government's bureaucratic procedures. The procedures provide many opportunities to manipulate the system and to abuse the funds, still it seems many prefer the bureaucratic approach to a market approach. 

That is being said, i do not think this is the end of affair. Would this be another "Queen's Necklace"?