David Mercer-
Introduction
Every nation has its villains—those whose names become synonymous with betrayal and destruction. For Lebanon, that villain is Riad Salameh. Once praised as a financial genius, he now stands accused of orchestrating a Ponzi scheme that bankrupted the nation. His fall from celebrated central banker to the most hated man in Lebanon is not just the story of one individual—it is the story of a system built on lies, greed, and political complicity.
The Illusion of Prosperity
For decades, Salameh was marketed as the man who kept Lebanon’s fragile economy afloat. He stabilized the Lebanese pound, lured billions in deposits, and presented the image of a thriving financial hub. Global magazines honored him, foreign investors trusted him, and politicians defended him.
But the so-called prosperity was an illusion. Behind the curtain, Lebanon’s economy was being hollowed out. The high interest rates offered by banks were not signs of growth but desperate attempts to keep new money flowing in. This money was not invested in infrastructure or industry—it was used to pay off existing debt and finance government deficits.
What the world called “financial engineering” was in fact a Ponzi scheme.
The Great Betrayal
When the system collapsed in 2019, Lebanese citizens discovered the full extent of the betrayal. Banks froze accounts, savings evaporated, and the pound lost more than 95% of its value. Overnight, the middle class was destroyed. Families who had worked for decades saw their pensions vanish. Small businesses collapsed.
Even more infuriating was the revelation that billions of dollars had been illegally transferred abroad during the very moment when ordinary depositors were blocked from accessing their funds. The financial elite, aided by Salameh, were able to protect their wealth overseas while the people they governed were left destitute.
This was not just mismanagement—it was the most cynical form of betrayal.
The People’s Anger
In Beirut and across Lebanon, Salameh’s name became a curse. Protesters painted his face on walls, branding him a thief. Crowds chanted “Down with Salameh!” outside the central bank. To many Lebanese, he is more than a disgraced banker—he is the symbol of everything wrong with the country: corruption, arrogance, and impunity.
Why is Salameh hated more than the politicians who appointed him? Because he was supposed to be above politics. He was the technocrat, the guardian of the nation’s money. His betrayal cut deeper because it destroyed trust in an institution that should have been untouchable.
Elite Protection
Despite the collapse, Salameh remained in office until 2023. Why? Because Lebanon’s political elite needed him. His policies had served them for decades, financing deficits and shielding their corruption. They protected him until the very end, even as international prosecutors pursued him.
This reveals a painful truth: Lebanon’s collapse was not the work of one man alone. It was the work of a corrupt alliance between politics and finance, with Salameh at the center.
A Symbol of Corruption
Today, Riad Salameh is more than a disgraced banker—he is a symbol. He symbolizes the arrogance of elites who thought they could deceive the people forever. He symbolizes the cruelty of a system that let millions suffer while a handful enriched themselves. He symbolizes betrayal on a national scale.
When future generations study Lebanon’s crisis, they will see his name at the top. Not because he acted alone, but because he embodied the deception that destroyed the nation.
Conclusion: Lebanon’s Lesson to the World
Riad Salameh’s story is not just about Lebanon. It is a warning to the world: when financial systems become tools for political corruption, collapse is inevitable.
For Lebanon, however, the damage is already done. The middle class is gone. Poverty has soared. Emigration has emptied the country of its youth. And at the heart of this tragedy is the man who went from being celebrated as a financial genius to being the most hated man in Lebanon—the man who not only ran a Ponzi scheme but also facilitated the illegal transfer of billions abroad while his people starved.