by Guy Chazan and William Maudin, Wall Street Journal

The biggest bank bailout in Russian history was an “insane waste of money,” the bank’s embattled former president said in an interview.

Andrei Borodin, who fled Russia in March and is wanted by authorities there over a loan Bank of Moscow made under his leadership, said the bank “never needed state help.”

“The problems there are of an artificial nature,” he said.

In early July, Russian regulators unveiled a $14 billion rescue package for Bank of Moscow after saying they discovered a huge hole in the bank’s balance sheet.

The Russian central bank declined to comment on Mr. Borodin’s latest statements.

His comments add to the controversy surrounding the bailout, which was so large it raised investor concerns about the soundness of the Russian banking system and the credibility of the central bank, the country’s main banking regulator.

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