The article aims to explain how the Lebanese elite has taken the path of populism to hide corruption and political clientelism. Sophisticated public power mechanisms were created for the benefit of the country's eighteen religious denominations, transformed them into partners in corruption, secured greater quotas of power, and exclusive hold on all public resources. What this translated into was a “neo-patrimonial” dynamic with calls to reconsider the political management of the country as well as the existing system of government. This paper evaluates what political elites actually did, even at the height of enduring crises, focusing on the banking sector to highlight the rise of a new mafiocracy, that is leading the country to the dangerous path of Necropolitics.