Qatari spy chief held at Cairo Airport with bags of cash
Press TV – May 30, 2012
A new report says the Qatari intelligence chief was held by security forces at the Cairo Airport while carrying bags of cash a few days before the first round of Egypt’s presidential election.
The incident occurred on Saturday night when the Qatari ambassador to Cairo, who had appeared at the airport to receive a guest, attempted to get large baggage passed through without allowing inspection on it, citing the exigencies of a “diplomatic mission.”
The security forces at the Cairo Airport, though, insisted that the baggage be inspected since the matter had not been coordinated with the Egyptian Foreign Ministry.
When the bags were inspected, millions of dollars were found in them. Upon the disclosure, the Qatari ambassador had to disclose the identity of his guest, which had until then not been provided to the security forces.
The individual was identified as the Qatari intelligence chief, Ahmed Zaif, who had personally delivered the cash.
The incident is now widely believed to be an attempt on the part of Qatar to interfere in Egypt’s presidential election. The large number of votes announced to have been cast in favor of presidential hopeful Ahmad Shafiq implicate that huge campaign expenses, mostly allocated by Saudi Arabia and Egypt, have been spent to secure Shafiq’s victory in the election.
Mustafa al-Qanimi, a member of the Muslim Brotherhood party, said in an interview recently that the election results have left no doubt that a huge sum of money has been spent in the course of the election with the aim of securing Shafiq’s victory.
Thousands of people took to the streets of the capital, Cairo, after the electoral commission confirmed that the Muslim Brotherhood’s Mohamed Mursi and former Egyptian Premier Ahmed Shafiq will face off in the country’s presidential runoff next month.
Revolutionaries in more than ten cities and governorates took to the streets, protesting the result and demanding Shafiq’s exclusion from the election. They also demanded the application of his political isolation, as the ex-premier was a prominent figure of the country’s deposed ruler, Hosni Mubarak.
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Egypt prevents aid convoy to Gaza
Palestine Information Center – 29/05/2012
AMMAN, GAZA — European activists have condemned the Egyptian rejection to implement the obtained regulatory approvals in order to reach the Gaza Strip through the Sinai Peninsula.
The General Coordinator of the convoy “right of return”, Kevin Aovindan, stated, in a press conference held in trade unions headquarters in Amman yesterday, that the lack of clarity and the contrast in Egyptian officials’ positions prevented the arrival of the convoy to Gaza through the Egyptian borders.
Aovindan said that the President of the convoy, the British MP George Galloway was in Cairo until May 15, and he left after he had got the Egyptian official approval for the passage of the convoy to the Gaza Strip through Rafah crossing, however Egypt reneged on its approvals.
He added that “the participants in the convoy have spent over 3 weeks in Aqaba to get from the Egyptian authorities the permission to cross into Egypt and then to enter Gaza.
Aovindan said, regarding the aid collected by the convoy, “it will be sent to Gaza through the Jordanian Hashemite Charity Organization in coordination with the Jordanian Professional Associations”.
Meanwhile, the Palestinian government in Gaza has received new commitments from its Egyptian counterpart to allow Qatari fuel to enter the besieged Gaza Strip during the next few days, after contacts between the Palestinian, Qatari, and Egyptian authorities.
The Palestinian foreign minister, Mahmoud Awad, said there are new Egyptian promises to facilitate the passage of Qatari fuel to the only power station in the Gaza Strip, according to Al-Arab newspaper.
The need for the Qatari fuel is increasing these days to operate the power station in Gaza and to alleviate the crisis in the electrical sector for more than four months.
Awad said that the Egyptian government had told them that the full procedures required to start pumping fuel into Gaza are completed, hoping that it will reach Gaza the next few days.
“In the last communications with various parties, we were told that the shipment will arrive in the coming few days,” Awad said, adding that there is no logical reason for the delay.
He called on the Egyptian authorities to press on the occupation to increase the quantity of fuel which will enter daily to Gaza in order not to drag the transport process to operate the power station to relieve the suffering of the Palestinian citizens in Gaza.
The Palestinian foreign minister pointed out that Qatar has borne the full cost of storing and transporting fuel to the Gaza Strip, thanking the Qatari government and the Qatari Emir Sheikh Hamad bin Khalifa Al-Thani for their support for the Gaza strip and their role in transporting the fuel to Gaza.
Awad has praised the Qatari role in solving crisis in Gaza, stressing that the Palestinian people, who defend the dignity of the ummah, will never forget the Qatari position that was always behind them.
Exposing Countrywide
Eileen Foster and the Failure of Corporate Criminal Justice
By RUSSELL MOKHIBER | CounterPunch | May 23, 2012
Last month, Eileen Foster was at the National Press Club to receive the $10,000 Ron Ridenhour Prize for Truth-Telling. In 2007, Foster was a vice president in charge of investigating fraud at Countrywide Financial. A full time job, if you can keep it. Which she couldn’t.
Because she took her job seriously.
A Countrywide employee in Boston called Foster with evidence of widespread loan fraud in the Boston area.
Foster investigated and confirmed the employee’s report and eventually shut down six Countrywide offices in Massachusetts.
She started to pursue what appeared to be systemic fraud at the company when the executive suite got itchy.
On September 8, 2008, they came to Foster and put a 14-page document on her desk. Foster calls that a gag order. They also offered her $228,000. Foster calls that hush money. She was told if she accepted the money and signed the document, she could quit. If not, she would be fired.
She was fired.
Foster filed a complaint with the Department of Labor under the Sarbanes-Oxley whistleblower provisions.
Twenty-one out of 1,500 whistleblowers have gotten a favorable response from the Department of Labor.
So, Foster knew it was a bit like hitting the lottery.
But lo and behold, she hit it.
In October 2011, the Department of Labor ruled in her favor.
And in December 2011, the CBS News show 60 Minutes did a story titled Prosecuting Wall Street that featured Foster.
Now, Bank of America, which acquired Countrywide, is appealing the Department of Labor’s ruling.
A public hearing is scheduled for October 22.
On the 60 Minutes segment, Steve Kroft reported that “Eileen Foster has never been asked — and never spoken to the Justice Department – even though she was Countrywide’s executive vice president in charge of fraud investigations.”
We asked Foster – did the Justice Department ever contact you?
“Not before 60 Minutes,” Foster says. “After 60 Minutes, yes.”
What happened?
“I’m not sure I can talk about that,” she says.
“I’m encouraged, but I’m not sure if the movement is in the right direction,” Foster said. “There had been things taking place prior to the 60 Minutes piece.”
It has been widely reported that the U.S. Attorney in Los Angeles opened and closed an investigation of Countrywide without bringing charges. Is that what Foster is talking about?
“I’m not talking about any specific effort.”
“If what took place in these organizations wasn’t illegal, there has been a lot of activity which has taken place since that seems to me is clearly illegal – perjury, obstruction of justice and witness tampering.”
Is it your sense that this is over and done with and that the Justice Department has moved on?
“I hope not,” Foster said. “I have a fear that it is probably over and done with.”
At the Press Club last month, Foster said that she doesn’t trust the corporate line on internal reporting of problems.
“Critics insist that a whistleblower be compelled to first report problems internally, supposedly to provide the corrupt company the chance to correct wrongdoing,” Foster said at the Press Club. “But when I followed protocol and reported internally, I was summarily eliminated. The wrongdoing was protected, not corrected.”
“We cannot allow corporate malfeasance to run rampant and become institutionalized. People need to know that many corporations use hotlines and reporting policies to silence whistleblowers and conceal fraud.”
“Corporations now screen applicants for whistleblowing tendencies and assign lawyers to participate in internal investigations so they can shield the wrongdoing under the cloak of ‘privilege,’” Foster said. “The Congress and State Legislatures should eliminate the corporate lawyer cover-up by eliminating the use of so-called privileges in these circumstances.”
“So here we are several years after the onset of the financial crisis, caused in large part by reckless lending and risk-taking in major financial institutions. And still, not one executive has been charged or imprisoned! This stands in stark contrast to the savings and loan debacle in the 1980’s, where prosecutors sent more than 800 bank officials to jail.”
“Our current administration has defended the lack of prosecutions by labeling the executives’ actions ‘bad behavior,’ but not illegal. Assistant Attorney General, Lanny Breuer, told Steve Kroft of 60 Minutes, that although the risk-taking was offensive, and the greed was upsetting, it didn’t mean the Department of Justice could bring a criminal case. Perhaps we simply need a different means to a justifiable end.”
“When prosecutors were unable to convict Al Capone of racketeering, they convicted him of tax evasion instead. If there is insufficient legal evidence to convict these executives of what we believe are obvious crimes, then the federal government should refocus. Overwhelming evidence of perjury, witness tampering and obstruction of justice exist in the numerous claims, court filings and trial and investigative transcripts. We must not let these deeds go wholly unpunished. Perhaps financial industry whistleblowers should be permitted to present their information to grand juries without the help of government prosecutors. Then the people can decide how best to address this outrageous wrongdoing.”
“We can and must uphold the law and prosecute those who break it, especially “white collar criminals”, no matter how highly placed or how cozy they are with government officials. We must insist on full and complete investigations with accountability and punishment for the guilty parties. We must ‘keep the heat on’ and see justice done.”
[For the complete transcript of the Interview with Eileen Foster, see 26 Corporate Crime Reporter 21(10), print edition only.]
Russell Mokhiber edits Corporate Crime Reporter.
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The insolvent United States banking system: lessons from J.P. Morgan Chase
Why the banks must be nationalized
By Horace Campbell | PAMBAZUKA NEWS | 2012-05-17
Since September 15, 2008 the United States economy has been like a ticking time bomb with the unregulated activities of the banks the fuse that is slowly burning. This fuse has affected the international banking system and while citizens of the United States are focused on an electoral contest, the issues of the future of the U.S banking system, the future of the dollar and the future of the Euro are bringing home the reality of the capitalist depression. Two weeks ago, Paul Krugman released a book entitled, End this Depression Now. This book sought to galvanize action by the US government to stimulate the economy based on the twentieth century Keynesian ideas of stimulating growth. Increasingly, it is becoming clearer that far more drastic political measures will be needed if the international financial system is to be protected from the gambling of the top bankers in the United States. Wealth creation and a new economic system are needed to meet the needs of human beings.
This reality was brought home last Thursday, May 10, when it was revealed that J. P Morgan Chase, the largest bank in the United States had been involved in the most risky type of speculative trading that was not supposed to be undertaken by a federally insured depository institution. The nature of the speculative trading is still covered up by the media but from what has been coming out there were bets placed by a derivative trader who was placing US$100billion bets that the US economy would recover. One report called the operation ‘trades in the synthetic derivatives hedging business.’
Whether this is the real cause of the attention to JP Morgan Chase will only come to light when the media and the representatives of the people call for the removal of Jamie Dimon, the CEO of this bank and takes over the bank. While the information on the $3 billion loss is as opaque as the business world of the financial system, the nature of the risk that was being undertaken is reserved exclusively for the big banks and offers multi- million dollar profits in this ether world that is called financial capitalism.
JPMorgan Chase is currently one of the biggest banks in the world supposedly with $2.1 trillion in assets and more than 239,000 employees. I used the word ‘supposedly’ because JP Morgan Chase was one of the recipients of more than$26 billion of Troubled Asset Relief Program (TARP) funds after the collapse of Lehman Brothers and the American International Group (AIG) in September 2008. Troubled Assets was the term coined by the US government to hide from the world the state of the insolvency of the US banking system where the big banks had overextended themselves in the housing bubble issuing what was then called mortgage backed securities. These banks are still mired in the toxic mess from the orgy of speculation of that era and JP Morgan compounded its own risky position by taking over the bad bank, Washington Mutual.
The Bank JP Morgan Chase grew bigger and riskier after absorbing two of the failed banks at the center of the MBS debacle. JPS acquired Bears Stearns and Washington Mutual. Hence on top of its own involvement in the casino economy, JP Morgan Chase had taken on two failed banks in an attempt to save the US financial system.
The Tarp instrument was the means through which the US government had ‘bailed out the banks and investment houses in 2008. JP Morgan Chase was involved in the same credit default swaps (CDS) that was at the core of the gambling that brought down the system in 2008. The speculative activities of the Banks have increased since 2008 and now the press is seeking to lay the blame on one derivatives trader in London. According to the media, speculation by a derivatives trader in London has produced a $2 billion trading loss for JP Morgan Chase. It is still not clear the extent of the loss but we know that it is in the same category as the losses at MF Global last year. These losses add to the scandal after scandal and are supposed to be on par with the other debacles of 2008 when two major Wall Street institutions, Bear Stearns and then Lehman Brothers went bankrupt. This year the progressive forces must renew the call for the nationalization of the big banks which are supposed to be too big to fail.
THE ARROGANCE OF THE BIG BANKS
The rise and impending collapse of J P Morgan Chase is a cautionary tale about the fortunes (or currently misfortunes ) of the US banking system. Older readers will remember the name Chase Manhattan Bank and the era when David Rockefeller and this bank stood at the apex of US capitalism. Today Chase Manhattan no longer exists and has been absorbed through the mergers and acquisitions of the years of neo-liberal capitalism. Then there was the other major US capitalist whose fortunes were made when there were the most brutal forms of exploitation of workers. This was the banker and industrialist, John Pierpont Morgan. The career of JP Morgan was symbolic of the merger of industrial and bank capital to create financial capitalism at the turn of the twentieth century. Today at the start of the 21st century JP Morgan Chase is the result of the combination of several large U.S. banking companies over the last decade including Chase Manhattan Bank, J.P. Morgan & Co., Bank One, Bear Stearns and Washington Mutual. Going back further, the predecessors of the current banking behemoth include major banking firms among which are Chemical Bank, Manufacturers Hanover, First Chicago Bank, National Bank of Detroit, Texas Commerce Bank, Providian Financial and Great Western Bank.
JP Morgan Chase is a textbook case of what happened to US banks during the era of neo-liberalism when the Glass Steagall Act was repealed separating investment banking from federally insured deposit banks. Much attention has been paid to the two poster children of the new casino type operators who claim to be bankers, Jamie Dimon of JP Morgan Chase and Lloyd Blankfein of Goldman Sachs. These two are just at the top of the massive political structure that squeezes the mass of the citizens of the world for the top 1 per cent. In the book ‘13 Bankers: The Wall Street Takeover and the Next Financial Meltdown’, the authors Simon Johnson and James Kwak have detailed the evolution of the neo-liberal world that was spun by these bankers. According to Johnson and Kwak, the bankers created new money machines with new schemes such as securitization, high yield debt, arbitrage trading and derivatives. On top of these serial innovations we now have a new one called value at risk. Later we will be told what is synthetic derivatives hedging business. These “serial innovations created the new money machines that fueled the rapid, massive growth in the size, profitability and wealth of the financial sector over the last three decades.”
It is the accrued power of these bankers that now threatens the global system of capitalism. After the tremors of the financial markets in 2008 these same banks that called for deregulation called for bail outs because they were too big to fail. For a while, there had been word of the depth of the hole in other banks and we are still waiting for the information on Bank of America which is still under wraps with Wikileaks. Only two months ago, the Federal Reserve completed a “stress test” of the 19 largest US banks, which gave all of them a green light in terms of solvency and approved increased dividends or stock buybacks for 15 of the 19 banks. This exposure of JP Morgan exposes the fraud of the so called stress tests.
Although the banking system was propped up and we are informed in the media that these banks recently passed ‘stress tests,’ the news about the risky bets of JP Morgan is a stark reminder that the time bomb is ticking. Since that fateful week in September 2008, far from resolving the crisis of the US financial system, the bailout of Wall Street that had been orchestrated by the Federal government has resulted in a further centralization of financial assets in a handful of giant institutions that dominate American society. The further centralization now means that five of the 13 banks—JP Morgan Chase, Bank of America, Citigroup, Wells Fargo and Goldman Sachs — held $8.5 trillion in assets at the end of 2011. The big five have increased their viselike grip on the US economy over the past five years: in 2006, their financial holdings amounted to 43 percent of US gross domestic product. By the end of 2011, that figure had risen to 56 percent.
JP MORGAN AT THE FOREFRONT OF OPPOSING REGULATION
JP Dimon is the CEO of JP Morgan Chase. He has been the most active among the bankers in manipulating the system playing both sides of the political game and arguing against the regulation of the banks. Jamie Dimon was paid over US $23 million last year and now it is coming out that it is the accounting scams that produced the paper profits that enabled the big bonuses for Dimon and the traders who were urged to make riskier bets. Dimon has been the most active in the press and in his visits to the Obama White House. He has argued for the ‘markets’ to take their course when his bank has been in operation in a world that is beyond the reach of markets. While the world of these bankers is beyond the ‘market’ these are the financiers who promote the myth that the development of a generalized market (the least regulated possible) and democracy are complimentary to one another. The same bankers who argue that the economic sphere and the political sphere are separate and that the market does not need the state are the same bankers who are expending billions to lobby so that the limited regulations proposed by the Dodd-Frank legislation of 2010 are not affected. The Dodd-Frank legislation included one particular clause called the Volcker rule that was supposed to ban proprietary trading by the lords of the universe.
Jamie Dimon has been described by Barack Obama as one of the smartest bankers in the United States. Obama was simply exposing the subservience of the federal government to the bankers who are the same group pouring millions into both campaigns. The bankers are ensuring that whichever party wins in November, the US banking system will be protected. Barack Obama timidly called for regulating JP Morgan while actively engaging the soliciting of funds from one of the most notorious ‘private equity’ firms in New York. The close relationship between the private equity firms and the bankers constitute the power of the top one per cent and the US government acts to serve this one per cent. After the big scare of 2008 there was fear internationally that there would be a run on the dollar. It was this fear that induced the members of the US government to pass the Dodd-Frank Legislation to prevent the obscene conflict of interest of the banks and investment houses. The expedient which was supposed to prevent the conflict of interest was the Volcker rule, named after the former Treasury Secretary of an era before financialization. The rule placed trading restrictions on financial institutions. In the 2010 legislation, the Volcker rule separates investment banking, private equity and proprietary trading (hedge fund) sections of financial institutions from their consumer lending arms. Banks are not allowed to simultaneously enter into an advisory and creditor role with clients, such as with private equity firms. The Volcker rule aims to minimize conflicts of interest between banks and their clients through separating the various types of business practices financial institutions engage in.
JP Dimon has been the leader in opposing the Volcker rule because his organization has been at the forefront of the practice where a hedge fund is operating inside a commercial bank. Commercial banks are federally insured and are different from investment banks. Under the rules of the so called market, bankers are not supposed to take deposits from customers and then use the same deposits to make speculative bets. This was not supposed to happen but when the banks became huge money machines, they operated above the law. This is how a bank such as JP Morgan controls assets that are worth 20 per cent of the GDP of the USA.
BANKS MUST BE NATIONALIZED
Jamie Dimon sits on the Board of the Federal Reserve of New York. This is the most important position of the US financial system because this is the reserve system that holds the foreign reserves of 60 per cent of the economies of the world. JP Morgan Chase is a particularly critical financial institution, since in addition to its vast holdings; it serves as one of the two main clearing banks in New York City, along with Bank of New York Mellon, handling financial transactions for all other banks. Any challenge to its solvency immediately puts a question mark over the whole financial system. Central bankers all over the world are following with interest the call for Jamie Dimon to be removed from the Board of the Federal Reserve of New York because of conflicts of interest. The Federal Reserve Bank of New York carries out foreign exchange-related activities on behalf of the Federal Reserve System and the U.S. Treasury. In this capacity, the bank monitors and analyzes global financial market developments, manages the U.S. foreign currency reserves, and from time to time intervenes in the foreign exchange market. The bank also executes foreign exchange transactions on behalf of customers.
Tim Geithner now Treasury Secretary was the former President of the Federal Reserve Board of New York. It was under Geithner when billions were handed over to the bankers after 2008. Then Geithner was trying to save the US financial system so that foreigners will not pull their reserves out of the dollar. As Treasury Secretary, Geithner was reported to have had secret meetings with Jamie Dimon in March this year when news first surfaced of the synthetic trades.
Elizabeth Warren, now running for a Senate seat in Massachusetts, has called for the resignation of Jamie Dimon from the Federal Reserve Board of New York. Every citizen will understand that there is a conflict of interest [involved in] sitting on a board that is supposed to regulate the operations of JP Morgan Chase. But conflict of interest has never been a problem for the US capitalists. They changed the rules to suit themselves. However, this was before the era when other societies had alternatives. From China to Venezuela and from Argentina to Japan, central bankers are seeking ways to exit from the contagion of the speculative trading of US bankers.
Last year the world was exposed to the realities of the insolvency of the US financial system when there was the debate on the debt ceiling. Now it has been revealed that the debt ceiling will have to be raised again. This is sending shudders down the spine of financial institutions around the world.
The political struggles over the future of the US financial system are maturing. In order to pre-empt utter disaster the President of the Federal Reserve Bank of Dallas has called for the big banks to be broken up. The big banks continue to act on the assumption that the US dollar will be the reserve currency of international trade, especially now that the Euro is in disarray. These big banks are of the view that the US government will continue the devaluation of the US dollar without a response from the rest of the world. It is this understanding which has influenced the bankers to believe that the US government will intervene to bail them out when they make speculative bets that the US economy will improve. Many refuse to accept that this is a depression.
Sober elements understand that the banks must be broken up and this was stated explicitly in the annual report of the Federal Reserve Bank of Dallas. The letter from the head of the Dallas Federal Reserve is entitled, Choosing the Road to Prosperity Why We Must End Too Big to Fail—Now. In this letter, Richard Fisher from the Dallas Federal Reserve argues that the situation of the big banks is a disaster in waiting. Fisher would force the big banks to reorganize and get much smaller. And he would require “harsh and non-negotiable consequences” for any bank that ends in trouble and seeks government aid, including removal of its leaders, replacement of its board, voiding all compensation and bonus contracts and clawing back any bonus compensation for the two previous years.
It is now understood by these sober elements in the USA that the Big Banks may be not only too big to fail, but also too big to save.
The politicians in the USA are compromised and refuse to see the reality. It is the task of the progressive forces to keep the discussions on the JP Morgan losses on the table in order to educate the people on the nature of the depression. The major media houses such as the New York Times are attempting to manage this story saying that this $3-4 billion loss is a drop in the bucket. From the financial papers there is the buzz that one’s loss is another person’s gain. This is cold comfort to the poor all over the world who are suffering in the midst of this depression. In 2008 the government socialized the losses while the profits were privatized. The bailout was one of the biggest transfers of wealth from the poor of the world to the rich. These bankers now need another bail out and the US government will have to increase the debt ceiling.
For the moment the Occupy Wall Street Movement has made it impossible for the government to bail out the banks again. However, far from bailing out the bankers, speculators such as Corzine of MF Global and Jamie Dimon should be prosecuted. It is not enough to say that what JP Morgan was doing was inappropriate from a federally insured depository institution. It is time for the people to call for these banks to be taken over and the big bankers removed.
It is now time for audacity and more audacity. Nationalization and political education at the moment is more important than the elections. Bankers like JP Morgan profit from war and these forces want another big war so that the capitalists can recover. The peace and justice forces must be more vigilant. The JP Morgan Chase debacle heightens the desperation of the top one per cent in the USA.
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Pakistan reopens NATO supply routes to Afghanistan
Press TV – May 19, 2012
Pakistan has allowed four trucks containing office supplies for the US Embassy in Kabul to cross into Afghanistan, which is the first time the supply routes have been opened since Islamabad closed them six months ago.
Pakistani officials, speaking condition of anonymity, said that the four trucks recently crossed Pakistan’s Torkham border into Afghanistan, AFP reported on Friday.
“I can confirm that three trucks have gone to Afghanistan and there are also reports about the crossing of the fourth one on Friday,” said one of the officials.
Islamabad closed the border crossings used to transfer NATO supplies to landlocked Afghanistan in November 2011, after 24 Pakistani soldiers were killed in US-led airstrikes on two checkpoints on the Afghan border.
Pakistan has called on the United States to apologize for the November attack, but Washington has refused to do so.
Meanwhile, Pakistani President Asif Ali Zardari has left the country and is traveling to the US at the invitation of NATO Secretary General Anders Fogh Rasmussen to attend the May 20-21 NATO summit in Chicago, during which he will discuss future ties with NATO countries.
Germany Asks European Union to Step Up Support for Venezuela’s Opposition
A German news website has revealed that the German government has been pushing for Eurozone countries to adopt a more active role in backing the current Venezuelan opposition coalition, the Roundtable of Democratic Unity (MUD), in the run up to this year’s presidential elections.
In an article published by Amerika21 earlier this week it was revealed that German diplomats had taken advantage of a recent European Union Council meeting on Latin American affairs to call on members to offer “greater and more open support” to the MUD and its candidate Henrique Capriles Radonski, who will stand against incumbent President Chavez in October.
According to the website, German delegates at the meeting in April had said that support for Venezuela’s opposition “should not be hidden from the public”, despite calls from other European nations such as France and Portugal who argued for a “more discreet” approach.
The news was disclosed as a team of representatives from the German Parliament took part in a governmental delegation to Venezuela, where they met solely with members of the country’s political opposition.
According to Prensa Latina news, which had access to the delegation’s agenda, the diplomats met with leading figures from the Venezuelan political opposition such as MUD Secretary General, Ramon Guillermo Aveledo, and other leading figures from opposition parties such as Democratic Action (AD).
The representatives are also reported to have met with anti-government NGOs during their stay, including organizations such as the Venezuelan Prison Observatory, which has previously been accused of carrying out acts aimed at sabotaging the national government and receives funding from the US government.
Meetings with the head of Venezuela’s business federation, Fedecamaras, and the head of Venezuela’s chamber of commerce, were also amongst the delegation’s agenda. “In Venezuela we met almost exclusively with opposition forces, while in Chile, our next stop, we met with people from the government”, reported German representative Heike Hansel from the German Socialist Party, Die Linke, in an interview with Prensa Latina.
The German government currently led by Angela Merkel has recently come under fire for its open backing of French rightwing candidate, Nicolas Sarkozy, who lost his bid for reelection to socialist candidate, Francois Hollande, earlier this month.
The MUD currently receives direct financial support from US institutions such as USAID and the National Endowment for Democracy (NED), although President Chavez has warned that the US government may expand its support for the opposition into other areas as the elections draw nearer.
The Venezuelan President has also stated that the MUD is developing a strategy to contest this October’s election results in league with the US government.
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Qatar to loan South Sudan $100 million: official
Sudan Tribune | May 10, 2012
KHARTOUM – The government of South Sudan has managed to secure a total of $600 million in loans amid growing fears about how long the new nation’s economy can survive following its decision to halt its entire oil production this year.
Juba retaliated to Khartoum’s move of seizing part of its oil to make up for unpaid oil transportation fees. The two countries have negotiated at length without agreeing on how much landlocked South Sudan should pay for using the north’s oil infrastructure.
Sudan lost three-quarters of its roughly 500,000 bpd of crude oil output when South Sudan gained independence in July 2011 under a 2005 settlement that ended two decades of civil war.
This week the Sudanese finance minister said that Khartoum stands to lose $2.4 billion in revenues this year as a result of the oil dispute. Khartoum’s budget for this year had assumed it would receive around $36 per barrel in oil transit fees from South Sudan. However, Juba refuses to pay more than $1 a barrel.
A confidential document obtained by Sudan Tribune this week showed a senior World Bank official warning that South Sudan’s economy could go bankrupt as early as July due to the depletion of its foreign currency reserves.
But an official in Juba dismissed the fears and said that help is on the way.
South Sudan Deputy Finance Minister Marial Awou Yol told Bloomberg news that his country secured a $100 million line of credit from Qatar National Bank (QNB) and will receive a $500-million loan within a month from an unidentified provider. Loans are also being sought from countries including China.
“We have oil in the ground, we can mortgage this oil for money,” Yol said. Lines of credit will be used to give importers access to foreign currency to buy goods including fuel, and future loans will allow the government to release dollars into the economy to fight inflation, he said.
The official said the value of South Sudan’s pound is being affected by uncertainty about where the government will acquire foreign exchange after losing revenue from oil production.
“The system is being driven by speculation” and adjusting the official exchange rate to bring it in line with the black market would only create more uncertainty, he said. Instead, the government plans to stabilize the currency by injecting foreign exchange into the economy obtained from the loans it’s negotiating.
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COLOMBIA ANALYSIS: Mirage and Reality in Southern Bolivar
By Isaias Rodriguez Arango | CPTnet | 5 May 2012
“Colombia is a social state under rule of law, organized in the form of a unitary, decentralized Republic, autonomous from its territorial subdivisions, democratic, participatory and pluralistic, founded on respect for human dignity and on the work and solidarity of the people who belong to it, and on the prevailing value of the general interest.” –Title I, Article 1, Political Constitution of Colombia (1991) (unofficial translation).
Colombians increasingly see our 1991 Constitution as a mirage. The illusion is evident when seen from areas as hard-hit by armed conflict as southern Bolívar province’s San Lucas mountains—a mining area at the epicenter of a complex war that at times leaves it unclear who pulled the trigger. The only thing always clear is that the peasant miner, farmer, or ordinary resident of the region generally is the one who ends up worse off. But in spite of these odds, the locals continue to claim a willingness to pay the ultimate price to remain on these lands that and their Guamoco and Zenu ancestors have long inhabited.
Small-scale gold mining provides a livelihood to hundreds of families in southern Bolivar. But the region is now in the sights of AngloGold Ashanti, one of the world’s most aggressive international mining companies. Communities therefore face threats from the state ranging from industrial regulation to paramilitary activity designed to force them off the land.
Without public or private aid, the small-scale miners cannot meet new environmental and safety standards supposedly aimed at sustainable exploitation. At the same time, government agencies overlook deliberate violations by industry giants. High prices of essential goods and services increase the likelihood of economic displacement. Taken together, these practices expose a mining policy that intentionally excludes small-scale miners.
Colombia’s gold-mining industry also faces serious public safety problems. The previous administration’s “Democratic Security” policy did not achieve its purported aims. Residents say that paramilitaries, guerrillas, Army, and police are all active in the region. Threats against community leaders and spokespeople persist, as does impunity for crimes against them.
A look at the numbers
According to the regionally-based Comprehensive Peace Observatory (Observatorio de Paz Integral, OPI), seven paramilitary groups are active in the Middle Magdalena region. Their primary criminal activities are drug trafficking and extortion. Their larger aim is to maintain social, political, economic, and military control of the area. In 2006, 6,000 paramilitary members demobilized in the Magdalena Medio region, but during that same year twenty-six new groups emerged. These criminal organizations have been accused of committing 1,051 targeted killings between 2006 and 2011. In 2008, FARC guerrillas and the Águilas Negras paramilitary group in southern Bolivar formed an unusual alliance, complicating identification of the perpetrators of violent actions.
Contrasting with the OPI’s findings, media references to the alleged demobilization of 31,000 AUC paramilitaries in 2006 tend to imply that the paramilitary structures have been eradicated. But the real objective of demobilizations may have to gain the benefits of the Justice and Peace Law, including a maximum jail sentence of eight years for demobilized paramilitaries. But in many cases clause 11.4 of the same law—which requires incorporation into civilian life and the cessation of all illegal activity in order to receive those benefits—went unenforced.
Given these facts, we must not be lulled into believing that Southern Bolivar province and the Middle Magdalena region are no longer ravaged by internal conflict, or that the armed entities have abandoned these lands so coveted for their wealth of natural resources and minerals.
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Study: CEO pay now 200 times more than a worker
Press TV – May 3, 2012
Compensation for chief executives at American companies grew 15 percent in 2011 after a 28 percent rise in 2010, part of a larger trend that has seen CEO pay skyrocket over the last three decades. Workers, on the other hand, have been left behind.
Since 1978, CEO pay at American firms has risen 725 percent, more than 127 times faster than worker pay over the same time period, according to new data from the Economic Policy Institute:
From 1978 to 2011, CEO compensation increased more than 725 percent, a rise substantially greater than stock market growth and the painfully slow 5.7 percent growth in worker compensation over the same period.
In 1978, CEOs took home 26.5 times more than the average worker. They now make roughly 206 times more than workers, EPI found. The pay isn’t always tied to the performance of their businesses – as ThinkProgress has noted, CEOs at companies like Bank of America often pocket huge pay increases even as the company’s stock price plummets and jobs are cut.
As a result, American income inequality has skyrocketed, growing worse than it is in countries like Pakistan and Ivory Coast. Wealth inequality is worse than it was even in Ancient Rome. And, as pay skyrockets and tax rates fall for the richest Americans, the rising inequality has left the bottom 95 percent of Americans saddled with more debt than ever before. – thinkprogress.org
Workers’ wages aren’t tied to productivity either. Despite substantial gains in productivity since the 1970s, worker pay has remained flat. According to Labor Department data cited by the Huffington Post, inflation-adjusted wages fell 2 percent in 2011. – thinkprogress.org
Working and middle-class Americans have seen their debt balloon since the 1980s. Today, Americans owe some $704 billion in credit card debt, and more than that in both auto loans and student borrowing. CNN
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“Democratic Institutions?” – 10 Lessons from history that will destroy your trust in the CIA
By Kit | OffGuardian | July 20, 2018
… At every corner, we are urged to simply believe what we are told. Whether it is about believing Porton Down and MI6 about “novichok”, or believing the White Helmets about Sarin, or believing the FBI about “collusion”, we are presented with no facts, just assertions from authority. Those who question those assertions are deemed “bots” at best or “traitors” at worst.
Well here, fellow traitors, are the Top Ten reasons to question anything and everything the CIA – or any intelligence agency – has ever told you. … Read full article
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