Posts tagged ‘Economic Pillaging’

2011/02/23

WikiLeaks: The Gaddafi Family Lifestyle

Which A-listers have been partying with the Gaddafi family over the years? If you guessed Mariah Carey, Beyoncé and Usher, you’re less then half-right because you left out Jon Bon Jovi, Lindsay Lohan, supermodels Miranda Kerr and Victoria Silvestedt and BET Founder Robert Johnson.

As for the 68-year-old Colonel Gaddafi, the cables describe him as a hypochondriac who fears flying over water and has an intense dislike or fear of staying on upper floors. The cables said he was an avid fan of horse racing and flamenco dancing who once added “King of Culture” to the long list of titles he had awarded himself. The memos also said he was accompanied everywhere by a “voluptuous blonde,” the senior member of his posse of Ukrainian nurses.

His second wife, Safiya, was raised in Banghazi and travels by chartered jet in Libya, with a motorcade of Mercedes vehicles waiting to pick her up at the airport to take her to her destination.

The second-eldest son and heir-apparent, Saif, is a trained engineer who received his PhD from the London School of Economics.

Western media reported that Saif paid Mariah Carey $1 million to sing just four songs at a New Year’s Day bash in 2009 on the Caribbean island of St. Barts.

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2011/02/22

Binding Ties: Gaddafi’s Italian Connection


According to Jana, the official Libyan news agency, Muammar al-Qaddafi called his “friend” Italian Prime Minister Silvio Berlusconi on Tuesday to tell him “Libya is fine,” Reuters reports.

Jana said that the “Brother leader,” told Berlusconi: “Whoever wants to know the truth should closely follow the Libyan media and not turn to the lies and the fabricated information broadcast by the organs of traitors and the depraved.”

On Monday, Berlusconi had broken his silence over the reported atrocities in Libya, calling the use of force against civilians “unacceptable.” The Italian leader, who has cultivated close ties with his Libyan counterpart, was criticized over the weekend for saying that he did not want to “disturb” Colonel Qaddafi during the bloody crackdown on protesters.

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2011/02/21

Egypt’s Prosecutor Seeks Mubarak Loot

Egypt’s public prosecutor on Monday told the foreign ministry to seek a freeze on the foreign assets of Hosni Mubarak and his family, the first sign that the former president would be held to account by the military leadership to whom he handed power.

The prosecutor said in a statement he had asked the foreign ministry to use diplomatic channels to request a freeze on foreign assets and accounts held by Mubarak, his wife Suzanne and his two sons, Gamal and Alaa, together with their wives.

A legal representative for Mubarak denied media reports that the former president had amassed enormous wealth in office, the official MENA news agency reported Sunday.

Additional posts on this site regarding Mubarak’s wealth are here and here.

Complete article via Reuters

2011/02/11

How Much Is $70 Billion?


If reports are accurate that deposed Egyptian President Hosni Mubarak’s net worth is $70 billion dollars, how much does that work out to per Egyptian?

According to the CIA’s World Factbook, the population of Egypt was 80,471,869 in 2010.

$70 billion dollars divided by every man, woman and child in Egypt works out to $869.87 each.

For the average Egyptian family with 2.6 children the total is $4001.40. – almost exactly two years worth of wages in Egypt.

The original post about Mubarak’s net worth is available here. Posts about efforts to recover the money are here and here.

2011/02/11

Bernanke Interview Will Stay Secret


The Financial Crisis Inquiry Commission, created by Congress to investigate and report on the causes of the market meltdown late last decade, won’t publicly release its full 2009 interview with Federal Reserve Chairman Ben Bernanke, a commission spokesman said.

The FCIC is withholding records when there is “legal or proprietary information in those interviews that meant they could not be made public,” or no audio, transcript or summary exists, Tucker Warren, the FCIC’s spokesman, said after the panel yesterday released more than 300 witness interviews. He declined to elaborate on Bernanke. The interview is among records being transferred to the National Archives that will be made public in five years, Warren said.

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2011/02/11

Swiss Move To Freeze Mubarak Loot

Switzerland’s government moved Friday to freeze any assets in the country’s banks that might belong to former Egyptian President Hosni Mubarak or his family, the Swiss Federal Department of Foreign Affairs said Friday.

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2011/02/09

Big Bucks Leaving Arab Bank

Daily News Egypt

A senior official at the Arab International Bank, which operates outside the jurisdiction of the Central Bank of Egypt, said Tuesday that the bank saw large amounts of money transferred out of the country before January 25.

This was before the CBE closed banks nationwide for a week as a result of the ongoing mass protests. The unnamed official however denied that significant transfers had taken place during the current week starting Sunday, when bank reopened.

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2011/02/03

Mubarak Net Worth: $40 – $70 Billion

Experts say the wealth of the Mubarak family was built largely from military contracts during his days as an air force officer. He eventually diversified his investments through his family when he became president in 1981. The family’s net worth ranges from $40 billion to $70 billion, by some estimates.

Gross national income is $2,070 per family in Egypt, according to the World Bank. About 20 percent of the population lives below the poverty line, according to a 2010 report by the CIA.

Complete article via ABC News

An additional article about the impact of Hosni Mubarak’s economic pillaging on the Egyptian people is available here.

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