LIKE WILLING TO SELL OUT FOREIGN ELECTIONS FOR A CRONY:
After Mining Deal, Financier Donated to Clinton
By JO BECKER and DON VAN NATTA Jr.
Published: January 31, 2008
Late on Sept. 6, 2005, a private plane carrying the Canadian mining financier Frank Giustra touched down in Almaty, a ruggedly picturesque city in southeast Kazakhstan. Several hundred miles to the west a fortune awaited: highly coveted deposits of uranium that could fuel nuclear reactors around the world. And Mr. Giustra was in hot pursuit of an exclusive deal to tap them.
Unlike more established competitors, Mr. Giustra was a newcomer to uranium mining in Kazakhstan, a former Soviet republic. But what his fledgling company lacked in experience, it made up for in connections. Accompanying Mr. Giustra on his luxuriously appointed MD-87 jet that day was a former president of the United States, Bill Clinton.
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"Kazakhstan’s president, Nursultan A. Nazarbayev, whose 19-year stranglehold on the country has all but quashed political dissent."
"Mr. Nazarbayev walked away from the table with a propaganda coup, after Mr. Clinton expressed enthusiastic support for the Kazakh leader’s bid to head an international organization that monitors elections and supports democracy."
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Just months after the Kazakh pact was finalized, Mr. Clinton’s charitable foundation received its own windfall: a $31.3 million donation from Mr. Giustra that had remained a secret until he acknowledged it last month. The gift, combined with Mr. Giustra’s more recent and public pledge to give the William J. Clinton Foundation an additional $100 million, secured Mr. Giustra a place in Mr. Clinton’s inner circle, an exclusive club of wealthy entrepreneurs in which friendship with the former president has its privileges.
LINK:
http://www.nytimes.com/2008/01/31/us/politics/31donor.htmlTURNING A BLIND EYE TO WELL DOCUMENTED LABOR & HUMAN RIGHTS VIOLATIONS:
When the Clintons Mine Big Bucks
By Steve Weissman
t r u t h o u t | Perspective
Thursday 03 April 2008
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In June 2005, Giustra provided his luxurious MD-87 jet for Clinton to make speeches in Mexico, Colombia, Chile and Brazil. According to Bloomberg News, the tour earned Clinton $800,000 in personal income. Giustra "has since put his plane at Clinton's disposal at least a dozen times to raise money for charity, his wife's presidential campaign or himself," Bloomberg reported.
American law does not permit Giustra, as a Canadian, to contribute directly to Hillary Clinton's campaign. Whether providing his plane to raise campaign money counts as a contribution, I leave to the legal eagles.
A far more telling payoff involved Colombia, which has long faced international condemnation for its well-documented violations of labor and other human rights. In the oval office and after, Bill Clinton never let this get in his way, steadfastly backing a free trade agreement with the country along with a $3 billion "Plan Colombia" to fight drug traffickers and guerrillas. As he publicly told Colombian President Alvaro Uribe and others in Bogota, he was "absolutely convinced that it was vital to American interests that Colombia succeed" against the left-wing narcotraficantes.
In September 2005, Clinton hosted "a philanthropic event" at which one of his aides arranged for Giustra to meet Uribe. According to The Wall Street Journal, the two men sat in the hallway speaking for about ten minutes. A Clinton aide later told Giustra the meeting had gone well.
Giustra wanted Colombian oil. He was working with a Canadian group that subsequently paid more than $250 million to operate oil fields in conjunction with Colombia's state-owned petroleum company. Giustra's associates - now operating as Pacific Rubiales Energy Corp. - also signed an oil pipeline deal and was invited to do further oil-development work in Colombia, the Journal reported.
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http://www.truthout.org/docs_2006/040308R.shtmlHELPING OUT HIS BUDDIES IN THE BANKING INDUSTRY:
A chronology tracing the life of the Glass-Steagall Act, from its passage in 1933 to its death throes in the 1990s, and how Citigroup's Sandy Weill dealt the coup de grâce.
On April 6, 1998, Weill and Reed announce a $70 billion stock swap merging Travelers (which owned the investment house Salomon Smith Barney) and Citicorp (the parent of Citibank), to create Citigroup Inc., the world's largest financial services company, in what was the biggest corporate merger in history.
The transaction would have to work around regulations in the Glass-Steagall and Bank Holding Company acts governing the industry, which were implemented precisely to prevent this type of company: a combination of insurance underwriting, securities underwriting, and commecial banking. The merger effectively gives regulators and lawmakers three options: end these restrictions, scuttle the deal, or force the merged company to cut back on its consumer offerings by divesting any business that fails to comply with the law.
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Citicorp and Travelers quietly lobby banking regulators and government officials for their support. In late March and early April, Weill makes three heads-up calls to Washington: to Fed Chairman Greenspan, Treasury Secretary Robert Rubin, and President Clinton. On April 5, the day before the announcement, Weill and Reed make a ceremonial call on Clinton to brief him on the upcoming announcement.
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Weill and Reed have to act quickly for both business and political reasons. Fears that the necessary regulatory changes would not happen in time had caused the share prices of both companies to fall. The House Republican leadership indicates that it wants to enact the measure in the current session of Congress. While the Clinton administration generally supported Glass-Steagall "modernization," but there are concerns that mid-term elections in the fall could bring in Democrats less sympathetic to changing the laws.
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http://www.pbs.org/wgbh/pages/frontline/shows/wallstreet/weill/demise.htmlSELLING OUT MIDDLE CLASS JOBS DESPITE OPPOSITION FROM HIS OWN PARTY:
Clinton Proposes Renewing China's Most-Favored Trade Status
Congressional reaction mixed amidst larger China policy issues
WASHINGTON (AllPolitics, June 3) -- President Bill Clinton on Wednesday proposed renewing most-favored-nation (MFN) trade status for China, saying it was "clearly in our nation's interest" as he urged Congress to support the request.
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House Speaker Newt Gingrich welcomed Clinton's recommendation for renewing MFN status for China, and vowed to work in a bipartisan manner to ensure that China receives it from Congress.
Gingrich, joined by Reps. Bill Archer (R-Texas) and Philip Crane (R-Ill.), made his comments in a letter to Clinton.
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House Democratic leader Richard Gephardt issued a statement Wednesday opposing Clinton's plan to extend China's trading status for another year.
http://www.cnn.com/ALLPOLITICS/1998/06/03/china.trade/ENOUGH OF THE CLINTON LEGACY!