Conspiracy Nation Vol. 11 Num. 67

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Conspiracy Nation

 · 4 years ago

  

  
              Conspiracy Nation -- Vol. 11  Num. 67 
             ======================================= 
                     ("Quid coniuratio est?") 
  
  
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                    Thanks To Secret Bail-Outs 

        CITICORP, MORGAN, CHASE BANK PROFITS SURE TO RISE 
        ================================================= 

                Canny Yuppie Investors  Take  Note! 
                Secret Negotiations Can Benefit YOU! 
                ------------------------------------ 

Portions of an open  letter  to  Treasury Secretary Robert Rubin, 
formerly(?) a high-level  employee  of  the  Kuhn-Loeb  financial 
powerhouse,  written  by  Ralph  Nader  and Robert Weissman, give 
insight on what crafty Bill Clinton  and friends are up to.  Here 
are excerpts from the letter, published  in  the  Jan.  26,  1998 
issue of Nation magazine. 

        -+- "Stealth Meetings and Secret Decisions" -+- 

  Dear Secretary Rubin, 

  One  of  the  more  disturbing  traits of the architects of 
  economic globalization is  their  penchant  for secrecy and 
  apparent disdain  for  democratic  processes.   This  modus 
  operandi  is  problematic  not  only  on procedural grounds 
  alone, but also because  it  tends  to foster policies that 
  serve narrow corporate interests,  over  broader  taxpayer, 
  consumer,   worker,   environmental   and   other   citizen 
  interests.  

  The  Asian  financial  crisis and the South Korean meltdown 
  merit open  debate  and  explanation  of  policy choices by 
  government  officials  --  not  stealth  meetings,   secret 
  decisions,  concealed  information,  intentionally  obscure 
  comments  from you and other officials and sudden reversals 
  of policy. 

                  -+- The Clinton Two-Step -+- 

  In the first  weeks  of  the  South  Korean crisis, you and 
  members of the Clinton Administration  repeatedly  asserted 
  that   U.S.   funds   would   be   involved  in  the  South 
  Korea/Citicorp bailout only as  "a second line of defense." 
  But on December 24, in what may become known as  the  Great 
  Christmas  Eve  Reversal, the Clinton Administration agreed 
  to lend South Korea $1.7  billion  in  January as part of a 
  $10 billion emergency loan package.  In  exchange  for  the 
  loan,  you  extracted  a  series of additional South Korean 
  economic conditions that are of questionable benefit to the 
  South Korean economy,  though  of  certain advantage to big 
  U.S. banks and other corporations, which will now  be  able 
  to  acquire  majority  stakes  in  South  Korean  firms  at 
  fire-sale prices. 

       -+- Big Banks Win In "The Great Free Market" -+- 

  The  international  banks  that  made loans to South Korean 
  enterprises and are  complicit  in whatever imprudent loans 
  were made will apparently be bailed out by the  I.M.F.  and 
  Christmas  Eve  Reversal packages -- suffering no more than 
  deferred payments.  Furthering the inequity, the I.M.F. and 
  the reversal  packages  require  South  Korea  to  open its 
  economy to foreign mergers and acquisitions -- meaning that 
  Citicorp, J.P. Morgan,  Bankers  Trust,  Bank-America,  the 
  Bank  of  New York, Chase Manhattan and others are not only 
  bailed  out  but  then  given  the  opportunity  to  buy up 
  lucrative sectors of the South Korean economy --  a  double 
  windfall. 

          -+- =Who= Does Secretary Rubin Work For? -+- 

  How  does  the  man  who  preached about the risk of "moral 
  hazard" justify such  a  generous  package  for lenders and 
  such a harsh package for the borrower?   Your  handling  of 
  the  South  Korean/Citicorp  bailout is a textbook study of 
  the dark side  of  globalization.   It  is  time for you to 
  remember that you are employed by the people of the  United 
  States,  not  by  the  banks  and  financial houses on Wall 
  Street. 

                              RALPH NADER and ROBERT WEISSMAN 

 +  +  +  +  +  +  +  +  +  +  +  +  +  +  +  +  +  +  +  +  +  + 

For related stories, visit: 
http://www.shout.net/~bigred/cn.html 
http://www.netcom.com/~feustel 

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       of Conspiracy Nation, nor of its Editor in Chief. 
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