Saturday, November 25, 2006

Blood Money

UPDATE 2-Carlyle group plans $5.5 bln bid for Taiwan's ASE

By Sinead Carew and Sheena Lee

NEW YORK/TAIPEI, Nov 24 (Reuters) - A private equity consortium led by The Carlyle Group [CYL.UL] is planning to make a $5.5 billion bid for the world's biggest microchip packaging firm, Advanced Semiconductor Engineering Inc. (ASE) (2311.TW: Quote, Profile, Research) (ASX.N: Quote, Profile, Research), the companies said on Friday.

Gee....I wonder where the Carlyle Group got all that cash. Looks like the Iraq war has filled their coffers quite nicely (from William Rivers Pitt):

The Carlyle Group achieved national attention in the early days of the Iraq occupation, especially after Michael Moore's "Fahrenheit 9/11" exposed the firm's umbilical ties to the Bush family and the House of Saud. For the uninitiated, Carlyle is a privately-owned equity firm organized and run by former members of the Reagan and Bush Sr. administrations.

Currently, Carlyle manages more than $44 billion in 42 different investment funds, which is an interesting fact in and of itself: Carlyle could lay claim to only a meager $12 billion in funds in December of 2001. Thanks to their ownership of United Defense Industries, a major military contractor that sells a whole galaxy of weapons systems to the Pentagon, Carlyle's profits skyrocketed after the invasion and occupation of Iraq.

Some notable present and former employees of Carlyle include former president George H.W. Bush, who resigned in 2003; James Baker III, Bush Sr.'s secretary of state and king fixer; and George W. Bush, who served on Carlyle's board of directors until his run for the Texas governorship. One notable former client of Carlyle was the Saudi BinLaden Group, which sold its investment back to the firm a month after the September 11 attacks. Until the October 2001 sellout, Osama bin Laden himself had a financial interest in the same firm that employed the two presidents Bush.

It's time to outlaw war profiteering, Alica at Hooterville has a good post up on this subject:

As in World War II, we need to take a stand - make war profiteering illegal. President Roosevelt said, "I don't want to see a single war millionaire created in the United States as a result of this world disaster". Harry Truman referred to war profiteering as 'treason'. And in 1953, at the height of the Cold War, President Dwight Eisenhower, a real war hero, said, "Every gun that is made, every warship launched, every rocket fired, signifies, in the final sense, a theft from those who hunger and are not fed, those who are cold and are not clothed."

Want to stop un-necessary war? Don't allow corporations to make a profit from the blood of our soldiers. And especially corporations controlled by former presidents and politicians.


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