Skip to main content

Part 2:  McCain’s 30-Years of Service to Saudi Bank Raiders and Junk Bond Kings

Beginning tomorrow, the McCain campaign will bombard you with all the noble details about how John McCain is the "reform" candidate for President.  Obama, they will tell you, is all about "change you don't want."

Here's what needs to said about that:

From BCCI, to Milken’s Junk Bond Kings, to Jack Abramoff, Senator John McCain has long provided the All-American face to the dirty job of cleaning up after the looting of America.

John McCain has had a major part in a trillion dollar bank heist

Senator John McCain has made a career out of serving the Kingdom of Saudi Arabia and covering up after its army of lobbyists, bagmen, and corrupt bankers.

The ugly details the corporate aren't yet willing to share with you, BELOW . . .

In the process, McCain has done his part to cover-up BCCI’s looting of American banks and S&Ls, helped Ahmed Chalabi sell phony Iraq WMD information to Senate colleagues and to his constituents (see, Part 1, http://journals.democraticundergroun... ), and more than anyone else, limited the public’s awareness of Jack Abamoff’s wholesale foreign buyout of the GOP, activities that individually have killed the careers of other Washington luminaries.  Yet, somehow, John McCain remains the last man in the GOP standing.

The Saudi-Manchurian Candidate

(This part about Loeffler you probably know, but it's important to keep in mind.  What will follow below, may be less familiar.)

The Senator’s patented role as All-American influence peddler to the world now includes the latest flap over his national campaign finance co-chair’s lucrative deals as a Saudi lobbyist and revelations about possible violations of federal campaign laws.

Tom Loeffler, McCain’s finance co-chair received $15 million from Saudi clients since 2002, is just part of a long conduit in the petrodollar pipeline from Riyadh to the Senator from Arizona.  The Loeffler Group, which he founded, has also represented the People’s Republic of China.  

Under Loeffler, the campaign has brought in more than $50 million for McCain so far this year, far more than was raised during all of 2007 when the GOP candidate faced a weak field of primary competitors.  OpenSecrets.com shows that Loeffler and his wife, Nancy, have made a total of fifteen $2,300 maximum personal contributions to McCain during the past year.

The latest revelation of McCain’s connection to Arab oil money, and corruption within his campaign, came after the May 17 issue of NEWSWEEK reported:  http://www.newsweek.com/...

Loeffler last month told a reporter "at no time have I discussed my clients with John McCain." But lobbying disclosure records reviewed by NEWSWEEK show that on May 17, 2006, Loeffler listed meeting McCain along with the Saudi ambassador to "discuss US-Kingdom of Saudi Arabia relations."

Another potential problem: Loeffler's firm started paying $15,000 a month last summer to one of its lobbyists, Susan Nelson, after she left to become McCain's full-time finance director, said a source familiar with the arrangement (who asked not to be identified talking about sensitive matters). Campaign officials were told the payments were "severance" for Nelson and that they ended by November. But in "February or March," Loeffler rehired Nelson as a consultant to "help him with his clients" while she continued on the McCain payroll, according to a campaign official who asked not to be identified talking about personnel matters. Federal election law prohibits any outside entity from subsidizing the income of campaign workers. . . .Also last week, energy adviser Eric Burgeson was ousted.

Burgeson reportedly represented the Gulf emirate state of Qatar, along with several major multinational energy companies. See, http://radio.weblogs.com/...

***
 
McCain is, indeed, in good favor among the Saudi and Gulf elites.  Bloomberg reports: http://www.bloomberg.com/...

Saudis are privately rooting for the presumptive Republican nominee, discounting some of his rhetoric because he's the only candidate to promise to keep U.S. troops in Iraq and to deter Iran.

``The royal family and other elites would like to see McCain,'' Mai Yamani, a visiting scholar with the Carnegie Middle East Center in Beirut, said yesterday in a telephone interview from London.

``He would keep the troops in Iraq, and that is their main worry, that the U.S. may withdraw or minimize its presence,'' said Yamani, whose father, Sheikh Ahmed Zaki Yamani, was the kingdom's oil minister from 1962 to 1986.

When McCain belatedly ordered his campaign to sever Loeffler, Nelson and Burgeson  he may have wished he could so easily jettison the rest of the crude oil covered skeletons from his closet.

Like the Bush Family, McCain had his Hand in the BCCI and S&L Scandals

McCain claims that his involvement in the Keating S&L scandal wasn’t really much to worry ourselves about.  He was all but exonerated by his Senate colleagues, he says, let off with the political equivalent of a warning at a traffic stop.  In fact, the Senate Ethics Committee was rather lenient with all five caught up in the scandal.  But, that says more about the nature of the Senate than it does about the actual damage done to the American public by the financial crimes that led to the S&L collapse, itself.

The S&L crisis was all about oil, junk bonds, and deregulation that allowed the two to mix.  That volatile brew is still actively bubbling over,and taxpayers are still paying $30 billion annual installments toward the trillion dollar bailout.  

Here's how you got stuck paying the bill, courtesy of the Bush family and John McCain.  

In the mid-1980s, world oil prices plunged which set off a long series of bankruptcies and financial takeovers when overvalued Texas and southwestern land prices collapsed.  The financial panic of 1988 also followed the "reform" of federal banking rules that had allowed bank managers to trade in risky new derivatives, mortgage-backed securities, and junk bonds.  

This tidal wave of bankruptcies in the oil patch created a huge buying opportunity for anyone with ready cash. The problem was, those were hard times on Wall Street after the sudden panic sell-off on October 1987.  But, someone did step in once prices were sufficiently discounted.   Huge bank holding companies scooped up looted banks and S&Ls (along with their land deeds and oil rights), bought out for pennies on the dollar after they went belly-up. The federal government even subsidized many of these purchases.  The American taxpayer was left with an estimated $1 trillion bailout cost.  The epicenters of this late 20th Century white collar crime wave were in Houston and Phoenix, home base for two highly ambitious GOP politicians.   One was named George H.W. Bush, and the other John McCain, III.

BCCI, the Bush Bank

http://newsimg.bbc.co.uk/... Before he was selected to as Ronald Reagan’s 1980 running mate, George H.W. Bush had a short and little-known career as an international banker. That effectively started in 1976, while Bush was still CIA Director, a post he held for a year.  In the final months of the Ford presidency, Bush made a deal with the newly-appointed head of Saudi General Intelligence Directorate, Prince Turki al-Faisal.  The two spy chiefs agreed the CIA would look the other way while the Saudis ran their own global operations.  In exchange, the Saudis financed the sort of black ops that had been banned by the Democratic Congress after Watergate and the Church Committee hearings.  The arrangement was called "The Safari Club" , and the funding mechanism for this was the Bank of Credit and Commerce International, "BCCI". See, http://www.dailykos.com/... ; http://www.saudiembassy.net/...  

Newly-elected President Jimmy Carter fired the CIA Director.  In early 1977, Houston banker Joe Allbritton appointed Bush to direct his First International Bancshares (dba, First Interbank) and its London and Luxembourg affiliates.  According to Kevin Phillips, Bush’s bank was among the first outposts in America for BCCI.  http://www.commondreams.org/...  In the early 1980s, Allbritton followed G.H.W. to Washington, purchasing Riggs Bank, installing brother Jonathan Bush as a Director.

Riggs closed in 2004 after being fined $25 million dollars for violation of federal money laundering and anti-terrorism laws.  Riggs had catered to high-end foreign customers and the diplomatic trade in Washington, as well as having "a relationship" with the CIA.   http://www.slate.com/...  After 9/11, the bank was found to have transferred money from Saudi Embassy accounts that ended up supporting two of the 9/11 hijackers, Flt. 77 leaders Nawaf al-Hazmi and Khaleed al-Midhar after their arrival in the U.S.   See,  http://www.usatoday.com/...

Know Your Bush Banking Customer: Salem Bin Laden

Meanwhile, back in Texas, First Interbank merged with Jim Baker’s Republic Bank, in which the Saudis had taken a stake with the 1978 purchase of the bank’ headquarters building by members of the Bin-Laden and bin-Mahfouz families. The merger of these two venerable Texas banks created the largest regional financial institution in the U.S.  Infused with capital from Saudi Arabia, First RepublicBank went on a massive bargain buying binge in the Southwest oil patch.   http://www.guardian.co.uk/...

This Saudi-financed merger of the Bush bank with the Baker bank created the nation’s largest bank holding company, and soon the largest bank failure, resulting in a $1 billion tax-payer funded bailout in 1987.  This was to become a pattern for the trillion dollar rip-off to come.  See,   http://query.nytimes.com/...

McCain's Role in Covering Up the The Trillion Dollar Bank Heist

It’s been said that the American people didn’t become very angry about the S&L crisis because the explanations given for what caused it were too complicated for many to comprehend. That seems to have set a pattern for financial scandals to follow.  Nobody dared tell the American public – although the 1992 Kerry Commission report came close -- that their financial system was being looted by a well-funded, highly-organized global criminal organization with ties to half a dozen of the world’s most powerful intelligence services, including elements of the U.S. Central Intelligence Agency.  They didn't name CIA Headquarters, "The George H.W. Bush Intelligence Center" for nothing.  See,
http://www.fas.org/...

http://cache.jalopnik.com/...  

Buried in all this muck is the thread running through all these financial scandals – from Keating to Silverado to First RepublicBank to BCCI to Enron -- has been corrupt management, corrupt officials, corrupt intelligence operatives, and corrupt auditors.   See,   http://www.theatlantic.com/...

As the group’s scams became more sophisticated and wide-ranging, the price tag for bail-outs escalated.   The federal rescue of Neil Bush’ Silverado S&L cost the taxpayer $1.3 billion. The price tag for Charles Keating’s Lincoln Savings & Loan bailout eventually reached $2.6 billion.   http://www.slate.com/...   BCCI was termed "the $20-billion-plus heist."   (Beatty, Jonathan; S.C. Gwynne. The Outlaw Bank: A Wild Ride Into the Secret Heart of   BCCI Beard Books (1993)). Finally, the Federal Energy Regulatory Commission (FERC) estimated that Enron fleeced ratepayers of $30 billion, creating the 2001 California energy crisis.  On November 15, 2005, FERC settled with Enron’s receivers for a mere $1.5 billion.   http://www.ferc.gov/...
 
The Keating S&L scandal was part of a now-familiar pattern of transnational commodities price-fixing, land grabs, stock-price rigging, fraudulent audits, financial panic, and public bailouts, all carried out by an overlapping cast of characters with ties to foreign and domestic intelligence agencies.  Amidst the financial panic of 1986-88 that followed the drop of a barrel of oil from $39 to $13, many of these banks and S&Ls (and their land deeds and oil rights) were bought out for pennies on the dollar.  More than a thousand deregulated financial institutions went belly up and were looted.  Deregulation allowed crooked bank managers to cash in on the junk bond craze that was sweeping Wall Street.  Banks and S&Ls issued unsecured notes and traded notes on plots of land and swapped them in circles with other institutions to ring up their notional value to support cash-out loans for themselves and their partners.  

This is precisely the sort of round-robin games that Neil Bush, Director of Silverado S&L  played with Charles Keating and his partners, Saudi European Investment Corp’s board and officers – Roger Tamraz, Tolat Othman, Abdullah Taha Bakhsh, Abbas Gokal  -- along with other BCCI players.    All told, the S&L scandal left the American taxpayer holding the tab for an estimated $1 trillion bailout.  See,    Steven Wilmsen: Silverado: Neil Bush and the Savings & Loan Scandal, p. 81; http://www.netmagic.net/...
http://72.14.205.104/...
http://caselaw.lp.findlaw.com/...

http://graphics8.nytimes.com/...  It was during this period that the Saudis and Gulf states leveraged their earnings from American bank acquisitions through junk-bond mills, and then moved on to the 1996 Chemical-Chase  and Citi banks consolidations in New York.  http://query.nytimes.com/...  Today, Prince Alaweed’s Kingdom Holdings owns a substantial and growing share of Citicorp, the largest bank in America, along with a portfolio of the nation’s largest financial, technology and media corporations.  A similar process of slash and burn acquisition of the U.S. financial industry is now going on with the collapse of the U.S. mortgage and derivatives markets.   See, http://www.marketwatch.com/... http://www.nytimes.com/...

A major figure in the Keating S&L case was Carl Linder, known as the "father figure" to junk bond king Michael Milken, and the single largest purchaser of Milken’s junk bonds.  http://www.motherjones.com/...

 "Lindner, a wealthy businessman from Cincinnati, Ohio owned the American Financial Corporation (AFC). In 1976, Keating bought a subsidiary of AFC called American Continental Homes from Lindner, which Keating later renamed American Continental Corporation (ACC). ACC embarked on several ambitious real estate development projects, mostly in Arizona and Colorado. To finance its activities, ACC set up its own in-house mortgage company and was a pioneer in creating the type of financial package and instrument known as the ‘mortgage-backed security.’"   See, http://law.jrank.org/...

To recap, the context of the Keating S&L scandal was manipulation of world oil prices following the 1979 Iranian revolution and a loosening of regulatory oversight that set off a wave of bank failures across the American oil patch.  Into this mix enters BCCI’s global raiders and junk bond traders, who cash cow the giant bank holding companies and leverage their assets into a play to take over the American banking industry.  

Finally, to top it off, the Bush presidency and elements of U.S. intelligence engage in a massive cover up of these global financial mechanizations in an effort to protect their international partners.  

It’s in this context that one needs to re-examine the role of John McCain in the Keating S&L scandal.  McCain has always been a conciliator and clean-up specialist – in the case of the Keating S&L, the purpose was to protect a group of junk bond salesmen and Arab bank raiders, but, most of all to shield the Bush wing of the CIA and corrupt  lawmakers – and put an attractive, all-American face of "reform" on cleaning up the mess afterwards.  This is precisely the coverup routine McCain repeated twenty years later in the Abramoff case.  

McCain and Enron

Throughout his career, McCain has been an enthusiastic champion of financial industry deregulation as a member of the Senate Commerce Committee from 1997-2001 and 2003-2005.  McCain voted, according to a Washington Post financial columnist, with his "campaign's general co-chairman and domestic policy adviser, former Texas senator Phil Gramm. The Politico's Lisa Lerer reports that not only did Gramm author the 1999 legislation that repealed Glass-Steagall, the New Deal law restricting the speculative activities of banks, but after Gramm left the Senate, he lobbied Congress on behalf of the Swiss bank UBS when the banking lobby wanted Congress to overturn state laws restricting predatory lending and the issuance of mortgages to prospective home owners who could not afford them."  http://www.washingtonpost.com/...  

McCain, like Gramm, has been a supporter of the "Enron Loophole" that allowed Amaranth Advisors hedge fund, a commodities futures trading company, to attempt in 2006 to corner the natural gas market, a criminal violation for which the fund was recently handed a $300 million fine.   http://www.consortiumnews.com/...

McCain also has a direct connection with Enron, having received money in campaign contributions from Ken Lay’s Death Star.  "We're all tainted by the millions and millions of dollars that were contributed by Enron executives," John McCain told CBS' "Face the Nation" Sunday. McCain then acknowledged receiving $9,500 from Enron in two campaigns.    http://www.time.com/...  

Gramm’s wife, Wendy, was on the Enron Board of Directors, and Gramm was the architect of much of the "reform" while he chaired the Senate Banking Committee, including a move to exempt electronic trading of electricity from regulatory oversight.  According to Time Magazine, Gramm and his wife were at the forefront of many of the illicit practices that led to the firm’s massive ripoffs and ultimate collapse:

On Jan. 14, 1993, in the final days of the first Bush administration, Wendy Gramm – as chairwoman of the Commodity Futures Trading Commission – pushed through a key regulatory exemption removing energy derivatives contracts and interest-rate swaps from federal oversight.

That was a major financial boon to Enron, where Wendy Gramm landed five weeks later as a member of the board of directors. She also became a member of the audit committee that signed off on another one of Enron’s fraudulent schemes, partnerships that hid the company’s growing debt.

McCain claims that his role in Keating was merely to help out a local constituent in dealing with Washington bank regulators.  McCain, his current wife, and father-in-law were, in fact, Charles Keating’s business partners in a Phoenix shopping mall, received in excess of one hundred thousand dollars in campaign contributions from Keating, and accompanied Keating on his private jet to his private resort in the Bahamas on multiple occasions, gifts which McCain did not report until they were discovered.  Yet, McCain, hand-picked as Barry Goldwater’s successor, got a slap on the wrist from the Senate Ethics Committee when this came out in the Keating-Five inquiry.  

A second Senate panel wasn’t so sanguine.  The 1992 Kerry Commission report concluded that the Keating affair was far more serious than a mere domestic banking scandal: "the financial dealings of BCCI directors with Charles Keating and several Keating affiliates and front-companies, includ(e) the possibility that BCCI related entities may have laundered funds for Keating to move them outside the United States."  http://www.fas.org/...

Out of the five Senators accused, only McCain and Glenn ever ran again for office, with McCain the sole survivor.  
__________________________________________

  1. Mark G. Levey.

[b]NEXT INSTALLMENT: McCain’s Coverup of Abramoff’s Foreign Money Pipeline to the GOP[/b]

Originally posted to leveymg on Tue Jun 03, 2008 at 10:40 AM PDT.

EMAIL TO A FRIEND X
Your Email has been sent.
You must add at least one tag to this diary before publishing it.

Add keywords that describe this diary. Separate multiple keywords with commas.
Tagging tips - Search For Tags - Browse For Tags

?

More Tagging tips:

A tag is a way to search for this diary. If someone is searching for "Barack Obama," is this a diary they'd be trying to find?

Use a person's full name, without any title. Senator Obama may become President Obama, and Michelle Obama might run for office.

If your diary covers an election or elected official, use election tags, which are generally the state abbreviation followed by the office. CA-01 is the first district House seat. CA-Sen covers both senate races. NY-GOV covers the New York governor's race.

Tags do not compound: that is, "education reform" is a completely different tag from "education". A tag like "reform" alone is probably not meaningful.

Consider if one or more of these tags fits your diary: Civil Rights, Community, Congress, Culture, Economy, Education, Elections, Energy, Environment, Health Care, International, Labor, Law, Media, Meta, National Security, Science, Transportation, or White House. If your diary is specific to a state, consider adding the state (California, Texas, etc). Keep in mind, though, that there are many wonderful and important diaries that don't fit in any of these tags. Don't worry if yours doesn't.

You can add a private note to this diary when hotlisting it:
Are you sure you want to remove this diary from your hotlist?
Are you sure you want to remove your recommendation? You can only recommend a diary once, so you will not be able to re-recommend it afterwards.
Rescue this diary, and add a note:
Are you sure you want to remove this diary from Rescue?
Choose where to republish this diary. The diary will be added to the queue for that group. Publish it from the queue to make it appear.

You must be a member of a group to use this feature.

Add a quick update to your diary without changing the diary itself:
Are you sure you want to remove this diary?
(The diary will be removed from the site and returned to your drafts for further editing.)
(The diary will be removed.)
Are you sure you want to save these changes to the published diary?

Comment Preferences

  •  TIP JAR (21+ / 0-)

    For responding to Big Lies that they shouldn't dare say, but do, because they have nothing else to hang their hats on.

  •  Lev, I'm sorry that this diary looks (9+ / 0-)

    to be sinking with little notice. It's vitally important what you say here. I'm afraid your timing may be a bit off, what with other news soaking up the attention of the community today. Keep plugging away. This story ought to have legs.

    The fault, dear Brutus, is not in our stars, but in ourselves, that we are underlings. -- Julius Caesar, I.ii.

    by semiot on Tue Jun 03, 2008 at 12:16:24 PM PDT

  •  And by the way, I just finished Naomi Klein's (8+ / 0-)

    Shock Doctrine. Your report here is connected, via the same gang of ideological plutocrats and financial pirates about whom she speaks, with a whole range of disaterous policies, criminal activities, and murderous depradations that traffic under the mantle of "free market economics."

    I had hopes that Senator Kerry, with his experience in inquiring into the details of the BCCI mess and other things, would be able to open up public scrutiny on this nest of limosined vipers. Alas, it was not to be. I'm not sure that Obama will be able to lead a top-down sweep of the augean stable either. I'm inclinded to believe that Naomi is right, that we must rebuild society neighborhood by neighborhood, with local talent, and free from dependency on foreign oil and the tortuous mercies of pinstriped consultants.

    Stay tuned. And like I said above, keep plugging!

    The fault, dear Brutus, is not in our stars, but in ourselves, that we are underlings. -- Julius Caesar, I.ii.

    by semiot on Tue Jun 03, 2008 at 12:26:49 PM PDT

    •  A bit of self-criticism here. (6+ / 0-)

      I've been posting here for three or four years.  Much of what I write about -- such as the domestic financial and political activities of the intelligence community -- are topics that are subject to official denial and even obfuscation.

      That's what makes them interesting to me, and sometimes, a small crowd of others.

      Even within the specialist literature, these are topics that are rarely dealt with in an intelligent, informed, and entirely candid fashion.  Yet, these are immensely important topics that political communities, such as DKos, need to explore and understand.

      I take a great satisfaction when events confirm my notions, hunches, and conclusions.

      While I exert enormous efforts to stick to reliable sources, and not push my own personal conclusions and prejudices too far ahead of verifiable facts, I find myself confronted with a bind.  If I risk erring on the side of caution by staying within conventionally accepted narratives, then there might be little to say about many things.  That's the self-protective error of omission and self-censorship journalists working for the corporate media commit most often.  It's what makes reading the major newspapers so frustrating, as good journalists so often only hint at what they really think, and what's written between the lines is often what's most interesting.

      On the other hand, I realize that if I follow my contrarian instincts too far away from the conventional framing of issues, I risk losing most readers.  I believe that I may have taken a few too many leaps away from convention in this diary for most. Judging from the low number of responses, I may have erred in that direction here.

      It's not that what I've stated here isn't based in fact, it may be that they're too obscure and assume too much prior knowledge of the subject?  Perhaps, it's that my conclusions may not be sufficiently subject to falsification to merit wider discussion and argument.  

      Anyway, it forces me to question my own assumptions and methods, which is a good thing.

      Thanks for reading.

      •  My vote is definitely for leveymg (6+ / 0-)

        You've always been one of the most insightful researchers on Dkos -- I always find your comments to go straight to the heart of the matter at hand.  So please don't be discouraged if everyone else was distracted today.  Your work is pure gold and should not be modified in any way.  I say this in all humility as a crabby old perfectionist who rarely has a kind word for anyone.  You're the best.  Keep it up.

        The Shock Doctrine by Naomi Klein -- best book ever, I nominate for a Nobel Prize!

        by xaxado on Tue Jun 03, 2008 at 09:46:33 PM PDT

        [ Parent ]

      •  I think the low number of responses (4+ / 0-)
        Recommended by:
        leveymg, buckhorn okie, alizard, drblack

        is due to the timing.

        The last day of a very contentious presidential primary is a tough time to capture eyeballs for anything that doesn't begin and end with one or another of the two specific candidate's names.

        It's too bad, because this is an excellent diary. Reposting would probably be widely accepted, but you may want to wait until June 5. ;-)

      •  Thanks for this, mark. (3+ / 0-)
        Recommended by:
        leveymg, buckhorn okie, drblack

        I've read it and saved it for the resources.

        Any such endeavor is going to be long and complicated; your diaries on dirty tricks and the development of global intelligence agencies was long and complex in each section. But from all of these I've learned and gained perspective to see other situations within this expanded context, another level of abstraction of the interaction of the world.

        This is valuable information and it really throws a spear into the heart of our problem: the leveraging of American political power and the theft of taxpayer dollars. That is the real key here that the general public can understand. It just needs to be broken down into more digestible narratives.

        (Maybe a running total dollars stolen per taxpayer, keyed to years and adjusted to toady). I'm 61; how much have they stolen from people my age, 1947-2008; I am the same exact age as the CIA and flying saucers (both naming and Roswell). It was a very interesting year.)  

        By nature, this info is dense and the contemporary history that is the context is complex, but the main characters are well-known. For what you were doing here, I think you do well in form and execution. This is just a big, big story. Subheads were great. This seems more like a lexicon and part of the Rosetta Stone for translating what has gone on in our time. Each of your pieces are part of a greater set of abstractions; think quantum reality to macro reality, interacting all the time but one is mostly invisible. But - and this Obama but - the effects of the interaction are visible. But the invisible side leaves trails, including paper trails, and people inquire and people talk.

        You did more to connect the intelligence agencies, including "the Bush division of the CIA," which I think is something absolutely critical to this equation and almost never written about in these venues.

        One of the things I took away from your earlier series on The History of Dirty Tricks is that intelligence agencies are a manifest and integral part of this world and nation. It's not just CIA and other nations' intelligence agencies, but the other agencies in DoD/Pentagon and State plus all the intelligence contractors (Booz Hamilton) and all the energy and multinational corporations. Blackwater, too. Like the quantum level of energy, these are normal (or have become normal) players in our macro levels, yet intelligence data gathering (and interconnected technology) are largely hidden from view virtually all the time.

        Most of these intelligence agencies are domestically bound by laws but have always wiggled out of most prosecutions, their identity usually hidden. How does this persist over time? No easy answers there.

        Does John McCain have an intelligence relationship? That could account for some of his 'protection' although there were many prices he could pay for Keating, including shielding Abramoff.

        We'll have this time right now to get this narrative out.

        I'm also reminded of a Palast story he broke about global price fixing, where six of the seven sectors wound up being prosecuted. The US sector escaped.

        I was more interested in the level of organization necessary to separate the world into seven sections and to monitor it (in terms of prices of the commodity and the level of cheating). And I was very curious about the enforcement aspect intra-sector, whether it had an overall controlling entity or there were arrangements and checks between the seven.

        We thought the world sat on stacked turtles and it turned out to be pirates all the way down.

        "But their gift is an empty snake, Carrying hypocrisy in its mouth like venom" - Sami Al Hajj

        by walkshills on Tue Jun 03, 2008 at 11:10:09 PM PDT

        [ Parent ]

  •  Thank you (9+ / 0-)

    This should be a front page diary...

    Join us at Bookflurries: Bookchat on Wednesday nights 8:00 PM EST

    by cfk on Tue Jun 03, 2008 at 12:29:51 PM PDT

  •  yes, this is a very important story ... should be (5+ / 0-)

    should be rec'd

    ~ move sooner, not faster ~
         --- Aikido Proverb ---

    ArthurPoet_center

    ~~~~~~~~~ ~~~~~~~~~ ~~~~~~~~~ ~~~~~~~~~ ~~~~~~~~~

    ~for those with eyes to see, let them see~

    ~we study the old to understand the new~from one thing know ten thousand~to see things truly one must see what is in the light and what lies hidden in shadow~

    by ArthurPoet on Tue Jun 03, 2008 at 10:43:10 PM PDT

  •  Excellent! Loved it. But where's . . . (3+ / 0-)
    Recommended by:
    buckhorn okie, walkshills, drblack

    ... a link to Part 1? Couldn't find it anywhere. And then I'm looking forward to Part 3.

  •  the real questions about the diary topic (2+ / 0-)
    Recommended by:
    buckhorn okie, drblack

    is of course, whether McCain's done anything that a either a state or Federal prosecutor will actually prosecute him for between now and Election Day. Or whether or not he'll be a witness in a high-profile corruption trial.

    The notion of "Insane" McCain trying to do a perp walk to victory appeals to me.

    Looking for intelligent energy policy alternatives? Try here.

    by alizard on Wed Jun 04, 2008 at 12:32:38 AM PDT

  •  Follow the money (0+ / 0-)

    Thanks for the diary. It is great and well written.
      The machinations of the financial game are difficult to pin down ans hard to explain,but it needs to be hammered away at.
      I remember BCCI well as a researcher into the failed  War On Some Drugs.
     BCCI was where all the money the CIA received from selling drugs ended up.
      Money is the power in our modern world and I am always trying to tell people that making drugs illegal was a great way for corrupt governmnet and other nasty people to make lots of money with almost no overhead.
     If you are part of a government you can become a billionaire quickly since the only obstacle to making money in the Illegal drug business is the law. If you are the law it is all profit.
     I will be looking out for your diaries.
     
     
       

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site