114 lines
4.9 KiB
Plaintext
114 lines
4.9 KiB
Plaintext
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Conspiracy Nation -- Vol. 11 Num. 67
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("Quid coniuratio est?")
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Thanks To Secret Bail-Outs
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CITICORP, MORGAN, CHASE BANK PROFITS SURE TO RISE
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=================================================
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Canny Yuppie Investors Take Note!
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Secret Negotiations Can Benefit YOU!
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Portions of an open letter to Treasury Secretary Robert Rubin,
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formerly(?) a high-level employee of the Kuhn-Loeb financial
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powerhouse, written by Ralph Nader and Robert Weissman, give
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insight on what crafty Bill Clinton and friends are up to. Here
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are excerpts from the letter, published in the Jan. 26, 1998
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issue of Nation magazine.
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-+- "Stealth Meetings and Secret Decisions" -+-
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Dear Secretary Rubin,
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One of the more disturbing traits of the architects of
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economic globalization is their penchant for secrecy and
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apparent disdain for democratic processes. This modus
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operandi is problematic not only on procedural grounds
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alone, but also because it tends to foster policies that
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serve narrow corporate interests, over broader taxpayer,
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consumer, worker, environmental and other citizen
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interests.
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The Asian financial crisis and the South Korean meltdown
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merit open debate and explanation of policy choices by
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government officials -- not stealth meetings, secret
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decisions, concealed information, intentionally obscure
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comments from you and other officials and sudden reversals
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of policy.
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-+- The Clinton Two-Step -+-
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In the first weeks of the South Korean crisis, you and
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members of the Clinton Administration repeatedly asserted
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that U.S. funds would be involved in the South
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Korea/Citicorp bailout only as "a second line of defense."
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But on December 24, in what may become known as the Great
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Christmas Eve Reversal, the Clinton Administration agreed
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to lend South Korea $1.7 billion in January as part of a
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$10 billion emergency loan package. In exchange for the
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loan, you extracted a series of additional South Korean
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economic conditions that are of questionable benefit to the
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South Korean economy, though of certain advantage to big
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U.S. banks and other corporations, which will now be able
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to acquire majority stakes in South Korean firms at
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fire-sale prices.
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-+- Big Banks Win In "The Great Free Market" -+-
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The international banks that made loans to South Korean
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enterprises and are complicit in whatever imprudent loans
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were made will apparently be bailed out by the I.M.F. and
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Christmas Eve Reversal packages -- suffering no more than
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deferred payments. Furthering the inequity, the I.M.F. and
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the reversal packages require South Korea to open its
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economy to foreign mergers and acquisitions -- meaning that
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Citicorp, J.P. Morgan, Bankers Trust, Bank-America, the
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Bank of New York, Chase Manhattan and others are not only
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bailed out but then given the opportunity to buy up
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lucrative sectors of the South Korean economy -- a double
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windfall.
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-+- =Who= Does Secretary Rubin Work For? -+-
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How does the man who preached about the risk of "moral
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hazard" justify such a generous package for lenders and
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such a harsh package for the borrower? Your handling of
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the South Korean/Citicorp bailout is a textbook study of
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the dark side of globalization. It is time for you to
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remember that you are employed by the people of the United
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States, not by the banks and financial houses on Wall
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Street.
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RALPH NADER and ROBERT WEISSMAN
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+ + + + + + + + + + + + + + + + + + + + + +
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For related stories, visit:
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http://www.shout.net/~bigred/cn.html
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http://www.netcom.com/~feustel
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Views expressed do not necessarily reflect those
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of Conspiracy Nation, nor of its Editor in Chief.
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I encourage distribution of "Conspiracy Nation."
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New mailing list: leave message in the old hollow tree stump.
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Want to know more about Whitewater, Oklahoma City bombing, etc?
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(1) telnet prairienet.org (2) logon as "visitor" (3) go citcom
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Aperi os tuum muto, et causis omnium filiorum qui pertranseunt.
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Aperi os tuum, decerne quod justum est, et judica inopem et
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pauperem. -- Liber Proverbiorum XXXI: 8-9
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