Keyword: paulvolcker

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  • Yellen's Low-flation Nonsense

    04/12/2014 9:22:34 AM PDT · by Kaslin · 22 replies ^ | April 12, 2014 | Larry Kudlow
    Will somebody please explain to me how rising inflation is somehow going to extricate us from the tepid economic recovery? I don't get it. It used to be hypothesized that low inflation was the key to high economic growth. For everybody in the economy, low inflation was a tax cut. Conversely, rapidly rising prices were thought to penalize the economy by placing a tax-hike effect on investors, businesses, and families. It was this logic that spurred Paul Volcker (especially) and then Alan Greenspan to labor mightily in the 1980s and 1990s to bring inflation down. The Fed's favorite inflation...
  • Washington & Wall Street: Too Big to Fail and the Detroit Bankruptcy

    12/30/2013 2:49:03 PM PST · by george76 · 9 replies
    Breitbart ^ | 27 Dec 2013 | Christopher Whalen
    the bogey man known as “systemic risk” to gain advantage over the other creditors . ... In order for the OTC casino to work, the derivatives contracts had to be given special priority in bankruptcy. Speculative derivative instruments such as credit default swaps (CDS), which caused the failure and government bailout of American International Group, could never exist in significant size were in not for the safe harbor from bankruptcy for derivatives created by Congress in the 1980s and 1990s. Members of Congress from both parties were paid very well for their treachery. ... The intellectual author of the “systemic...
  • Kudlow: A King Dollar GOP?

    02/13/2012 5:19:08 PM PST · by Tolerance Sucks Rocks · 22 replies
    GOPUSA ^ | February 13, 2012 | Lawrence Kudlow
    Out on the campaign trail, Fed head Ben Bernanke is an unpopular guy. Mitt Romney and Newt Gingrich have both said they would replace Bernanke, not reappoint him. Rep. Ron Paul would swap the whole Federal Reserve monetary system for a gold-linked dollar, making the yellow metal legal tender. And it was Gov. Rick Perry of Texas, before he dropped out of the race, who said more quantitative easing by the Fed would be "almost treasonous." Republicans in Washington are equally unimpressed by Bernanke. Rep. Paul Ryan recently criticized the Fed for bankrolling our huge budget deficits and thereby accommodating...
  • Financial Reform: Unfinished Business (Paul Volcker)

    11/15/2011 8:12:25 PM PST · by neverdem · 8 replies
    NY Review of Books ^ | November 24, 2011 | Paul Volcker
    It should be clear that among the causes of the recent financial crisis was an unjustified faith in rational expectations, market efficiencies, and the techniques of modern finance. That faith was stoked in part by the huge financial rewards that enabled the extremes of borrowing, the economic imbalances, and the pretenses and assurances of the credit-rating agencies to persist so long. A relaxed approach by regulators and legislators reflected the new financial zeitgeist. All the seeming mathematical precision that was brought to investment, all the complicated new products, including the explosion of derivatives, that were intended to diffuse and minimize...
  • Interview w/Paul Volcker [Fareed Zakaria, "Global Public Square"]

    02/16/2010 9:59:39 AM PST · by the invisib1e hand · 2 replies · 224+ views
    cnn transcripts ^ | 021410 | communist news network
    Aired February 14, 2010...FAREED ZAKARIA, HOST: This is GPS, the GLOBAL PUBLIC SQUARE. Welcome to our viewers in the United States and around the world. I'm Fareed Zakaria. On the show today, a rare interview with the former chairman of the Federal Reserve, Paul Volcker. He's, of course, currently a key adviser to President Obama. But he earned his place in history for something he did almost three decades ago. Paul Volcker killed inflation. You will remember that in the 1970s, the United States was experiencing uncontrolled inflation, higher than at any time in its modern history. Savings were being...
  • How Mr. Volcker Would Fix It

    10/23/2011 5:54:24 AM PDT · by MontaniSemperLiberi · 40 replies
    nytimes ^ | October 22, 2011 | GRETCHEN MORGENSON
    That’s why a recent speech by Paul A. Volcker, the former chairman of the Federal Reserve and a voice of reason on matters financial, is so timely and important. Presented last month to the Group of 30, an organization devoted to international economic issues, the speech outlined crucial work that still must be done to safeguard our financial future. “Three Years Later: Unfinished Business in Financial Reform” was the title. “By now it is pretty clear that it was faith in the techniques of modern finance, stoked in part by the apparent huge financial rewards, that enabled the extremes of...
  • Gary Johnson talks Ron Paul, and future presidential plans at CPAC (Soros, Huffington, Johnson..)

    02/16/2011 3:21:54 PM PST · by bronxville · 5 replies
    Daily Caller ^ | 02-11-2012 | Amanda Carey
    [...] Regardless of when he officially announces his candidacy – the “libertarian in disguise” was thrown a curve ball last week when Republican congressman and former presidential candidate Ron Paul announced he was considering a 2012 bid. Johnson, who would be a natural to tap into Paul’s base, shrugged off any concerns over sharing the limelight with Paul, saying the congressman “still has his heyday today.” “First of all, having a couple people talk about the same thing, I think, is really powerful. I mean, that’s a good thing!” he told TheDC. When asked if he is in regular communication...
  • Paul Volcker Sees No Short-Term Inflation Problem for USA ("Inflation, not a problem for years")

    10/27/2010 11:16:39 AM PDT · by WebFocus · 19 replies
    CNBC ^ | 10/27/2010 | Reuters
    The United States does not face a problem of rising inflation for several years and also does not risk a damaging spell of falling prices, Paul Volcker, former chairman of the Federal Reserve, said Monday. "Inflation is not a problem right now. It won't be a problem next year, it won't be a problem for several years," said Volcker, who is now chairman of the Obama administration's Economic Recovery Board. "I see no possibility, frankly, that a deflation will take place," Volcker said during a panel discussion on financial reform at Boston College. "Over a period of time, price stability...
  • All the president's economists (What happened to the Intellectual brainpower in the Obama team)

    03/13/2010 9:13:02 AM PST · by SeekAndFind · 26 replies · 536+ views
    Washington Times ^ | 03/11/2010 | Richard Rahn
    The Congressional Budget Office, in last week's update of President Obama's budget forecasts, estimated that budget deficits will average nearly $1 trillion per year for the next decade. There is no school of economics (classical, Austrian, Keynesian, etc.) that says deficits of this magnitude for a decade or longer will not result in great economic hardship or worse. Greece, here we come. The operative question is, why would the president sign off on such a budget without presenting some plan to get the United States out of the mess - and where are his economists? Mr. Obama assembled a team...
  • PAUL VOLCKER: How to Reform Our Financial System

    01/31/2010 12:08:21 PM PST · by neverdem · 15 replies · 661+ views
    NY Times ^ | January 31, 2010 | PAUL VOLCKER
    PRESIDENT OBAMA 10 days ago set out one important element in the needed structural reform of the financial system. No one can reasonably contest the need for such reform, in the United States and in other countries as well. We have after all a system that broke down in the most serious crisis in 75 years. The cost has been enormous in terms of unemployment and lost production. The repercussions have been international. Aggressive action by governments and central banks — really unprecedented in both magnitude and scope — has been necessary to revive and maintain market functions. Some of...
  • Paul Volcker: Where Are You Now? (Is he being listened to by this administration?)

    10/29/2009 6:36:10 AM PDT · by SeekAndFind · 18 replies · 455+ views
    National Post ^ | 10/29/2009 | AJ Sull
    In 1979, President Jimmy Carter named Paul Volcker to head up the Federal Reserve. As chief of the US central bank, he was instrumental in ultimately slaying the inflationary spiral that was running rampant. To this day, he is one of the most respected voices on the subject of inflation. He was an advisor to the Obama campaign and has position in the current administration. However, some insiders say that Volcker’s voice in the administration is being muted by competing viewpoints. Volcker is respected in part because he was vigilant in maintaining his independence from the political pressures of Congress...
  • Obama officials gave Bilderberg briefings

    05/26/2009 11:12:53 AM PDT · by BGHater · 43 replies · 4,307+ views
    Politico ^ | 26 May 2009 | Kenneth P. Vogel
    A handful of high-ranking Obama administration officials this month delivered private briefings at the annual invitation-only conference held by an elite international organization known as the Bilderberg group. The closed meeting of some of the most powerful business , media and political leaders in North America and Western Europe heard from top Obama diplomats James Steinberg and Richard Holbrooke, who detailed the administration’s foreign policy, while economic adviser Paul Volcker, chairman of President Obama’s Economic Recovery Advisory Board, also gave a presentation at the heavily guarded seaside resort in Greece that hosted the event. The Bilderberg group, which takes its...
  • Vacancies abound in crucial US posts : Obama vetting policy slows appointments

    03/13/2009 1:57:27 PM PDT · by george76 · 18 replies · 671+ views
    Boston Globe ^ | February 27, 2009 | Farah Stockman and Bryan Bender
    As President Obama rolls out one of the most ambitious agendas in US history, federal agencies are struggling to administer hundreds of billions of dollars' worth of new projects and to enact sweeping policy changes with a mere handful of senior staff members in place... Only about 70 people have been formally nominated to fill the roughly 500 senior posts in the Defense, State, Treasury, and Education departments and dozens of other government agencies, according to White House records. Dozens of nominations are still pending as FBI and White House officials scrub potential nominees' tax returns, financial ties, and former...
  • Advice from "beyond the echo chamber"

    02/06/2009 3:56:41 PM PST · by Cindy · 14 replies · 337+ views - blog ^ | Friday, February 6th, 2009 at 12:55 pm | n/a
    Note: The following text is a quote: Friday, February 6th, 2009 at 12:55 pm Advice from "beyond the echo chamber" We just learned the economy lost another 600,000 jobs last month. It's a staggering number, and it underscores just how deep this crisis is – and, as the President pointed out this morning, it’s accelerating. That's why he created the Economic Recovery Advisory Board -- to solicit ideas from "beyond the echo chamber of Washington, DC." "I’m not interested in groupthink, which is why the Board reflects a broad cross-section of experience, expertise, and ideology," he said. "We’ve recruited...
  • Czar Schmar

    02/06/2009 7:58:14 AM PST · by Mobile Vulgus · 1 replies · 136+ views
    Publius' Forum ^ | 2/06/09 | Warner Todd Huston
    We have here an excellent lesson in just why it probably won't work to have a "czar" or other countless outside groups attempting to advise the president at the same time that duly constituted, federal agencies are attempting to do the same thing. They will all jealously fight for turf and, in the end, it's likely no one will be advising the president because of the turmoil. Bloomberg has a story today revealing that the panel of economic experts that Obama claimed would advise him on such matters is not working well with Obama's National Economic Council Director, Lawrence Summers....
  • Obama Adviser Presents Plan to Alter Global Financial System

    01/15/2009 9:18:49 AM PST · by autumnraine · 17 replies · 664+ views
    Washington Post ^ | 01/15/2008 | Anthony Faiola
    NEW YORK -- A top economic adviser to the incoming Obama administration unveiled a plan today to radically rethink the global financial system, including a host of measures that would dramatically expand government control over banking and investment in the United States. The plan -- which recommends limiting the size of banks, setting guidelines for executive pay and regulating hedge funds -- offers the first hint of the kind of changes to the financial system President-elect Barack Obama might push for in the coming weeks and months. Obama has pledged to present a comprehensive series of changes to prevent a...
  • Volcker Tapped for Advisory Role

    11/26/2008 8:06:53 AM PST · by MissCalico · 80 replies · 4,085+ views
    Wall Street Journal ^ | Jonathan Weisman
    x-Fed Chief to Lead New Economic Panel of Outside Experts Who Will Brief Obama President-elect Barack Obama appointed former Federal Reserve Chairman Paul Volcker on Wednesday to be the chairman of a new White House advisory board tasked with helping to lift the nation from recession and stabilize financial markets. University of Chicago economist Austan Goolsbee, one of Mr. Obama's longest-serving policy advisers, will serve as the board's staff director, along with his duties as a member of the White House Council of Economic Advisers. Members of the panel will be drawn from a cross-section of citizens outside the government,...
  • Expanding the French Connection

    11/04/2005 11:36:55 AM PST · by paperjam · 22 replies · 3,194+ views
    Self ^ | Friday, November 04, 2005 | Paperjam
    <p>Fox news ran stories last night based on some of the things we were tracking right here in this post. Here is their on line story.</p> <p>As unfinished as my research is, I feel compelled to release what I've found so far as the story cannot wait any longer.  I am not looking for a scoop on anyone or anything, but at the same time I don't want anyone thinking I made this stuff up after the fact either.</p>
  • Names surface for top Obama administration jobs (Hagel, Deval Patrick, Dean, Daschle, etc)

    11/06/2008 6:47:12 PM PST · by 2ndDivisionVet · 56 replies · 2,541+ views
    President-elect Obama is weighing an array of Washington insiders and outsiders, including some Republicans, for top administration posts, according to Democratic officials. Obama has signaled that he will make no Cabinet-level appointments immediately, and his deliberations are tightly held by his closest aides. But that hasn't stopped Democrats and interest groups from circulating lists and offering recommendations to the Obama transition team. Some are surprising, such as former Bush Secretary of State Colin Powell as possible education secretary. Others are high profile governors or members of Congress. Yet many are also little known to the general public - and may...
  • Mitchell Measures the Drapes: 'I Think We're Going to See a Bi-Partisan Obama Administration'

    10/17/2008 7:09:33 AM PDT · by governsleastgovernsbest · 51 replies · 1,340+ views
    NewsBusters ^ | Mark Finkelstein
    You might know Barack Obama as the most liberal member of the Senate, a hyper-partisan who toed the Harry Reid line an amazing 97% of the time. But Andrea Mitchell sees in Obama a bi-partisan president in the making. Appearing on Morning Joe today, Mitchell came close to speaking of an Obama presidency as a given, but just managed to curb her enthusiasm. And wait till you see the people she cited as evidence of Obama's bi-partisan tendencies. View video here.
  • U.N. High Tech for Kim - Add Burma to the list of scandals.

    07/19/2007 9:09:58 PM PDT · by gpapa · 4 replies · 574+ views ^ | July 20, 2007 | Editorian Staff
    The United Nations' Cash for Kim Jong Il scandal is now six months old, so it's a good time to assess progress, if that's the right word. The evidence of misdeeds at the U.N. Development Program in North Korea continues to mount, but there's still no "urgent" and "external" inquiry, as ordered by Secretary-General Ban Ki-moon in January. Now the U.S. has uncovered evidence that in addition to transferring millions of dollars in cash that may have gone to help prop up Kim's grotesque regime, the UNDP also transferred dual-use technology. It did so without bothering to secure a U.S....
  • Annan Lays Out Plans, Lashes Out at Media

    12/22/2005 9:07:39 AM PST · by george76 · 17 replies · 834+ views
    Associated Press ^ | Dec 22, | EDITH M. LEDERER
    UNITED NATIONS - Secretary-General Kofi Annan lashed out at the media after a year of unrelenting attacks on the United Nations and criticism of his management of the $64 billion oil-for-food program in Iraq, calling one critic "an overgrown schoolboy." He criticized reporters Wednesday for what he said was unfair coverage of his role in the oil-for-food program and insisted reporters missed the big story. That, he said, was the more than 2,200 companies and invididuals from some 40 countries that paid kickbacks or illegal surcharges to Saddam Hussein's government to get contracts. An 18-month investigation led by former U.S....
  • The Buck Still Hasnt Stopped (The Volcker report on Oil-for-Food is sadly incomplete)

    09/26/2005 6:14:56 PM PDT · by RWR8189 · 10 replies · 693+ views
    The Weekly Standard ^ | October 3, 2005 | Claudia Rosett
    ON SEPTEMBER 7, PAUL Volcker's inquiry into the Oil-for-Food program issued its "definitive report" on the biggest relief program--also the biggest scandal--in the history of the United Nations. The investigation alone cost $34 million, took over 16 months, and employed some 75 staff from 28 countries. Running to four volumes and totaling 847 pages, the report is hefty. But definitive it is not.Volcker's report is at best a beginning, and a skewed and incomplete one at that. To be fair, credit is due to some of the investigators on Volcker's staff, who have conducted many interviews and toiled down many...
  • Tell Kofi Annan not to let the door hit him on the way out.

    08/09/2005 7:17:59 AM PDT · by thebiggestdog · 1 replies · 142+ views ^ | 8-9-05 |
    If this isn't a sign that Kofi Annan should resign from the UN, I don't what else it is going to take to get rid of him. Yesterday, a gentleman by the name of Alexander Yakovlev pleaded guilty in federal court to charges of money laundering and wire fraud in connection with his part in the Oil-For-Food fiasco. The United States knew many years ago that Saddam was pulling the wool over the UN's eyes with bribes and promises of cheap oil when the sanctions were lifted. Benon Sevan, the head of the fiasco is accused of taking about 150...
  • Sevan Says He's Likely to Name Names (Oil for Food Scandal Ringleader)

    08/08/2005 6:45:40 PM PDT · by wagglebee · 90 replies · 2,752+ views
    NewsMax ^ | 8/8/05 | Stewart Stogel
    New York -- As a result of a second scathing report on his administration of the scandal plagued U.N.-Iraq Oil-for-Food Prgram by U.N. investigator Paul Volcker, Benon V. Sevan is now threatening to name names. In a news conference, Volcker issued another "interim report" on the activates of Sevan, who ran the $67 billion aid program from 1997-2003. Volcker came to the conclusion that Sevan did indeed accept what amounted to several hundred thousand dollars in bribes funneled to him through various overseas channels. The most disturbing came through an aunt living in Cyprus who died in a mysterious apartment...
  • Establishment Beginning to Pay Attention (Dollar Crisis Alert)

    06/16/2005 2:34:00 PM PDT · by BringBackMyHUAC · 17 replies · 502+ views
    JSMineset ^ | June 16, 2005 | Jim Sinclair
    Thursday, June 16, 2005 Establishment Beginning to Pay Attention Author: Jim Sinclair Since May the establishment has quietly begun to listen and will continue to do so. What I told you would transpire has in fact happened. You know this by the courage of Mr. Peter G. Peterson, a man of such stature that when speaking on financial TV he cannot be interrupted by producers who don't like his script. That is not to say that the drop dead, beautiful, central-casting interviewer did not try to place words in this gentleman's mouth. That strategy fell flat on its face. Mr....
  • The granddaddy of conflicts of interest?: Paul Volcker lobbyist for "emergency" UN funding

    06/16/2005 8:09:39 AM PDT · by MikeEdwards · 1 replies · 525+ views
    Canada Free Press ^ | June 16, 2005 | Judi McLeod
    Long before he was handpicked by United Nations Secretary-General Kofi Annan to lead an "independent" Inquiry Committee investigating the oil-for-food program, Paul Volcker was a big player as a lobbyist for "emergency" UN funding.
  • Oil-for-Food: Volcker Takes Another Look at Kofi Annan

    06/15/2005 7:50:44 AM PDT · by MikeEdwards · 9 replies · 767+ views
    Canada Free Press ^ | June 15, 2005 | Marinka Peschmann
    Paul Volcker’s inquiry into the UN’s Oil-for-Food program "is urgently reviewing newly disclosed information concerning possible links between UN Secretary-General Kofi Annan and representatives of Cotecna Inspection Services, a Swiss contractor based in Geneva that bid for contracts under the Oil-for-Food Program while the Secretary General's son, Kojo Annan, was a consultant for the company," said IIC’s spokesman, Michael Holtzman, in a statement issued Tuesday.
  • Congress keeps papers which threaten Annan

    05/07/2005 5:25:16 PM PDT · by Valin · 21 replies · 926+ views ^ | 5/8/05 | Charles Laurence / Philip Sherwell
    American congressional investigators are refusing to hand back potentially explosive evidence which may threaten Kofi Annan's position as the secretary general of the United Nations. The refusal will come as a blow to Paul Volcker, the head of the UN-appointed commission investigating the Iraqi oil-for-food scandal, who had said that lives would be at risk if the paperwork was not returned to his committee, its "rightful owner". The controversial evidence was turned over to the House International Relations Committee (IRC) last week by Robert Parton, who recently resigned as a Volcker investigator claiming that the inquiry played down evidence incriminating...
  • Liberal Lunatic of the Day (5/6/2005) Paul Volcker

    05/06/2005 5:06:59 AM PDT · by Beckwith · 156+ views
    Liberal Lunacy ^ | 5/6/2005 | Beckwith
    Paul Volcker believes it's none of Congress' business why two senior investigators quit the United Nations (UN) Independent Inquiry Committee (IIC) probing the Iraq oil-for-food scandal revolving around secret deals, millions in bribes and billions in global kickbacks.  Thus the stage has been set for a confrontation that may be quite unsettling for U.N. Secretary-General Kofi Annan.  Indications are that this time he won't emerge smelling like a rose. Volcker was assigned by the UN, in April 2004, to research possible corruption in the Iraqi Oil for Food program.  In the report, Volcker's panel cleared Annan of any involvement...
  • How is Kofi Annan keeping his job?

    05/06/2005 7:22:00 AM PDT · by thebiggestdog · 3 replies · 171+ views ^ | 5-6-05 |
    If Kofi Annan keeps his job after Congress reviews the information that they subpeonaed from former OFF investigator Robert Parton. Parton, who after a subpoena from Henry Hyde, gave congress everything they wanted, and the UN aint to happy about it. The Oil For Food fiasco has to go down as one of the biggest clusterducks in the history of the UN. The idea was that Saddam could sell oil in exchange for food, medicine and other essentials needed by the Iraqi people, only it didn't happen. Saddam cut deals with everyone, including a few Americans to finegal all sorts...
  • Fox: New Docs 'Prove' Kofi Lied to Probers

    05/05/2005 1:59:26 PM PDT · by conservativecorner · 47 replies · 1,742+ views
    Newsmax ^ | May 5, 2005 | Carl Limbacher
    U.N. investigators have turned over to Congress boxes of evidence on the Oil-for-Food program, including "proof" that U.N. Secretary-General Kofi Annan lied to the Independent Inquiry Committee probing the scandal, Fox News Channel reporter Jonathan Hunt said Thursday. "One source close to the case told me that in those boxes is the ammunition to prove that Kofi Annan lied to investigators," Hunt told Fox News Radio host Tony Snow. "So this is a very dramatic development indeed." Story Continues Below Hunt said the documents had been in the possession of U.N. investigator Robert Parton, who resigned from the probe two...
  • U.N. studies envoy's ties to Tongsun Park

    04/19/2005 9:50:42 PM PDT · by NormsRevenge · 8 replies · 619+ views
    Bakersfield Californian ^ | 4/19/05 | Nick Wadhams - AP
    UNITED NATIONS (AP) - The United Nations is studying whether it was appropriate for the top U.N. envoy for North Korea to maintain business ties with a South Korean businessman accused of wrongdoing in the U.N. oil-for-food scandal, U.N. officials said Tuesday. U.N. Secretary-General Kofi Annan said he had not known about the ties between Maurice Strong and Tongsun Park, a native of North Korea and citizen of South Korea who was also accused in the 1970s of trying to buy influence in Congress. Strong is the U.N. point man on stalled six-nation talks aimed at persuading North Korea to...
  • Maurice Strong steps aside from UN post

    04/21/2005 1:30:58 PM PDT · by Shermy · 23 replies · 2,160+ views
    Globe and Mail ^ | April 21, 2005 | ALAN FREEMAN AND PAUL WALDIE
    WASHINGTON and TORONTO — Canadian Maurice Strong agreed to step aside Wednesday as a special envoy for the United Nations, but vowed to clear his name after being linked to Tongsun Park, a Korean lobbyist charged in connection with the Iraq oil-for-food scandal. At the same time, new details emerged about a Calgary oil company in which Mr. Strong and his son, Fred, were major investors during the 1990s together with Mr. Park -- whom the younger Mr. Strong described as "a spooky guy." Shareholders in Cordex Petroleums Inc. also included CSL Group Inc., the holding company owned by Prime...
  • Annan not exonerated: UN scandal probe chief

    04/27/2005 7:00:20 AM PDT · by Valin · 8 replies · 256+ views
    UNITED NATIONS: Oil-for-food investigator Paul Volcker yesterday denied UN Secretary General Kofi Annan’s claim that he had been cleared of wrongdoing by Volcker’s enquiry into the scandal-ridden programme. The embattled Annan, facing calls for his resignation over a string of scandals that have badly damaged the UN’s image, said last month that an interim report from Volcker’s commission had “exonerated” him. “I thought we criticised him rather severely. I would not call that an exoneration,” Volcker told US network Fox News in an interview broadcast yesterday. “I would not have used that word,” Volcker said. Asked directly if he thought...
  • Time for Paul Volcker To Resign

    04/22/2005 7:59:39 PM PDT · by quidnunc · 8 replies · 621+ views
    The Heritage Foundation ^ | April 22, 2005 | Nile Gardiner, Ph.D.
    The resignation of two senior investigators probing the U.N. Oil-for-Food scandal is the latest blow to the credibility of the U.N.-appointed Independent Inquiry Committee into the Oil-for-Food Program, chaired by Paul Volcker. The resignations of Robert Parton and Miranda Duncan—the former was senior investigative counsel and “the lead investigator on issues pertaining to allegations of impropriety relating to the secretary-general and his son Kojo Annan,” and the latter a member of Parton’s investigative team—have thrown the Volcker Committee into turmoil. According to an Associated Press report, the two resigned because they believed the Committee’s Second Interim Report was “too soft...
  • MONTREAL GAZETTE: Report Spells the End of Kofi Annan

    03/30/2005 9:53:46 AM PST · by West Coast Conservative · 41 replies · 1,609+ views
    Montreal Gazette ^ | Wednesday, March 30, 2005
    The long-awaited Volcker report into corruption in the United Nations' oil-for-food program paints a damning picture of UN Secretary-General Kofi Annan, despite high-level spin within the UN that the report actually vindicates him of wrongdoing. The report has a distinct connect-the-dots quality to it. At first glance, it doesn't really come out and condemn Annan. But Volcker has clearly invited the international community to connect the dots for itself, and draw its own conclusions about Annan, as well as his suitability to continue as secretary-general. Maybe that's because former U.S. Federal Reserve chairman Paul Volcker, the report's author, thinks that...
  • Russia opposes U.N. resolution on oil-for-food program probe

    04/16/2004 3:09:36 PM PDT · by NormsRevenge · 23 replies · 366+ views
    Bakersfield Californian ^ | 4/16/04 | Edith M. Lederer - AP
    UNITED NATIONS (AP) - Russia said Friday it strongly opposes any U.N. resolution endorsing an investigation into allegations of corruption in the U.N. oil-for-food program for Iraq. The United Nations confirmed Friday that former U.S. Federal Reserve Chairman Paul Volcker was prepared to serve on a panel investigating the corruption allegations and said "a Security Council resolution would be extremely helpful for the work of the inquiry." But Russia's deputy U.N. Ambassador Gennady Gatilov said the Security Council's recent pledge to cooperate with the inquiry was sufficient and no resolution was needed. Diplomats said Volcker was insisting on a resolution,...
  • One Volcker (Kofi Annan's "investigator" keeps U.S. officials at bay.)

    03/29/2005 9:45:11 PM PST · by nickcarraway · 4 replies · 513+ views
    The American Prowler ^ | 3/30/2005 | The Prowler
    Those in the know inside the U.S. State Department and on Capitol Hill say they are not surprised that the investigation of the U.N. oil-for-food program led by former U.S. Federal Reserve Chairman Paul Volcker found little evidence that Secretary General Kofi Annan knew of his son Kojo's shady dealings. U.N. officials on Tuesday were pointing to the leaked report as vindication for their boss, though the report simply claimed that there wasn't enough evidence either way. But the reality is that Volcker's committee has done little if anything to further the oil-for-food investigation along. In fact, according to a...
  • While Kofi Annan was ignoring Zimbabwe crisis, his son was building Harare's airport

    02/08/2005 11:08:20 AM PST · by MikeEdwards · 16 replies · 699+ views
    CFP ^ | January 8, 2005 | Judi McLeod
    While United Nations Secretary General Kofi Annan was patently ignoring a President Robert Mugabe oppressed Zimbabwe, his son, Kojo was making money building the Zimbabwean capitol’s airport. Mugabe runs the ZANU-PF, a regime that Condoleeza Rice labels an outpost of tyranny. Why Kojo Annan’s business activities in Zimbabwe have not surfaced in the ongoing probe of the Oil-For-Food Program should surely raise concern about both the integrity and sincerity of the investigation. It’s a global village as far as Kojo’s business agenda is concerned. First came West Africa where Annan’s youngest son was working for the Swiss-based Cotecna with ties...
  • Congress Prepares To Sharpen Watch On United Nations

    02/10/2005 4:31:00 PM PST · by wagglebee · 15 replies · 408+ views
    New York Sun ^ | 2/10/05 | BENNY AVNI
    UNITED NATIONS - As the United Nations' chief of staff attempted a charm offensive on Capitol Hill yesterday, legislators signaled they will deepen and diversify the various investigations of the organization and said that American funds might be withheld if significant changes fail to materialize at Turtle Bay. Chief of Staff Mark Malloch Brown met with a host of American legislators in an attempt to convince Washington that findings of the Volcker committee, named by Secretary-General Annan to investigate wrongdoings in the oil-for-food program, are being taken seriously and that major reforms are afoot. Prior to chairing his own oil-for-food...
  • Corruption at the UN? Is it possible?

    02/08/2005 7:01:54 AM PST · by thebiggestdog · 1 replies · 90+ views ^ | feb 8, 2005 |
    I hate to say it, but there is no Easter Bunny or tooth fairy. If either of these shocked you, then sit down, because what I have to say will surely rock your world. Benon Sevan who was in charge of the oil-for-food fiasco, and his buddy Joseph Stephanides were both suspended with pay by the UN for some ‘grave conflicts of interest’. But don’t worry too much about these boys, because like Saddam, they know the UN has no balls to punish anyone, certainly not one of their own. Even if Kofi removes the diplomatic immunity, their pensions are...
  • Inquiry on Food-for-Oil Plan Cites U.N. Diplomat for Conflict

    02/03/2005 8:14:11 PM PST · by Pikamax · 2 replies · 438+ views
    Inquiry on Food-for-Oil Plan Cites U.N. Diplomat for Conflict By JUDITH MILLER and WARREN HOGE n interim report by a commission investigating the United Nations oil-for-food program in Iraq said the former head of the program had violated the United Nations Charter by helping a company owned by a friend to obtain valuable contracts to sell Iraqi oil. The conduct of Benon V. Sevan, a Cypriot official who ran the program between 1997 until its demise in 2003, was a "grave and continuing conflict of interest" and had "seriously undermined the integrity of the United Nations," the report concludes. The...
  • Iraq calls for wider oil-for-food probe

    02/04/2005 7:52:00 PM PST · by NormsRevenge · 16 replies · 621+ views
    Bakersfield Californian ^ | 2/4/05 | Edith M. Lederer - AP
    UNITED NATIONS (AP) - Iraq called Friday for a widening of the investigation of the U.N. oil-for-food program and demanded the immediate return of money in the U.N. account that paid for administration of the humanitarian relief effort. Iraq's U.N. Ambassador Samir Sumaidaie also reiterated the government's demand that the United Nations stop using oil-for-food money to pay for the independent investigation into the program led by former U.S. Federal Reserve Chairman Paul Volcker. "It is outrageous that Iraqi funds were mismanaged and then we have to pay for finding out about the mismanagement," he told a news conference a...
  • Annan met with UN reform pointman Yevgeny Primakov in Moscow when Oil-For-Food scandal broke

    01/31/2005 9:48:39 AM PST · by MikeEdwards · 1 replies · 607+ views
    CFP ^ | January 31, 2005 | CFP
    Did United Nations Secretary General Kofi Annan hightail it to Moscow to check in with his handpicked UN reform man Yevgeny Primakov within weeks of William Safire’s New York Times expose on alleged scandal in the Oil-For-Food Program? The first of Safire’s groundbreaking Oil-For-Food investigative stories ran in mid-March, 2004. Here’s Annan’s Moscow itinerary as documented by The Russian Federation: "Annan arrived in Moscow on Sunday, April 4, 2004 where he had an early working dinner with Evgeni (sic) Primakov, former Prime Minister of the Russian Federation." On the following day, Annan visited the Tomb of the Unknown Soldier, where...
  • Annan met with UN reform pointman Yevgeny Primakov in Moscow when Oil-For-Food scandal broke

    01/31/2005 9:26:08 AM PST · by UpHereEh · 508+ views
    Canada Free Press ^ | January 31, 2005 | Judy McLeod
    Did United Nations Secretary General Kofi Annan hightail it to Moscow to check in with his handpicked UN reform man Yevgeny Primakov within weeks of William Safire’s New York Times expose on alleged scandal in the Oil-For-Food Program? The first of Safire’s groundbreaking Oil-For-Food investigative stories ran in mid-March, 2004. Here’s Annan’s Moscow itinerary as documented by The Russian Federation: "Annan arrived in Moscow on Sunday, April 4, 2004 where he had an early working dinner with Evgeni (sic) Primakov, former Prime Minister of the Russian Federation." On the following day, Annan visited the Tomb of the Unknown Soldier, where...
  • Oil-for-food inquiry chief 'hid UN role'

    01/29/2005 8:21:25 PM PST · by ijcr · 32 replies · 1,722+ views
    The Telegraph ^ | 30/01/2005 | Philip Sherwell
    Paul Volcker, the chairman of the internal United Nations investigation into the Iraqi oil-for-food scandal, is facing embarrassing criticism for failing to declare alleged conflicts of interest when he was appointed. Mr Volcker, the former head of the US Federal Reserve, was a director of two powerful pro-UN pressure groups when Kofi Annan, the organisation's secretary-general, hand-picked him to lead the three-man commission last April. He will shortly present the commission's findings on how Saddam Hussein was allowed to skim off almost $2 billion from the scheme, administered by the UN, and pay off foreign allies - allegedly including senior...

    01/27/2005 11:31:20 PM PST · by kattracks · 7 replies · 674+ views
    New York Post ^ | 1/28/05
    Paul Volcker was picked by U.N. Sec retary-General Kofi Annan to head an "independent" panel to investi gate the Oil-for-Food scandal ostensibly because of the former Federal Reserve chairman's international credibility. But credibility, like fame, can be fleeting — and Volcker's is fading fast. [snip] As Fox News Channel's Jonathan Hunt reported yesterday, Volcker is smack in the middle of the interlocking global corporations that appear to lie at the very heart of the scandal. Proceed slowly; it's complicated: [snip] * Volcker, along with a close friend named Paul Desmarais, Sr., sits on the advisory council of a Canadian...
  • Paul Volcker on The Charlie Rose show.

    11/27/2004 1:54:25 PM PST · by oldtimer2 · 8 replies · 740+ views
    The Charlie Rose Show | Nov 24, 2004 | self
    Did anyone else here see the Charlie Rose Show on wednesday night. His guest was Paul Volcker. I did not see the whole show, but from what I saw, it seemed to me that Volcker was very defensive. The impression that I got was that he did not think that anything criminal had happened. He was very insistant that he would not turn over any papers to the House or Senate. Reply here if you had a different impression or if you agree.
  • Di Lellio Resigns

    09/27/2004 10:48:47 AM PDT · by BlessedMom92 · 20 replies · 3,633+ views
    The Heritage Foundation ^ | 9/27/2004 | AFP
    AFP reports: UNITED NATIONS: An official from the corruption probe into the UN's "oil-for-food" programme in Iraq resigned following reports she had compared US President George W Bush to Osama bin Laden. Anna Di Lellio's resignation was accepted on Friday by Paul Volcker, the former head of the US Federal Reserve banking system appointed to head the independent commission investigating the now-defunct programme. According to AFP, "The resignation came after the Heritage Foundation, a Washington think tank, issued a press release noting an article that Di Lellio had written in London's Guardian newspaper two years ago." That Heritage paper (not...