BAKER TAKES THE LOAF
The President's Business Partner Slices Up Iraq
by Greg Palast
TomPaine.com
Monday, December 8, 2003
Well, ho ho ho! It's an early Christmas for James Baker III.
All year the elves at his law firm, Baker Botts of Texas, have been working day and night to prevent the families of the victims of the September 11 attack from seeking information from Saudi Arabia on the Kingdom's funding of Al Qaeda fronts.
It's tough work, but this week came the payoff when President Bush appointed Baker, the firm's senior partner, to "restructure" the debts of the nation of Iraq.
And who will net the big bucks under Jim Baker's plan? Answer: his client, Saudi Arabia, which claims $30.7 billion due from Iraq plus $12 billion in reparations from the First Gulf war.
PUPPET STRINGS
Let's ponder what's going on here.
We are talking about something called "sovereign debt." And unless George Bush has finally 'fessed up and named himself Pasha of Iraq, he is not their sovereign. Mr. Bush has no authority to seize control of that nation's assets nor its debts.
But our President is not going to let something as trivial as international law stand in the way of a quick buck for Mr. Baker. To get around the wee issue that Bush has no legal authority to mess with Iraq's debt, the White House has crafted a neat little subterfuge. The official press release says the President has not appointed Mr. Baker. Rather Mr. Bush is "responding to a request from the Iraqi Governing Council." That is, Bush is acting on the authority of the puppet government he imposed on Iraqis at gunpoint.
I will grant the Iraqi 'government' has some knowledge of international finance; its key member, Ahmed Chalabi, is a convicted bank swindler.
The Bush team must see the other advantage in having the rump rulers of Iraq pretend to choose Mr. Baker; the US Senate will not have to review or confirm the appointment. If you remember, Henry Kissinger ran away from the September 11 commission with his consulting firm tucked between his legs after the Senate demanded he reveal his client list. In the case of Jim Baker, who will be acting as a de facto US Treasury secretary for international affairs, our elected Congress will have no chance to ask him who is paying his firm.
