Not so far-fetched, considering this:
If your family was in a position to make huge profits by war profiteering, what would you do?
Well, if you found yourself President of the United States, you might eliminate the federal Inheritance Tax, so you and your brothers and sisters could get even richer in a few years.
You might even start a war.
Have you wondered why President Bush was in such a rush to start a war on Iraq? Read on.
After all, the Weapons of Mass Destruction are nowhere to be found. The 911 Commission found little or no connection between Saddam Hussein and al Qaeda.
So what are we doing there? More than 2,000 American soldiers dead, with reasons for the war strangely missing? There are several possibilities. Here’s just one:
How to Make Billions from War
In 1997 the Carlyle Group, a Washington, DC investment firm, purchased United Defense Industries, a long time maker of military equipment, including a dozen versions of the Bradley Fighting Vehicle, guided missile systems and howitzers.
On December 14, 2001, Carlyle spun off UDI as a separate company through an initial public offering through the New York Stock Exchange, retaining private ownership of a substantial share of the stock.
On March 20, 2003 the United States began major combat operations against the nation of Iraq.
UDI shareholders saw a significant rise in the value of their holdings since that date.
The Financial Times reported Carlyle paid out $6.6 Billion to its investors, a record profit during the first 18 months of the war. CFO Bill Conway said “It’s the best 18 months we’ve ever had. We made money and we made it fast.” Once the war on Iraq began, the stock price of UDI ran up from 20 to 74 and the company was then sold by Caryle for a huge profit.
Those benefiting financially from their affiliation with the Carlyle Group include former US President George H.W. Bush, former US Secretary of State James Baker, former US Defense Secretary Frank Carlucci , former US Secretary of State Henry Kissinger, and former British Prime Minister John Major.
President George W. Bush served on the board of a Carlyle Group subsidiary for three years, but left prior to his campaign for Governor of Texas. In 2001, the President successfully persuaded congress to phase out all federal inheritance taxes for wealthy Americans, primarily benefiting millionaires and billionaires, with estates worth more than $1.5 million.
Carlyle is a huge privately-held investment company with holdings around the globe. The company also received substantial profits when it invested in 1998, in a small Michigan vaccine company, BioPort. Until recently, BioPort was the only U.S. maker of Anthrax vaccine, and has faced many problems with quality and FDA inspections. The company has received U.S. government contracts to supply millions of dollars worth of anthrax vaccine to soldiers and civilians. More than two million servicemen and women were ordered to receive the six-shot series of vaccinations from the Lansing, Michigan company. Business has been brisk since anthrax fears spread around the U.S. following the 911 terrorist attacks on the United States.
Huge profits are reaped by the Military-Industrial Complex in the United States, funded almost entirely by taxpayers. It’s good to be the President if you want to add to your riches. Once, War Profiteering was considered immoral and unethical.
One final note of irony: The Carlyle Group (which is privately held and not subject to SEC scrutiny), had extensive financial ties with the family of Osama bin Laden until 9-11. George H.W. Bush performed extensive consulting duties in Saudi Arabia, of benefit to the bin Laden family, through his work with Carlyle.
Readers are welcome to confirm the facts listed here. They are readily available at your local library or on the Internet, through the Wall Street Journal, The Financial Times and The Economist.
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