Tag: South East Asia

The Coup in Myanmar

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Yes, the coup was caught on an aerobics video

I’m hoping that there is a way for both sides, a genocidal and dictatorial military and a genocidal Nobel Peace Prize Winner, can both lose as a result of the military seizing power in Myanmar.

Last time around, Aung San Suu Kyi had the support of human rights activists everywhere, but after years of her enthusiastic support for the genocide of the Rohingya, the blush is off the rose.

One hopes that whatever happens, that the end result will be a true multiparty democracy where all of its citizens, including the Rohingya, can fully and freely participate:

Myanmar’s military said Monday that it took control of the country and declared a state of emergency for a year, after detaining civilian leader Aung San Suu Kyi and other leaders of her ruling National League for Democracy (NLD) in a predawn operation, staging a coup against the democratically elected government.

The raids came hours before a new session of parliament was scheduled to open and members who won the November elections were set to take their seats. Suu Kyi’s NLD won those elections in a landslide, capturing 396 out of 476 seats. It was Myanmar’s second democratic election since the country’s fragile transition from military rule to democracy.

………

Several hours after the raids, the military in a television broadcast said that a state of emergency had been declared in Myanmar and that power would be transferred to the commander in chief, Min Aung Hlaing. Myint Swe, a former general and the military-backed vice president, will become the president, the broadcast added.

The sweep also included other prominent democracy activists who have been fighting against military rule for decades, leaders of other political parties and NLD lawmakers, according to social media posts and news reports.

………

Suu Kyi spent 15 years under house arrest before her release in November 2010, and won the Nobel Peace Prize in 1991 for her resistance to military rule. The military-drafted constitution prevents her from leading Myanmar as president, but she is unequivocally the nation’s leader, revered as a deity, and rules through proxies. The military-drafted constitution also allows the army to step in in a situation that may “disintegrate” the country and national solidarity.

Since taking power, though, she has disappointed old allies in the West, particularly for defending Myanmar — and its military in particular — against charges of genocide over the persecution of the Rohingya ethnic minority. Suu Kyi has in recent years moved closer toward powers such as China and India, and grown increasingly estranged from countries such as the United States and Britain, which once led advocacy efforts to get her released from house arrest.

She is up there with Henry Kissinger, Barack “DronesR Us” Obama, Jimmy “Bought 4 decades of war in Afghanistan” Carter, and Elihu Root (Philippine insurrection) on a list of horrible recipients of the Nobel Peace Prize.

For some reason, I tend to take it personally when people engage in religiously based genocide, and the Junta and Suu Kyi have.

The Vampire Squid Skates Again

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Goldman Sachs, which was a conspirator in the Malaysian 1MDB scandal, will scate with a payment of a $2½ billion dollars.

As a part of this deal, the people at Goldman Sachs who personally aided, and personally profited from, the theft of billions of Malaysian state resources, will be getting get out of jail free cards.

This is disgusting:

Only Goldman Sachs. Last week, after months of public sparring and days of tough in-person negotiations, the Wall Street bank finally reached a deal with Malaysia over allegations that it had helped a former prime minister loot billions of dollars from the state investment fund, 1MDB.

Goldman will fork out $2.5bn, instead of the $7.5bn the finance minster had originally demanded, and the Malaysian government agreed to drop criminal charges against the bank and cease legal proceedings against 17 current and former Goldman directors.

………

Evercore’s Glenn Schorr argues that “the only thing that matters is, will this prevent Goldman from doing business in the way they need to do business? I believe it won’t.” If history — and the Malaysian result — is any guide, Mr Schorr is on to something.

Mr. Schorr means that he hopes that GS will continue business as usual.

What is left unspoken is that business as usual for the, “Great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money,” is corruption, looting, and fraud.

The UN Plans to Set up a Concentration Camp for Rohingya

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This sort of sh%$ is why am not a fan of civil society groups.

Between their providing sanctuary for genocidal maniacs in Rwanda, and their agreeing to staff Serbian detention camps in Kosovo, I’ve never been impressed.

I understand the need to provide aid, if you aren’t, then you have no job, but not when it makes you complicit in ethnic cleansing.

I understant the conflict inherent in their role: If they don’t supply aid, they don’t have a job, but the UN proposal to basically maroon Rohingya refugees on a barren and flood prone island int he Bay of Bengal is simply indefensible:

Human rights groups have reacted with horror to reports of United Nations draft plans to help relocate thousands of Rohingya refugees from Bangladeshi camps to a barren, flood-prone island in the Bay of Bengal.

A document drawn up this month by the World Food Programme (WFP), the UN’s food aid arm, and seen by Reuters, has revealed how the agency supplied the Bangladeshi government with detailed plans of how it could provide for thousands of Rohingya being transported to the island on a voluntary basis.

Dhaka has long insisted that it is unable cope with the dramatic influx of refugees to camps in Cox’s Bazar since a brutal crackdown by the Burmese military in August 2017, said by UN investigators to have been conducted with “genocidal intent”, prompted some 730,000 Rohingya to flee their homes.

Relocation to the uninhabited, remote island of Bhasan Char has been touted as a solution to chronic overcrowding. But many Rohingya are fearful to go and human rights experts warn that the move to an island made of silt and vulnerable to frequent cyclones could spark another crisis.

The revelation of draft WFP plans, including a timeline and a budget for how the agency and its partners “may facilitate the identification, staging, forward movement, reception, and sustainment of refugees” on Bhasan Char, was met with outrage on Monday.

“What the hell is the WFP thinking? Bangladesh’s plan to move Rohingya refugees to Bhasan Char looks like a human rights and humanitarian disaster in the making so UN agencies should be talking about how to stop this ill-considered scheme, not facilitate it,” said Phil Robertson, deputy Asia director for Human Rights Watch.

This is being complicit in the Myanmar genocide of the Rohingya.

Pass the Popcorn

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Malaysia has formally filed criminal charges against Goldman Sachs for its role in the massive 1MDB scandal.

The scale of the scandal, and the Vampire Squid’s involvement in the scandal, is huge, and as such, it’s inconceivable that the most senior management at Goldman Sachs was unaware of what was going on.

All I want for New Years is Lloyd Blankfein frog-marched out of his office in handcuffs:

The breadth of Goldman Sachs ’ potential legal jeopardy in the 1MDB scandal keeps growing.

The U.S. Justice Department has already secured a plea agreement from the bank’s former chairman of its Southeast Asia business who said that evading compliance controls was part of the firm’s culture. The bank’s then-chief executive, Lloyd Blankfein, attended meetings that the shadowy Malaysian financier at the heart of the scandal was also present on at least two occasions, according to reports.

………

Now, the Malaysian government has filed its own criminal charges against subsidiaries of Goldman Sachs (GS) in connection to the 1MDB scandal, the country’s attorney general said in a statement.

The attorney general also said that charges would be filed shortly against a former partner of the bank and ex-chairman of its Southeast Asia business, Tim Leissner, and another former Goldman Sachs banker, Roger Ng.

………


The spokesman later added: “Certain members of the former Malaysian government and 1MDB lied to Goldman Sachs, outside counsel, and others about the use of proceeds from these transactions. 1MDB, whose CEO and board reported directly to the prime minister at the time, also provided written assurances to Goldman Sachs for each transaction that no intermediaries were involved. Under the Malaysian legal process, the firm was not afforded an opportunity to be heard prior to the filing of these charges against certain Goldman Sachs entities, which we intend to vigorously contest. These charges do not affect our ability to conduct our current business globally.”

(emphasis mine)

The technical term for this is, “Willfull blindness”.  They knew about the looting, but made sure not to look in the right direction.

In a November radio interview, Malaysia’s finance minister said the country would seek a $600 million refund on the fees it paid to Goldman Sachs for three bond offerings the bank underwrote in 2012 and 2013. Billions of dollars from those deals were allegedly siphoned off to private accounts and used to pay bribes, and were laundered through things like real-estate deals and Hollywood investments.
………

 At the center of the alleged fraud is Jho Low, a financier with no formal role in the fund who nevertheless effectively controlled it, and Leissner, who said in his plea statement that he evaded the bank’s compliance controls to help Low divert money and that such actions were part of the bank’s culture.

Goldman Sachs underwrote the bonds and reaped around $600 million in fees from the deals—equal to about 10% of the total issuance, which is an astronomical fee for what was putatively debt issued by a sovereign wealth fund.

Leissner pleaded guilty to his role in shifting money out of 1MDB and of bribing various government officials in order to pull off the fraud in November but has yet to be sentenced. Low has also been charged but his whereabouts are unclear.

Goldman Sachs needs to be “Arthur Andersoned”, and their corporate carcass needs to be hung from the ramparts as a warning to other malefactors.

Irony Much?

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In response to aggressive Chinese actions in the Pacific and Indian oceans, Vice Presidence announces, completly unaware of the irony, that, “Empire and aggression have no place in Indo-Pacific.”

Seriously?  There has been nothing but since the East India Company became the furst trans-national firm:

U.S. Vice President Mike Pence told leaders of Southeast Asian nations on Thursday that there was no place for “empire and aggression” in the Indo-Pacific region, a comment that could be interpreted as a reference to China’s rise.

………

The prime minister of Singapore later said that Southeast Asian countries did not want to take sides when pulled in different directions by major powers, but that one day it may have to.

Leaders at the ASEAN meetings this week heard warnings that the post-World War Two international order was in jeopardy and trade tensions between Washington and Beijing could trigger a “domino effect” of protectionist measures by other countries.

“Like you, we seek an Indo-Pacific in which all nations, large and small, can prosper and thrive – secure in our sovereignty, confident in our values, and growing stronger together,” Pence said. “We all agree that empire and aggression have no place in the Indo-Pacific.”

Shameless.

As Yves Smith says, “Not the Onion”

I Can Haz Prosecushunz?

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It has been known for some time that the Vampire Squid (Goldman Sachs) was heavily involved in the the Malaysian government’s fabulously corrupt 1MDB sovereign wealth fund.

We now know that Goldman Sachs’ then CEO Lloyd Blankfein was directly involved in the program:

Years before Goldman Sachs Group Inc. arranged bond deals now at the heart of globe-spanning corruption probes, the firm’s then-CEO Lloyd Blankfein personally helped forge ties with Malaysia and its new sovereign wealth fund, according to people with knowledge of the matter.

Blankfein was the unidentified high-ranking Goldman Sachs executive referenced in U.S. court documents who attended a 2009 meeting with the former Malaysian prime minister, the people said. The meeting was arranged with the help of men who are now tied to the subsequent plundering of the 1MDB fund, according to U.S. court documents unsealed last week.

………

The high-level gathering laid the groundwork for a relationship that would prove profitable for the investment bank. Since then, the use of $6.5 billion that Goldman raised for 1MDB has sparked investigations across several nations, and entangled the U.S. bank in a high-profile corruption probe

This is not a surprise.

Laundering ill-gotten gains is a major profit center for big finance, but their involvement in 1MDB is downright criminal.

Some serious jail time should be in order.