-Caveat Lector-
Just a little family business with good old pals.
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Date: Fri, 18 Jan 2002 16:11:31 -0500
From: preston peet <[EMAIL PROTECTED]>
Reply-To: [EMAIL PROTECTED]
To: spynews <[EMAIL PROTECTED]>
Cc: rootsofteror <[EMAIL PROTECTED]>,
cia-drugs <[EMAIL PROTECTED]>
Subject: [Spy News] Bush Faces Flack Over Family Links to Defense Contractor
posted by Preston Peet
[EMAIL PROTECTED]
http://news.independent.co.uk/business/news/story.jsp?story=114163
Bush faces flak over family links with winner of US defence contract
By Jason Nissé
13 January 2002
President George W Bush's administration, already on the back foot over its
connections with the collapsed energy giant Enron, faces questions over a
massive defence contract which aided an investment firm with Bush family
links.
Last September, the Army signed a $665m (£460m) contract to develop the
Crusader Advanced Field Artillery System, a $12bn weapons programme being
built by United Defense Industries (UDI). Last week, Mr Bush signed a
defence appropriation bill which included $487m for the programme.
This has helped Carlyle Group, the well-connected Washington-based
investment group, which controls UDI, to float the defence contractor on the
New York stock exchange.
Last month Carlyle sold $225m of shares in UDI in the flotation, retaining a
54 per cent stake worth $560m. But questions are being asked on Capitol Hill
because of close links between Carlyle and the Bush administration, and
because a Pentagon advisory panel recommended cancelling the Crusader.
Carlyle, which was founded in 1987 by David Rubenstein, a lawyer who worked
in the Carter administration, boasts $12.5bn of investments.
Its chairman is Frank Carlucci, who was Defence Secretary in the Reagan
administration and is a close friend of Donald Rumsfeld, the current Defence
Secretary. The two were members of the same wrestling team at Princeton
University. The chairman of Carlyle Europe is John Major, the former British
Prime Minister. An adviser to Carlyle in Asia is George Bush Snr, the former
president and father of the current president. And George W Bush himself
was, for five years, on the board of Caterair, a business Carlyle backed.
"It's the first time the President of the United States' father is on the
payroll of one of the largest US defence contractors," said Charles Lewis, a
director of the Centre for Public Policy. He is among critics who have
raised concerns over the about-turn on the Crusader contract. The programme
was first put forward four years ago, then costed at $23bn. It was rejected
in December 1997 by the Pentagon-appointed National Defense Panel as being
inappropriate for modern warfare, a view reiterated last April despite UDI's
shrinking the programme to $12bn.
Carlyle bought UDI for $850m in 1997. Last August it took $290m in dividends
out of the company and, in November, $90m. Its total investment is showing a
$315m profit.
Carlyle denies that any of its managers, directors or advisers used their
influence to aid contracts for UDI.
But the Crusader questions come at a time when the president is facing
questions about his links to Enron.
And in a subtle twist, it has emerged that in its darkest hour, when it was
trying to raise money to stay afloat, the investment firm Enron turned to
for help was Carlyle Group. Carlyle was wise enough to reject the approach.
Also from the News section.
Mayo claims ridiculed by Marconi's directors
P&O Princess investors may try to stall meeting
Allied Domecq's Mexican tax break
GSK asthma drugs approved for chronic lung disease in US
American consumers believe economic recovery under way
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