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Tag Archives: Carl Levin

Taliban Hired for Security at U.S. Bases in Afghanistan

08 Friday Oct 2010

Posted by Craig in Afghanistan, Congress, Pentagon, war on terror

≈ 1 Comment

Tags

$10 billion, Afghanistan, Blackwater, Carl Levin, contract, General Petraeus, investigation, Pentagon, private security, report, Senate Armed Services Committee, State Department, Taliban

On the day that marked the beginning of the 10th year of the Afghani-Nam cluster(bleep) the Senate Armed Services Committee, chaired by Carl Levin (D-MI), released the results of an investigation which found that private security forces hired by the Pentagon to protect our military bases there include Taliban warlords and people with ties to Iran.

“Afghan private security forces with ties to the Taliban, criminal networks and Iranian intelligence have been hired to guard American military bases in Afghanistan, exposing United States soldiers to surprise attack and confounding the fight against insurgents, according to a Senate investigation.

The Pentagon’s oversight of the Afghan guards is virtually nonexistent, allowing local security deals among American military commanders, Western contracting companies and Afghan warlords who are closely connected to the violent insurgency, according to the report by investigators on the staff of the Senate Armed Services Committee.

[…]

There are more than 26,000 private security employees in Afghanistan, and 90 percent of them are working under United States government contracts or subcontracts. Almost all are tied to the militias of local warlords and other powerful Afghan figures outside the control of the American military or the Afghan government, the report found.”

But as usual, Congress loves to have investigations and release reports followed by nothing. Especially true when the findings involve the Pentagon, which is apparently a government unto itself, with an unlimited budget and unrestrained power.

“Levin did not indicate that he would seek any legislative fixes. The panel’s investigation likely will inform two Pentagon task forces that are looking into the problems.”

Letting the fox “look into problems” at the henhouse is always a good idea.

“Gen. David Petraeus, the top commander in Afghanistan, earlier this month issued guidance on the use of contractors “that made it clear that all corrective actions, including terminating contracts and suspending and disbarring contractors, will be on the table,” Levin said.

Levin said that commanders in Afghanistan, with Petraeus in the lead, are committed to change the “status quo” of private security contracts in Afghanistan.”

I take it General Petraeus and Sen. Levin aren’t aware that the State Department recently awarded a 5-year, $10 billion contract to eight private companies for security in Iraq and Afghanistan, including the infamous Blackwater under another name.

But always looking on the bright side, Republicans on the committee “faulted the report for failure to acknowledge the positive impact of providing employment to Afghans.”

If only they were that interested in providing employment to Americans.

“Levin said…that his panel’s report underscores the need to “shut off the spigot” of U.S. money going into the “pockets of warlords.”

I know of one sure-fire way to “shut off the spigot,” Sen. Levin. Get the hell out of there. Now.

Bobbing and Weaving at the Senate Hearings

28 Wednesday Apr 2010

Posted by Craig in economy, financial reform, financial regulation, Goldman Sachs, Politics, Wall Street

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Carl Levin, Daniel Sparks, Goldman Sachs, shitty deal

Former Goldman Sachs executive Daniel Sparks put on a demonstration of bobbing, weaving, ducking, and dodging yesterday in response to Sen. Carl Levin’s questioning about Goldman’s “shitty deal” the likes of which I haven’t seen since Muhammad Ali was in his prime. Take a look:

Kudos to Sen. Levin, but it can’t stop with the theatrics of a televised hearing. Refer this to the DOJ and let the indictments begin. Those responsible must be held accountable.

Typhoid Lloyd (Blankfein) Spread the Goldman “Poison”

27 Tuesday Apr 2010

Posted by Craig in economy, Financial Crisis, financial reform, financial regulation, Goldman Sachs, Politics, Wall Street

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Carl Levin, Goldman Sachs, Lloyd Blankfein, mortgage securities, Senate Permanent Subcommittee on Investigations, shorting the market, subprime

By the summer of 2006, Goldman Sachs executives realized that the subprime mortgage market and its related securities were headed for a fall, “a very unhappy ending” as senior trader Michael Swenson wrote in a 2007 memo. They also knew their firm was heavily invested in this ticking time bomb.

What to do? The solution from Typhoid Lloyd (Blankfein) and the Goldman gang? Let’s find some suckers to dump this trash on, tell them it’s treasure, bet on it to fail, and rake in the dough.

And rake it in they did.

“The firm, which had profited handsomely off packaging and selling securitized subprime home mortgages to investors during the housing boom, switched directions in early 2007, furiously shedding its home mortgage-linked risk and buying as much insurance as it could, effectively shorting the market throughout the year — a move that netted the firm “billions and billions” at the expense of its clients, according to the documents released by the Senate Permanent Subcommittee on Investigations.

The firm was “spreading the poison throughout the system,” Levin charged.

“Goldman Sachs made billions of dollars from betting against the housing market, and it placed those bets in some cases at the same time it was selling mortgage-related securities to its clients,” said the committee’s chairman, Carl Levin (D-Mich.).”

Poison is the sanitized version. Goldman exec Tom Montag put the appropriate tag on it:

“One particular security, named Timberwolf I, a collateralized debt obligation of other collateralized debt obligations that were based not on actual home mortgage bonds but instead on those bonds’ movements, lost 80 percent of its value within five months of issuance. A senior executive…remarked in a June 22, 2007, email, “Boy, that timberwolf was one shi**y deal.”

Which is precisely what Goldman’s clients got—one shi**y deal.

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