U.S. Selling Off Iraq-Owned Companies

[NNN0LHI]

http://story.news.yahoo.com/news?tmpl=story&u=/ap/20031017/ap_on_re_mi_ea/iraq_privatizing&cid=540&ncid=1473

BAGHDAD, Iraq - The U.S.-led occupation authority is taking initial steps toward selling off the first of Iraq's scores of state-owned companies to investors, but will stick to small enterprises until a sovereign Iraqi government takes over the job, the American privatization chief said Friday.

Thomas Foley said the privatizing of Iraq's government-dominated economy will begin with service companies, such as a taxi-limousine service and an architectural design firm.

"We selected a small group, fewer than 10 SOEs (state-owned enterprises) that are very small and very simple, low-asset businesses to begin initial privatization steps," said Foley, in charge of private-sector development under the Coalition Provisional Authority.

The U.S. plan for Iraqi privatization is controversial. Some critics interpret Article 47 of the Fourth Geneva Convention, protecting civilians in wartime, as outlawing major alterations in an occupied country's economic system, through its prohibition of annexation of occupied territory.

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[Barrett808]

1. Let the fire sale begin

Bargains, bargains, bargains!

[Jazzgirl]

2. I don't see how

they can take Iraq's assets and just sell them before a "real" government is in place. Seems illegal has hell to me. I don't get it and I don't see the Iraqi people putting up with it!

Jazzgirl

[arcane1]

3. the Iraqi people are NOT putting up with it!

we just call them 'terrorists' and 'Saddam loyalists' instead of 'the Iraqi people'

:grr:

be sure to rate this one..

[The Backlash Cometh]

7. This is what they would have done to the United States

if we had let them. It is frightening to see it unfold without obstacles, because, well, WE ARE the obstacles in this country.

[Nlighten1]

14. Indeed...

I have a feeling we are about to see a civil war in Iraq. I wonder who will sell the opposing forces their weapons?

[Tom Yossarian Joad]

4. An individual or preferably a corporation is much easier to buy off

than a Government owned enterprise that is subject to certain laws and constraints. Makes perfect sense to the PNAC operatives.

[realFedUp]

5. Pillagers.

What right does this administration have to do this?

[AntiCoup2K4]

16. They have no right, but when has that stopped them before?

And who will stop them now? The Republican congress? The corporate media? The United Nations, whose authority PNAC does not recognize?

[Bandit]

6. I posted a similar article yesterday called ~"Spoils of War"

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=104&topic_id=544462

I thought it was pretty interesting but no one bothered to comment so I guess what I consider interesting doesn't get it with this crowd.

[teryang]

9. It was interesting

thanks for the post.

[Tom Yossarian Joad]

15. I read it. Thanks. Don't worry about no posts in GD...

Seems as if it's not about a candidate, gun control, religion or sex, most things aren't garnering much attention unless they're pretty spectacular in an "Enquirer" sort of way.

[muriel_volestrangler]

17. The article had been linked to earlier

eg http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=103&topic_id=16404 in Editorials - and I think it might have been linked elsewhere too. It may be that those of us who are interested had already commented.

[Rose Siding]

8. "Some Iraqis...:

"Some Iraqis have expressed concern that their most promising companies will be bought up by foreign investors."

Those would be the ones who've heard about it.

[aquart]

13. Who in Iraq has an accumulation of viable currency?

Did we trade Saddam money for the new stuff?

[peterh]

10. waiting for the biggie….

SOMO…State-Owned-Marketing-Company…that’s the one that controls all the crude oil. Interested bidders will most likely be hand picked off the kickback….errrr…contribution list to Bushco.

[Bandit]

11. Probably illegal

His order number 39 is also, almost certainly, illegal. The Hague regulations of 1907 spell out the obligations of an occupying power under international law.

Article 43 says that, when occupying forces take over a country, they must "ensure, as far as possible, public order and safety, while respecting, unless absolutely prevented, the laws in force in the country".

This means that Mr Bremer is not allowed to change Iraq's existing laws, including those that govern investment, unless it is "absolutely" essential to do so.

Article 55 says that an occupying power is only the "administrator and usufructuary" of state property. "It must safeguard the capital of these properties, and administer them in accordance with the rules of usufruct," it adds.

Mr Bremer, therefore, appears to have no right to sell off nationalised industries.


See post # 6 for link to this quote

[arcane1]

12. Mr Bremer is on his way to becoming a dictator

but I guess it's ok if he's OUR dictator :eyes:

[Jack Rabbit]

19. Bremer can't be

Bremer can't be our dictator.

Bush is.

[The Commie]

18. Hmmmmmmmmmm...

Looks like Shubby is sucking up to his corporate masters again. :mad:

[newyawker99]

20. Hi The Commie!!

Welcome to DU!! :toast: