J. P. Morgan Selected to Run New Trade Bank in Iraq

[Whoa_Nelly]

J. P. Morgan Selected to Run New Trade Bank in Iraq
By BLOOMBERG NEWS


J. P. Morgan Chase has been selected to operate a bank the United States is creating in Iraq to manage billions of dollars to finance imports and exports.

J. P. Morgan will lead a group that includes 13 banks representing 13 countries to run the bank for three years, said Peter McPherson, the top United States economic adviser in Iraq.

<snip>
The trade bank will serve as an intermediary for Iraqi government agencies' purchases of equipment and supplies from companies based outside the country, Mr. McPherson told reporters in Washington in a conference call from Baghdad.


<snip>
The trade bank will start with $5 million in cash and a $95 million line of credit from a fund controlling Iraqi oil revenue operated under the auspices of the United Nations, Mr. McPherson said. Final details of the contract are being negotiated, with a signing anticipated in September.

more...
http://www.nytimes.com/2003/08/30/business/30BANK.html?ex=1062820800&en=5a562a155dea5a52&ei=5062&partner=GOOGLE

Heard on CNN yesterday that loans to Iraqi businesses will be about $100 million/month for several months with the idea being to stabilize the economy there. Geez...and what about our economy? Granted, the Iraqi poeple in general are in dire straits financially, but our ecomomy is in the toilet, too, with so many poeple unemployed and industries actually going bankrupt and/or closing.

On edit: Do you suppose that by increasing the strength of trade via Iraqi oil businesses there will be a trickle down effect on our economy, or just more lining of the fat cats' pockets? (trickle down = being pissed on)

[Merlin]

1. This is the REAL focus of WH & Pentagon energies in Iraq.

We are led to believe their focus is on reconstruction and democratizing. That's nonsense. Those things are just for appearances.

This is where the real neocon focus has always been. Booty.

It's the booty, stupid!

[shanti]

4. when has it ever been anything else?

:shrug:

[hadrons]

2. I actually own some J.P. Morgan stock ...

althought this isn't how I'd like to see the stock rise

[Frances]

5. I own JPMorgan stock too

I am a very small investor who bought Chase stock a few years ago. I wasn't happy when JPMorgan bought out Chase, but I didn't sell. It is now worth less than what I paid for it although like most other stocks it is up for the year. However, I don't want any part of this Iraq war, so I plan to sell.

[hadrons]

8. me too

at 50 shares, I'm a little over break even for me on this stock

[cosmicdot]

3. showing'em how "democracy" works

"We are pleased that the Coalition Provisional Authority has selected the J. P. Morgan consortium to help establish and operate the trade bank in Iraq," said Joseph Evangelisti, a J. P. Morgan spokesman. "This is a critically important assignment."



chosen by "the Coalition Provisional Authority" ...

to provide the credit that Iraqi ministries need to buy big-ticket items from other countries

"The trade bank will start with $5 million in cash and a $95 million line of credit from a fund controlling Iraqi oil revenue operated under the auspices of the United Nations, Mr. McPherson said. Final details of the contract are being negotiated, with a signing anticipated in September."

meanwhile ... back at the ranch

US aid for coalition as Iraq reconstruction cost rises

By Edward Alden and James Harding in Washington
Published: August 29 2003 19:00 | Last Updated: August 29 2003 19:00


The US Treasury on Friday made the final withdrawal from a $2.5bn account of seized Iraqi assets, sending $420m to the US-led Coalition Provisional Authority for "critical and immediate needs" in Iraq.


The withdrawal means that the US has spent nearly $1.8bn from the account in just two months, underscoring the unexpected escalation of costs for the reconstruction of Iraq.

The White House signalled this week it might have to go to Congress next month to seek several billion dollars in immediate funds to allow the CPA to continue operating through the end of the current budget year, which ends on September 30.

The US had originally assembled about $7.7bn to pay for the initial reconstruction costs after the war, including a $4.1bn congressional appropriation, and was hoping that money would quickly be supplemented by revenues from Iraqi oil sales.

But the costs of providing basic services have proved far higher than forecast, as utilities have been plagued both by years of under-investment and by sabotage from supporters of the former regime.
http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1059479431774



JP Morgan Chase Board of Directors - oh, Bechtel is represented and so many others ... could any "big ticket items" be found coming from connecting directorates' companies or from companies on other Boards of Boards which filter down through the good ol'boy POWER GRID of Board of Directors ....

John H. Biggs (age 66)

Mr. Biggs has been Former Chairman and Chief Executive Officer of Teachers Insurance and Annuity Association – College Retirement Equities Fund (TIAA-CREF) (national teachers’ pension fund) since November 2002, having served as Chairman and Chief Executive
Officer from 1993 until 2002. Mr. Biggs is also a director of The Boeing Company and a trustee of the International Accounting Standards Foundation. He has been a director of the Firm since March 2003.

Lawrence A. Bossidy (age 68)

Mr. Bossidy has been Retired Chairman of Honeywell International Inc. (technology and manufacturing) since June 2002, having served as Chairman from July 2001 and from December 1999 to April 2000. He was Chief Executive Officer from July 2001 to February 2002. He
was Chairman of AlliedSignal Inc. from 1992 to 1999
and Chief Executive Officer from 1991 to 1999 when he was named Chairman of Honeywell following the merger of the two companies. Mr. Bossidy is also a director of Berkshire Hills Bancorp, Inc. and Merck & Co., Inc. He has been a director of the Firm or a predecessor institution since 1998.

M. Anthony Burns (age 60)

Mr. Burns has been Chairman Emeritus of Ryder System, Inc. (logistics and transportation solutions) since May 2002. He was Chairman from May 1985 through May 2002, Chief Executive Officer from January 1983 through November 2000 and President from December
1979 through June 1999. Mr. Burns is also a director of The Black & Decker Corporation, J.C. Penney Company, Inc., and Pfizer Inc. He has been a director of the Firm or a predecessor institution since 1990.

Hans W. Becherer (age 68)

Mr. Becherer has been Retired Chairman and Chief Executive Officer of Deere & Company (equipment manufacturer) since August 2000, having served as Chairman since 1990 and as Chief Executive Officer
since 1989. Mr. Becherer is also a director of Honeywell
International Inc. and Schering-Plough Corporation. He has been a director of the Firm or a predecessor institution since 1998.

Riley P. Bechtel (age 51)

Mr. Bechtel has been Chairman and Chief Executive
Officer of Bechtel Group, Inc. (engineering and construction)
since January 1996. Previously he was President and Chief Executive Officer beginning in 1990. Mr. Bechtel is also a director of Fremont Group, L.L.C., Fremont Investors, Inc., and Sequoia Ventures
Inc. He has been a director of the Firm or a predecessor institution since 1995.

Frank A. Bennack, Jr. (age 70)

Mr. Bennack has been Chairman of the Executive Committee and Vice Chairman of the Board of The Hearst Corporation (publishing, broadcasting, and media) since June 2002. He is the immediate past
President and Chief Executive Officer, positions he held beginning in 1979. Mr. Bennack is a director of Hearst-Argyle Television, Inc., Polo Ralph Lauren Corporation and Wyeth. He has been a director of the Firm or a predecessor institution since 1981.

H. Laurance Fuller (age 64)

Mr. Fuller has been Retired Co-Chairman of BP Amoco p.l.c. (oil, gas, and chemical) since April 2000. He was named Co-Chairman of BP Amoco following the merger of British Petroleum, p.l.c. and Amoco Corporation in December 1998. He was Chairman and Chief
Executive Officer of Amoco from 1991 and President from 1983. Mr. Fuller is also a director of Abbott Laboratories, Cabot Microelectronics Corporation and Motorola, Inc. He has been a director of the Firm or a predecessor institution since 1985.

Ellen V. Futter (age 53)

Ms. Futter has been President and Trustee of the American Museum of Natural History since 1993. She previously served as President of Barnard College beginning in 1980. Ms. Futter is also a director of ***American International Group, Inc.***, Bristol-Myers Squibb Company, and Consolidated Edison, Inc., and a Trustee of Consolidated Edison Company of New York, Inc. She has been a director of the Firm or a predecessor institution since 1997.

William H. Gray, III (age 61)

Mr. Gray has been President and Chief Executive Officer of The College Fund/UNCF (educational assistance) since 1991. He was a member of the United States House of Representatives from 1979 to 1991. Mr.Gray is also a director of Dell Computer Corporation,
Electronic Data Systems Corporation, Pfizer Inc., The Prudential Insurance Company of America, Rockwell International Corporation, Viacom Inc., and Visteon Corporation. He has been a director of the Firm or a predecessor institution since 1992.

William B. Harrison, Jr. (age 59)

Mr. Harrison has been Chairman and Chief Executive Officer since November 2001, prior to which he was President and Chief Executive Officer from December 2000. He was Chairman and Chief Executive Officer of The Chase Manhattan Corporation from January through its merger with J.P. Morgan & Co. Incorporated in December 2000 and President and Chief Executive Officer from June through December 1999, prior to which he had been Vice Chairman of the Board. He has
been a director of the Firm or a predecessor institution since 1991. Mr. Harrison is also a director of Merck & Co., Inc. and the New York Stock Exchange, Inc.

Helene L. Kaplan (age 69)

Mrs. Kaplan has been Of Counsel to the firm of Skadden, Arps, Slate, Meagher & Flom LLP (law firm) since 1990. Mrs. Kaplan is also a director of Exxon Mobil Corporation, The May Department Stores
Company, MetLife Inc., and Verizon Communications Inc. She has been a director of the Firm or a predecessor institution since 1987.

Lee R. Raymond (age 64)

Mr. Raymond has been Chairman of the Board and Chief Executive Officer of Exxon Mobil Corporation (oil and gas) since December 1999. He was Chairman of the Board and Chief Executive Officer of Exxon Corporation from 1993 until its merger with Mobil Oil
Corporation in 1999. He has been a director of the Firm or a predecessor institution since 1987.

John R. Stafford (age 65)

Mr. Stafford has been Consultant and Retired Chairman of the Board of Wyeth (pharmaceuticals) since January 2003. He was Chairman of the Board from 1986 and Chief Executive Officer from 1986 until May 2001. Mr. Stafford is also a director of Honeywell International Inc. and Verizon Communications Inc. He has been a director of the Firm or a predecessor institution since 1982.

http://www.jpmorganchase.com/pdfdoc/jpmc/ar2003proxy.pdf

http://www.cpa-iraq.org/

***American International Group*** is a huge insurance company headed up by Maurice Greenberg who is head of Nixon's Center
http://elitewatch.netfirms.com/AIG.html

Board of Directors http://www.nixoncenter.org/boardac.htm

Honorary Chairman: Henry A. Kissinger

Chairman: Maurice R. Greenberg
Dwayne O. Andreas
Jeffrey L. Bewkes
Conrad M. Black
Charles G. Boyd
Tricia Nixon Cox
Julie Nixon Eisenhower
Robert F. Ellsworth (Vice Chairman)
Leslie H. Gelb
Henry A. Kissinger
Eugene K. Lawson
Joseph I. Lieberman
John McCain
Lionel H. Olmer
Peter G. Peterson
Richard Plepler
Pat Roberts
James Schlesinger
Brent Scowcroft
Dimitri K. Simes, Center President (Ex Officio)
John H. Taylor, Executive Director of Richard Nixon Library & Birthplace Foundation (Ex Officio)
~~~~~~~~~~~~~~~~~
Which candidate for President will work to end the Robber Baron Era Part 2?

[salin]

6. You mean the JPMorgan Chase bank that backed hiding Enron

debt through a series of complicated - risky - partnerships? The one that exposed their investors to huge risks due to their practices with Enron and others? The ones that worked to undermine the market by working to undermine the role of annual reports - which is how investors are supposed to get good information in order to make good decisions which is supposed to be the hall mark of effective capitalisim? That group? Gee that should be reassuring. Wonder if they are hiring former Arthur Anderson folks to do their accounting, and Jeff Skilling to do the business/investment advising, and Ken Lay to run their Iraqi official bribing enterprises?

[Jacobin]

7. The Official Halliburton Money Laundering Bank

[eablair3]

9. anyone know how much money JP Morgan and its people give to Repubs & Bush?

anyone know how much money JP Morgan and its people give to Repubs & Bush?

[0007]

10. It's all part of the same pie

These guy are so good at switching hats and confusing everyone it will take years for the IRS to catch 'em.

Is this news to the dems? I don't think so!