A repository for Marcospinelli's comments and essays published at other websites.

Obama Administration Won't Endorse Calls For Immediate Resignation Of President Mubarak

Tuesday, February 8, 2011


This is what the US has been supporting­:

Mubarak, his wife, Suzanne, and two sons were able to accumulate wealth through a number of business partnershi­ps with foreign investors and companies, dating back to when he was in the military and in a position to benefit from corporate corruption­.

Most Gulf states required foreigners give a local business partner a 51 percent stake in start-up ventures. In Egypt, the figure is commonly nearer 20 percent, but still gives politician­s and close allies in the military a source of huge profits with no initial outlay and little risk.

Almost every project needs a sponsor and Mubarak was well-place­d to take advantage of any deals on offer.

Much of his money is in Swiss bank accounts and London property. These are the favorites of Middle Eastern leaders and there is no reason to think Mubarak is any different. Gamal's Wilton Place home is likely to be the tip of the iceberg.

Al Khabar named a series of major western companies that, partnered with the Mubarak family, generated an estimated $15m a year in profits.

Aladdin Elaasar, author of The Last Pharaoh: Mubarak and the Uncertain Future of Egypt in the Obama Age, said the Mubaraks own several residences in Egypt, some inherited from previous presidents and the monarchy, and others the president has commission­ed.

Hotels and land around the Sharm el-Sheikh tourist resort are also a source of Mubarak family wealth.
This is in the time where 40-60 percent of Egyptians live in poverty on less than $2 a day.

It is not enough to oust Mubarak, his party and the regime.  Their finances must be investigat­ed as well as crimes against humanity against thousands of Egyptians murdered and jailed by his regime.


Read the Article at HuffingtonPost

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