Bin Laden Family Could Profit From a Jump In Defense Spending Due to Ties to U.S. Bank

Wall Street Journal Online ^ | September 27, 2001 | DANIEL GOLDEN, JAMES BANDLER and MARCUS WALKER

[Beep]

If the U.S. boosts defense spending in its quest to stop Osama bin Laden's alleged terrorist activities, there may be one unexpected beneficiary: Mr. bin Laden's family.

Among its far-flung business interests, the well-heeled Saudi Arabian clan -- which says it is estranged from Osama -- is an investor in a fund established by Carlyle Group, a well-connected Washington merchant bank specializing in buyouts of defense and aerospace companies.

[Beep]

The DU Rats and Judicial Watch apparently cannot read and comprehend at the same time. The JW report on this WSJ Online article is completely skewed! We cannot stand by and watch them besmirch the good name of all generations of the Bush family! Here is the real article!

[Beep]

PING!

[Howlin]

Let's just put it right here where everybody can read what Larry said in his latest press release, so they can COMPARE what the WSJ says and what Larry says and make up their OWN minds.

9/28/2001

Press Office 202-646-5172

WALL STREET JOURNAL: BUSH SR. IN BUSINESS WITH BIN LADEN FAMILY CONGLOMERATE THROUGH CARLYLE GROUP

FAMILY HAD RENOUNCED TIES TO TERRORIST SON BUT FAMILY STILL UNDER FBI INVESTIGATION

FATHER OF PRESIDENT SHOULD PULL OUT OF INTERNATIONAL CONSULTING FIRM

(Washington, DC) Judicial Watch, the public interest law firm that investigates and prosecutes government corruption and abuse, reacted with disbelief to The Wall Street Journal report of yesterday that George H.W. Bush, the father of President Bush, works for the bin Laden family business in Saudi Arabia through the Carlyle Group, an international consulting firm. The senior Bush had met with the bin Laden family at least twice. (Other top Republicans are also associated with the Carlyle group, such as former Secretary of State James A. Baker.) The terrorist leader Osama bin Laden had supposedly been “disowned” by his family, which runs a multi-billion dollar business in Saudi Arabia and is a major investor in the senior Bush’s firm. Other reports have questioned, though, whether members of his Saudi family have truly cut off Osama bin Laden. Indeed, the Journal also reported yesterday that the FBI has subpoenaed the bin Laden family business’s bank records.

Judicial Watch earlier this year had strongly criticized President Bush’s father’s association with the Carlyle Group, pointing out in a March 5 statement that it was a “conflict of interest (which) could cause problems for America’s foreign policy in Middle East and Asia.” Judicial Watch called for the senior Bush to resign from the firm then.

“This conflict of interest has now turned into a scandal. The idea of the President’s father, an ex-president himself, doing business with a company under investigation by the FBI in the terror attacks of September 11 is horrible. President Bush should not ask, but demand, that his father pull out of the Carlyle Group,” stated Judicial Watch Chairman and General Counsel Larry Klayman.

“This has the potential of making ‘Billygate’ (Jimmy Carter’s brother’s dealings with Libya) look like small potatoes,” added Judicial Watch President Tom Fitton.

See "Bin Laden Family Could Profit From a Jump In Defense Spending Due to Ties to U.S. Bank," by Daniel Golden, James Bandler, and Marcus Walker, The Wall Street Journal, 9/28/01 (www.wsj.com, subscription required).

[onyx]

Thanks, Howlin. Klayman is desperately hysterical.

[Beep]

Excellent idea!! Thank you!! ;-}

[Howlin]

A Carlyle executive said the bin Laden family committed $2 million through a London investment arm in 1995 in Carlyle Partners II Fund, which raised $1.3 billion overall. The fund has purchased several aerospace companies among 29 deals. So far, the family has received $1.3 million back in completed investments and should ultimately realize a 40% annualized rate of return, the Carlyle executive said.

Now, am I missing something here, or is the above statement from The Wall Street Journal QUITE DIFFERENT FROM WHAT LARRY SAID:

The Wall Street Journal report of yesterday that George H.W. Bush, the father of President Bush, works for the bin Laden family business in Saudi Arabia through the Carlyle Group, an international consulting firm.

[Askel5]

You don't happen to have the Rumsfeld/Carlyle excerpt do you? I think the ladies would love to rip it apart.

[Howlin]

Is it just me? Am I wrong in my reading of that, or has Klayman completely distorted what the WSJ said? Help me out here.

[Howlin]

Never one to miss a Bush bashing thread, are you?

Whatever you may have to "post" here, it won't change the fact that Larry Klayman LIED in his press release.

[CheneyChick]

Is JW this desperate?! Sheesh.

[piasa]

Bald-faced, it looks like.

[Askel5]

Hey ... am I bashing?

I just want to see what you make of Rumsfeld and Carlucci's relationship.

(Go easy on Klayman, will ya? Larry's are probably just sour grapes for not being part of the Club after his fangtoothed incessant -- and practially solo -- attack on all things "Clinton".)

[Howlin]

Askel, I love you dearly, but Klayman is in this for nothing excpet money. I'd be willing to bet the conservative money has dried up.

Scroll through his latest "press releases." Even if you hate Bush, they are embarassing.

[Howlin]

Am I wrong in my interpretation? I know it's late.......but hasn't he twisted what WJS said?

[Deb]

Klayman has apparently decided the truth is just too annoying and the butts of his groupies at FR, must tingle when a Bush-trashing thread goes up.

They've inherited the title, "People of the Lie".

[Howlin]

Get a look at this.

[Beep]

It is definitely not just you!! I really don't see any correlation between the two! What a completely twisted version of the reported facts!

[a history buff]

If you follow a link I bumped tonight, you'll notice that GHWB advises the CG on offset deals. As anyone, and their grandmother knows, there is an extremely strong, and hardly unfounded sense that arms deals in the middle east involve side deals. Under the Shah there was a Mr. Ten Percent who took an epynomous cut.

Maggie Thatcher's playboy son, bereft of any relevant expertise, made something like $20 million brokering the Al-Yamamah deal, so we have a strong precedent of Western leaders using their office to enrich their family at the expense of others. IMO this is unacceptable. The Economist intimated that both Maggie and son might face jailtime; instead she hit the American lecture circuit. I liked Maggie's politics, I knew a friend she'd take a day to meet every year or so while on vacation, but that part positively stunk.

[Howlin]

Don't thank me......SLJP found this little jewel!

[Beep]

Just following up on a report! I had no idea what I was going to find. I was bracing myself -- for nothing but a pack of lies, obviously! Cripes!!