Obama: Full confidence in AG over Fast and Furious
President Barack Obama said Thursday he has complete confidence in Attorney General Eric Holder amid Republican accusations that the attorney general was aware months sooner than he's acknowledged about a flawed operation to stem gun-smuggling. At a White House news conference, the president said Holder has been very aggressive in pursuing ... (more)
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Since: Mar 10
#1 Oct 7, 2011
Rich worked with Philipp Brothers, a dealer in metals, learning about the international raw materials markets and commercial trading with poor, third-world nations. One of his biggest market coups came during the 1973-1974 Arab oil embargo, when he used his Middle Eastern contacts to circumvent the embargo and buy crude oil from Iran and Iraq. After purchasing the crude for roughly US$12 per barrel, Rich doubled the price and sold it to supply-starved U.S. oil companies. In 1974 he and co-worker Pincus Green set up their own company.
Rich has been credited with having created the spot market for crude oil in the early 1970s, revolutionizing commodity trading. His tutelage under Philipp Brothers afforded Rich opportunities to strike deals with various dictatorial régimes and embargoed nations, such as Iran, using a special relationship with Ayatollah Khomeini, the leader of the 1979 Iranian Revolution which saw the overthrow of Mohammad Reza Pahlavi, the Shah of Iran. Despite the American embargo, Iran would become Rich's most important supplier of crude oil for more than 15 years. He earned billions selling oil for the Iranian ayatollahs.
In 1983 Rich and Green were indicted by then-U.S. Federal Prosecutor (and future mayor of New York City) Rudolph Giuliani, on illegal trading with Iran and charges of tax evasion. They were indicted while they were in Switzerland. The pair failed to return to the U.S. following the indictment, and were on the Federal Bureau of Investigation's Ten Most-Wanted Fugitives List for many years.
On January 20, 2001, hours before leaving office, Clinton granted Rich a presidential pardon. Because Rich's former wife had made large donations to the U.S. Democratic Party and the Clinton Library during Clinton's time in office, Clinton's critics alleged that Rich's pardon had been bought.
After spending several years in Zug, Switzerland, Rich moved to Meggen, a city in the Canton of Lucerne, Switzerland, residing in a house called "La villa rose" (the pink villa) on the shores of Swiss Lake Lucerne, where he zealously guards his privacy. Rich also owns property in the ski resort of St. Moritz, Switzerland, and in Marbella, Spain. He is an important art collector and friends say he lives surrounded by Renoirs, Monets and Picassos.
#2 Oct 8, 2011
How many times have the citizens listened to a superior extoll on the virtues of an embattled comrade and assure all that he supports his comrade 100%. Next day the comrade is gone. It's a ritual just to give them a little breathing room and then comes the smack down. Holder is on life support. Obama is busy calculating exactly how many bucks it will take to insure his silence.
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