Going public with terror ties


A satellite broahcasting firm named WorldSpace recently raised $250 million in an offering underwritten by UBS Warburg and SG Cowan, despite a prospectus that warned:"

"Allegations of ties between certain of our investors and terrorism could negatively affect our reputation and stock price."

Barron's reports

Those investors include several Saudis facing civil suits filed on behalf of victims of the 9/11 attacks, which accuse them of links to charities suspected of supporting terrorism. The Saudis deny the allegations. The prospectus also says one of the Saudis, Salah Idris, acquired an interest in a factory in Sudan in 1998, five months before U.S. jets bombed it, "purportedly in retaliation for manufacturing chemicals used by terrorists." Just what the factory made still is a matter of debate and, the prospectus adds, Idris isn't on any U.S. terrorist list.

Where is the government watchdog when you need them? Hello, Chris Cox.

Recall that immediately before 9/11 reportedly anomalous trading involving bets on the decline of stock markets were made by shadowy and untraceable groups? It was speculated that bin Laden or groups allied with him hoped to score a profit from the stock market havoc following 9/11.

Could terrorists and their financial supporters not only have figured out to use our freedoms against us, but also our capital markets? They have no respect for our rules of th marketplace. They have benefited from the illegal (by American anti—trust law) cartel OPEC for decades.

Ed Lasky   8 07 05