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How the Press Gave Madoff Four More Years to Steal His Billions
It’s one of the greatest and most shameful failures in the history of journalism. In the new edition of our newsletter Eamonn Fingleton traces how the Wall Street Journal was handed a precise outline of Madoff’s Ponzi scheme in 2005 and sat on it. The New York Times also passed on chances to nail Madoff. Thousands, poor as well as rich, lost their life savings in consequence. Read Fingleton on how the watchdogs of the Fourth Estate took good care to snooze in their kennels. ALSO in the new edition, Paul Craig Roberts concludes the shortest, sharpest outline of economics ever written with a brilliant essay on the economics of a full, green world. Get your new edition today by subscribing online or calling 1-800-840-3683 Contributions to CounterPunch are tax-deductible. Click here to make a donation. If you find our site useful please: Subscribe Now! CounterPunch books and gear make great presents.
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Today's Stories March 2, 2009 Andrea Peacock Feb. 27 - March 1, 2009 Alexander Cockburn Harry Browne Anthony DiMaggio Sasan Fayazmanesh Mischa Gaus Felice Pace Mike Whitney Lee Sustar Peter Lee Nicole Colson Roger Burbach Rannie Amiri Missy Beattie Dave Lindorff Robert David Steele Vivas John Ross Ralph Nader Yves Engler Alan Farago Zulfikar Majid David Yearsley Charles R. Larson Kim Nicolini Lorenzo Wolff Poets' Basement Website of the Weekend February 26, 2009 Dave Lindorff Jonathan Cook Patrick Cockburn Mike Whitney Eamonn McCann Tim Wise Tom Barry Harvey Wasserman Adam Turl David Macaray James McEnteer Website of the Day
February 25, 2009 Chris Sands M. Shahid Alam Chris Floyd Dave Lindorff Norman Solomon Rachel Godfrey Wood Niranjan Ramakrishnan Ron Jacobs Nadia Hijab Dennis Loo Website of the Day February 24, 2009 Paul Craig Roberts Uri Avnery Peter Morici Jonathan Cook Paul Fitzgerald / Andy Worthington Brian Horejsi Julia Stein Norm Kent Rachel Smolker / Dennis Loo James McEnteer Website of the Day February 23, 2009 Michael Hudson Mike Roselle Patrick Cockburn Franklin Spinney Einar Már Guðmundsson Ralph Nader Jordan Flaherty Helen Redmond Dennis Loo Harvey Wasserman Terry Lodge Website of the Day February 20 / 22, 2009 Alexander Cockburn Michael Neumann / Ismael Hossein-zadeh Paul Craig Roberts Linn Washington Jr. Saul Landau Marjorie Cohn Binoy Kampmark Dave Lindorff David Yearsley David Macaray James McEnteer Rick Salutin Wayne Clark Richard Rhames Stephen Martin Mitu Sengupta Charles R. Larson Richard Morse Lorenzo Wolff Poets' Basement Website of the Weekend February 19, 2009 Norman Finkelstein Harry Browne Robert Bryce Brian M. Downing Fred Gardner Andy Worthington Wajahat Ali Laura Carlsen Deb Reich Christopher Ketcham Website of the Day February 18, 2009 Paul Craig Roberts Mike Whitney M. Shahid Alam Patrick Cockburn Conn Hallinan Dave Lindorff Rannie Amiri Gareth Porter Eric Hobsbawm Christopher Brauchli Martha Rosenberg Website of the Day February 17, 2009 Michael Hudson Mike Whitney Ralph Nader Joanne Mariner John Ross Belén Fernández Mats Svensson David Macaray Gregory Vickrey M. Junaid Levesque-Alam Michael Dickinson Website of the Day February 16, 2009 Patrick Cockburn Oscar Guardiola-Rivera Paul Craig Roberts Uri Avnery P. Sainath Dedrick Muhammad / Michael Brown Carla Blank Patrick Irelan Dan Bacher Fidel Castro Harvey Wasserman Website of the Day February 13 - 15, 2009 Alexander Cockburn Joshua Frank Mike Whitney George Ciccariello-Maher Nikolas Kozloff Brian M. Downing Paul Craig Roberts Christopher Ketcham Ron Jacobs Dave Lindorff Alan Maass Chuck Spinney Phil Gasper Stephen Lendman Charles Thomson Kathy Sanborn Saul Landau Len Wengraf Harvey Wasserman David Macaray Tom Stephens Seth Sandronsky David Yearsley Lorenzo Wolff Kim Nicolini Poets' Basement Website of the Weekend
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March 2, 2009 Zardari's Days are Numbered Pakistan Lurches Toward the AbyssBy PETER LEE There will be plenty more screw-ups in Pakistan, but the Pakistan Supreme Court’s decision banning Nawaz Sharif and his brother Shahbaz from elected office will probably be remembered as the biggee, the reckless piece of political gamesmanship by Asif Zardari that sent Pakistan’s current experiment in democracy sliding into the abyss. Briefly put, the Pakistani government led by Benazir Bhutto’s widower, Asif Zardari, is unpopular because of its pro-U.S. policy vis a vis the insurgency and Zardari’s personal reputation for corruption and feckless Machiavellianism. Sharif--who was Prime Minister until Musharraf removed him in 1999-- leads the other democratic party, the PML-N. He’s probably the most popular politician in Pakistan because of his conciliatory attitude toward the border militants, his distance from the United States, and an ostentatious regard for Islam. His political base is the economic and electoral powerhouse of Punjab, which—until yesterday—was run by his brother Shahbaz. Zardari and Sharif have been jockeying for advantage but the handwriting was on the wall: come the next general election, Sharif’s PML-N would probably dominate and his party would gain the prime ministership. So the Supreme Court, whose chief justice is close to Zardari, made its move on February 25 to bar the Sharif brothers from elected office for life because of criminal convictions related to the coup by Pervez Musharraf that removed Nawaz from office in 1999. The strict legal merits of the convoluted case are open to debate, but any question as to whether this was a power grab by Zardari was dispelled when the central government suspended the Punjab provincial assembly -- which had a PML-N plurality and would not have had much difficulty in selecting a successor to Shabaz from Sharif’s party to take over -- and instituted “governor’s law” for two months. The governor is a central government appointee hailing from Zardari’s PPP party and Zardari now has two months for bribery and armtwisting to try and cobble together a new governing coalition that will exclude the PML-N from Punjab’s provincial government. Sharif is now considering whether his popular support is broad and deep enough to bring down the government in a mass demonstration and sit-in already scheduled for March 16 to protest the composition of the judiciary. Alternately, Sharif can try to round up allies in parliament to bring down the government and force new elections. However, the key question will be whether the army will do something first. It’s now pretty obvious that the cease-fire with the Pakistan Taliban and agreement to allow the imposition of sharia law in the valley of Swat was part of Zardari’s effort to keep a lid on things in the border regions so he could concentrate on the threat of unrest in Punjab and Islamabad from Sharif’s supporters after the Supreme Court decision. Of course, giving the Pakistani Taliban a free hand to prepare and participate in the massive offensive against U.S. and NATO troops in Afghanistan scheduled for this spring under Mullah Omar’s direction is not exactly prudent, wise, or morally defensible. It’s quite possible that Zardari will renege on the deal with the Taliban if and when he feels he has the Sharif situation under control and resume his designated role as America’s willing if not particularly able and honorable client. However, if Zardari can’t quiet things in Punjab and resumes military activities in the Pashtun areas and everything turns to ordure, the United States might decide that there’s no alternative to another round of military rule. Asia Times’ Syed Saleem Shahzad lays it out:
China is also never far from the thoughts of Pakistani politicians. China doesn’t like Zardari because of his pro-American stance and his support for the U.S. strategy that would create an alliance of Afghan, Pakistani, and Indian democracies blocking China from South Asia. Nevertheless, Zardari does his inimitable best to try and convince the public of his closeness to Beijing. He has vowed to visit China every quarter and, indeed, just returned from China. However, Zardari only toured the Three Gorges Dam and visited Wuhan. Significantly, he didn’t meet with any high Chinese officials. The excuse was that everybody in Beijing was tied up with Hillary Clinton. In a Chinese context, Zardari visiting China when he couldn’t secure a meeting with his opposite number, PRC President Hu Jintao, or any other important central government official, was a major, self-inflicted loss of face that will further diminish him in the eyes of the Chinese. I expect Zardari did not give the Chinese any forewarning that he was going to move against Sharif, and the Chinese will remember that instead he used China for a photo op to show he was on board with Pakistan’s most important ally while he was scheming against Sharif. Until now, the Chinese government hasn’t officially weighed in on the unfolding political drama and the media are just translating western press reports —- another sign that Beijing was blindsided. Zardari, whose personal popularity was at 19 per cent before the crisis, might be able to use his control of central government institutions to wriggle his way out this jam. But Pakistan elite opinion is appalled--The News turned over its editorial and op-ed pages to six scathing denunciations of Zardari--the number of his enemies has only increased, and it's difficult to escape the feeling his days are numbered. Peter Lee is a business man who has spent thirty years observing, analyzing, and writing on Asian affairs. Lee can be reached at peterrlee-2000@yahoo. |
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