Daily Archives: October 3, 2011

NYT Blogs: Trading With The Enemy

-By Paul Krugman

October 3, 2011- Suppose you were going to write a political-thriller potboiler. You might invent something like this: a family of billionaires who support right-wing causes and pose as super-patriots, while actually using their political influence to cover for wrongdoing on multiple fronts — not just endangering workers and the environment, but even making deals with foreign regimes that are actively anti-United States and sponsor terrorists.

Reviewers would, of course, turn up their noses — this is patently unrealistic, super-villains like that don’t exist in real life.

Oh, wait. Koch Brothers Flout Law With Secret Iran Sales.

This isn’t a story on Daily Kos, not that there’s anything wrong with that; it’s a heavily reported piece from Bloomberg that is utterly damning.

POE Sends Letter to FBI & SEC Demanding Criminal Investigation of Koch Industries Under FCPA

October 3, 2011- In a blockbuster story broken today by Bloomberg, it has been revealed that Koch Industries has been flouting the Foreign Corrupt Practices Act, paying bribes to foreign officials to secure contracts in six countries since 2002.

Koch industries has also sold millions of dollars worth of petrochemical equipment to Iran. This was done through foreign susidairies in order to get around the US trade ban. Additionally they have , stolen oil from federal land and engaged in price fixing while violating environmental regulations and lying to about it to regulators.

POE has sent a letter to the FBI and SEC demanding an investifgation of these and other charges.

READ LETTER HERE:

Bloomberg: Koch Brothers Flout Law With Secret Iran Sales

-By Asjylyn Loder and David Evans

October 3, 2011- In May 2008, a unit of Koch Industries Inc., one of the world’s largest privately held companies, sent Ludmila Egorova-Farines, its newly hired compliance officer and ethics manager, to investigate the management of a subsidiary in Arles in southern France. In less than a week, she discovered that the company had paid bribes to win contracts.

“I uncovered the practices within a few days,” Egorova- Farines says. “They were not hidden at all.”

She immediately notified her supervisors in the U.S. A week later, Wichita, Kansas-based Koch Industries dispatched an investigative team to look into her findings, Bloomberg Markets magazine reports in its November issue.

By September of that year, the researchers had found evidence of improper payments to secure contracts in six countries dating back to 2002, authorized by the business director of the company’s Koch-Glitsch affiliate in France.

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