“I was very conscious that the Democratic establishment didn’t want me in the race.”Read Article    

 Drug money saved banks in global crisis, claims UN advisorDrugs and crime chief says $352bn in criminal proceeds was effectively laundered by financial institutionsRajeev Syal The Observer, Sunday 13 December 2009 Article historyDrugs money worth billions of dollars kept the financial system afloat at the height of the global crisis, the United Nations' drugs and crime tsar has told the Observer.Antonio Maria Costa, head of the UN Office on Drugs and Crime, said he has seen evidence that the proceeds of organised crime were "the only liquid investment capital" available to some banks on the brink of collapse last year. He said that a majority of the $352bn (£216bn) of drugs profits was absorbed into the economic system as a result.This will raise questions about crime's influence on the economic system at times of crisis. It will also prompt further examination of the banking sector as world leaders, including Barack Obama and Gordon Brown, call for new International Monetary Fund regulations. Speaking from his office in Vienna, Costa said evidence that illegal money was being absorbed into the financial system was first drawn to his attention by intelligence agencies and prosecutors around 18 months ago. "In many instances, the money from drugs was the only liquid investment capital. In the second half of 2008, liquidity was the banking system's main problem and hence liquid capital became an important factor," he said.Some of the evidence put before his office indicated that gang money was used to save some banks from collapse when lending seized up, he said."Inter-bank loans were funded by money that originated from the drugs trade and other illegal activities... There were signs that some banks were rescued that way." Costa declined to identify countries or banks that may have received any drugs money, saying that would be inappropriate because his office is supposed to address the problem, not apportion blame. But he said the money is now a part of the official system and had been effectively laundered."That was the moment [last year] when the system was basically paralysed because of the unwillingness of banks to lend money to one another. The progressive liquidisation to the system and the progressive improvement by some banks of their share values [has meant that] the problem [of illegal money] has become much less serious than it was," he said.The IMF estimated that large US and European banks lost more than $1tn on toxic assets and from bad loans from January 2007 to September 2009 and more than 200 mortgage lenders went bankrupt. Many major institutions either failed, were acquired under duress, or were subject to government takeover.Gangs are now believed to make most of their profits from the drugs trade and are estimated to be worth £352bn, the UN says. They have traditionally kept proceeds in cash or moved it offshore to hide it from the authorities. It is understood…

  From The Times of London
June 6, 2009 Barack Obama sends message to Iran and Israel on emotional Buchenwald visit

  Steve Jobs's email replies The Apple chief's top five terse email replies to customers.  Read Article     

 Copenhagen climate conference: The grim meaning of 'meaningful'Comments (127) Editorial The Guardian, Saturday 19 December 2009 Article historyLike businessmen who insist a deal is legit, politicians protesting they have done something "meaningful" arouse suspicions that the opposite is in fact true. And "meaningful" was about the best word the spin doctors could muster in respect of the agreement of sorts that was brokered in Copenhagen late last night.The climate change summit had three big tickets on its agenda: emissions, financial assistance and the process going ahead. And on each of these counts the accord – which was effectively hammered out not by the whole conference, but rather by the US, India, China and South Africa – fell woefully short. There was no serious cementing of the positive noises on aid that had emerged earlier on in the week. On emissions, a clear-eyed vision for the distant future was rendered a pipe dream by outright fuzziness about the near term. And most alarmingly of all, there was no clear procedural roadmap to deliver the world from the impasse that this summit has landed it in. Outright failure to agree anything at all would have been very much worse, but that is about the best thing that can be said.The course of the summit as a whole – which moved from bold rhetoric, through blame games to eventual grudging concessions – was neatly epitomised in Barack Obama's flying visit. The newly-crowned Nobel laureate opened his brief speech in near-identical terms to those we recently deployed – in common with 56 newspapers worldwide – in a shared editorial which called on global leaders to do the right thing.Stating climate change was a frightening fact, the president pronounced his determination to act. Soon, however, he broke his own rhetorical spell by following his eloquent overture not with a magnanimous announcement, but with some none-too-subtle pointing of the finger at China. He may have been technically accurate in implying that it nowadays emitted more than the US, but this cheap point distracted from the reality that much of China's – in any case low – per-head emissions are incurred in serving western consumers.Later on he stood back from the brink. First, by conceding some language on monitoring emissions which addressed China's concerns about sovereignty, and secondly – at a late-night press conference – by making a nod towards UN scientists who have this week been warning that the offers tabled so far would set the mercury surging by a catastrophic 3C.Obama's singular failure to raise the American game no doubt reflects his having one eye on the Senate, whom he still needs to persuade to enact his climate laws. Other leaders, however, proved equally unable to transcend parochialism when the crunch came.China's premier Wen Jiabao used his own speech to harry the developed world to make good on the cash it has pledged to the poor,…