CAPITALISM'S ACHILLES HEEL Dirty Money and How to

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74 CAPITALISM’S ACHILLES HEEL investments and the activities of Suharto hangers-on, put the number at more than 3,200 companies. 46 Table 3.3 is a partial listing of family interests, current or past, documented or alleged, in some cases reflecting the activities of close cronies and foreign companies patronizing the ruling clan. George Aditjondro alleges that a number of Dutch banks have been especially close to the Suhartos, providing “an international financial network for the Soehartos to globalise their businesses.” 47 He names MeesPierson, ABN-AMRO, ING Bank, and Rabo Bank. He further alleges that Credit Suisse, UBS, and Swiss Banking Corporation “have played an important role in underwriting the fortunes of Indonesia’s First Family.” 48 The corruption of the Suhartos has corrupted many other institutions in Indonesia. The army is deep into the charities scam, collecting money for welfare in the ranks, while directing money to high-ranking officers. The civil service has compiled an impressive record of bribe demands that could go on for pages, for administrative appointments, diplomatic postings, travel documents, airport clearances, petty approvals, licenses, and everything else imaginable. Officials in the Ministry of Forestry and Plantations are paid to overlook unbelievably rapacious logging, which is followed by burning hundreds of thousands of hectares of cleared land (spreading smoke to Singapore and Malaysia), which is followed by driving villagers off their land, which is followed by creating huge oil palm plantations belonging to the president’s family and friends. The central bank has been called a “den of thieves,” with regulators taking bribes to overlook fraudulent practices in the financial sector. Members of the judiciary buy more prestigious judgeships and then charge litigants for favorable judgments. Foreign aid and World Bank financing have been siphoned off for years, perhaps as much as 30 percent going into the pockets of corrupt officials. Which all brings the country close to the ranks of a weak or failing state, where terrorists thrive and threaten the continuity of the nation. Estimates of the accumulated wealth of the Suhartos are all over the board. One of the best examinations was done by Time magazine in 1999 after Suharto’s fall, placing the amount of money that had passed through the family’s hands at $73 billion and the amount that had remained in their pockets at $15 billion. Time went on to report that as the regime tottered, “$9 billion of Suharto money was transferred from Switzerland to a nominee bank account in Austria.” 49 Angered Suhartos threatened suit and then backed away, leaving the allegation uncontested.
TABLE 3.3 SUHARTO FAMILY HOLDINGS AND FOREIGN PARTNERS Dirty Money at Work 75 Family Member and Companies a Principal Foreign Partners b Siti Hardiyanti Rukmana El Paso Energy, General Dynamics, c Lucent “Tutut” Technologies, Motorola, Energy Equity, Eldest daughter Marubeni 111 companies Siti Hediati Prabowo “Titiek” General Electric, Edison Mission Energy, c Middle daughter Merrill Lynch, c Fashion Café, National Power, 70 companies Tomen Power Siti Hutami Endang Adyningsih “Mamiek” Youngest daughter 6 companies Sigit Harjojudanto California Energy, Du Pont, Freeport Eldest son McMoRan, Unocal, British Petroleum, Thames 115 companies Water, Mitsui, Nichimen Corporation, Sumitomo, Tomen Corporation Bambang Trihatmodjo Atlantic Ritchfield, Duke Energy, Enron, Hughes Middle son Communications, Hyatt, c Montrose, d Union 327 companies Carbide, d Uniroyal Goodrich, d United Parcel Service, Warner Lambert, d Waste Management, d Equatorial Energy, Telsat, BP Chemicals, Ergon Energy, Lloyds of London, National Power, Powergen, Alcatel, Deutsche Telekom, Siemens, Nestlé, Idemitsu Petrochemical, Marubeni, Mitsubishi, Nippon Shokubai, Hyundai, City View Energy, Nufarm Hutomo Mandala Putra Bell Atlantic, Detroit Diesel, International “Tommy” Wireless, Jupiter International, Guinness Peat, d Youngest son Rolls Royce, c Mitsui OSK Lines, NEC, Nissho 127 companies Iwai Corporation, Sumitomo, Kia Motors, Nettlefold Outdoor, Asia Power, Electricity Corporation Probosutedjo Half brother of Suharto 119 companies (Continued)
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CAPITALISM’S ACHILLES HEEL Dirty
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concerted actions to reduce opportu
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Copyright © 2005 by Raymond W. Bak
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CONTENTS Prologue 1 CHAPTER 1 Globa
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CHAPTER 10 Philosophy Becomes Cultu
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“ CHAPTER 1 GLOBAL CAPITALISM: SA
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Global Capitalism: Savior or Predat
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“ CHAPTER 4 MAGNITUDES AND MISUND
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CHAPTER 5 THE GLOBAL DIVIDE WRITING
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CHAPTER 6 “I DON’T UNDERSTAND
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CHAPTER 7 IT’S THE 70 TO 90 PERCE
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“ PART III DISUTILITY: BENTHAM KO
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Disutility: Bentham KOs Smith 281 t
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study and lecture, taking up in 175
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The Anguish of Adam Smith 285 of gr
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The Anguish of Adam Smith 287 Preva
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The Anguish of Adam Smith 289 Preva
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The Anguish of Adam Smith 291 Smith
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ing the joys of wealth to all. In t
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The Anguish of Adam Smith 295 paid
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seated concern for exemplary behavi
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The Anguish of Adam Smith 299 want
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ut, with growing passion for legal
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The Joys of Jeremy Bentham 303 fice
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view in 1824 as an outlet for their
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Bentham’s ideas were not all outl
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PROBLEMS The Joys of Jeremy Bentham
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The Joys of Jeremy Bentham 311 Jere
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ate homogeneity, and the lowest inc
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Philosophy Becomes Culture 315 intr
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Philosophy Becomes Culture 317 Desi
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Thus, from the late 1700s to the ea
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Philosophy Becomes Culture 321 War
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The point is much simpler. In the v
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dard model attempt to incorporate t
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tarianism, operating through tenets
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Philosophy Becomes Culture 329 enou
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Philosophy Becomes Culture 331 •
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CHAPTER 12 SPREADING PROSPERITY RES
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CHAPTER 13 RENEWING CAPITALISM SHOR
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ACKNOWLEDGMENTS JENNIFER NORDIN has
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Acknowledgments 379 helpful. E. J.
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Acknowledgments 381 I’m addressin
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384 NOTES 10. Harry Shutt, The Trou
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386 NOTES countries, can be exchang
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388 NOTES 14. U.S. Senate, Committe
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390 NOTES 51. Sultan Ahmed, “Reco
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392 NOTES 82. Gregg Zoroya, “Mili
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394 NOTES Transnational Crime and C
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396 NOTES 131. 2002 Human Rights Re
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398 NOTES 148. Susan Sachs, “Huss
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400 NOTES 181. Ibid., 48. 182. UN S
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402 NOTES 212. Decree of the Presid
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404 NOTES combination of mispricing
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406 NOTES bulk cash shipments. Some
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408 NOTES 43. Two “name and shame
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410 NOTES of arbitrary assessments
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412 NOTES plan. An even more refine
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414 NOTES 35. Bhalla, Imagine There
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416 NOTES The Bank for Internationa
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418 NOTES CHAPTER 8 The Anguish of
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420 NOTES 3. Jeremy Bentham, Consti
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422 NOTES 25. Ibid., 31. 26. A.C. P
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Abacha, Mariam, 62 Abacha, Mohammed
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Canada, 84, 128, 141, 143, 148, 149
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component of dirty money; Criminal
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Gross domestic product (GDP): corru
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Maldives, the, 36 Malik, Rehman, 83
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Razzak Yaqub, Abdul, 79, 80 Real es
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Tesler, Jeffrey, 66 Thailand, 90, 1
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