Monday, August 14, 2006

I learned a new word.

Kleptocracy

Known Kleptocrats
Saddam Hussein, former President of Iraq
Hussein looted Iraq of billions of dollars by skimming workers’ profits, taking kickbacks, smuggling, and stealing state funds. He used these ill-gotten gains to maintain despotic power, develop and purchase weapons, and enrich his family, cronies, and himself.
Arnoldo Aleman, former President of Nicaragua
Aleman and other officials embezzled millions from the Government of Nicaragua by diverting government funds offshore for personal enrichment.
Sani Abacha, former President of Nigeria
Abacha amassed about $2 billion in illicit proceeds by taking bribes and kickbacks from foreign contractors, awarding contracts to bogus companies, and stealing money from the Nigerian Central Bank.
Alberto Fujimori, former President of Peru
Fujimori fled to Japan and resigned his presidency amid accusations of fraud, corruption, and money laundering leveled against him and several of his close associates. U.S. law enforcement agencies discovered more than $20 million in assets hidden in the United States which were returned to the Government of Peru.


This is part is amazing…
How much impact do kleptocrats have? Just a few examples; the World Bank estimates that $1 trillion a year is paid every year in bribes. Over 400 billion, according to the UN, has been looted from Africa and stashed away in foreign countries. In Sub-Saharan Africa, we have eight -- about 800 million people, many living on a dollar a day. $400 billion is a lot of money that belongs with the citizens of those nations. Transparency International estimates that former Indonesian President Suharto, for example, embezzled between 15 and 35 billion dollars from his people during his tenure. Ferdinand Marcos and many others, but he was estimated to have embezzled $5 billion from his people. Where is that money coming from? It's coming from the citizens of those countries.

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