Mandela inches left toe forward
Hey, comrades... Since SA has been the subject of some PEN-L debate (and since I've just returned from five years there, and am not adjusting well to the new political climate!), here's a report from the SA version of AP news wire that may or may not boost your spirits, depending on your expectations and credulity... Patrick Bond JOHANNESBURG Nov 22 Sapa Answering audience questions following an address by President Nelson Mandela at a business breakfast on Tuesday, ANC Trade and Industry Minister Trevor Manuel said the government considered both policies -- nationalisation and privatisation -- as useful strategies for change. "We need to strip each one of its ideological baggage and try to actually understand what they are," he said. Manuel's remarks followed an earlier remark at the breakfast by President Mandela which raised a few corporate eyebrows. Mandela said the goverment had not abandoned nationalisation, but had merely "shifted their strategy" in order to appease the business community. "We still believe that this (nationalisation) is the correct strategy, but in the interests of gaining the confidence of business, we had to shift our strategy," Mandela said. Mandela's remark prompted questions from the audience, asking whether the government would consider re-introducing a nationalisation focus if current efforts failed to produce sustained econmic growth. Manuel said the government would consider whatever options were most likely to create growth. Although certain State assets would benefit from privatisation, others remained a necessary part of serving the populace. "There are particular kinds of utilities that need to provide a service to those who have been disadvantaged," he said. In response to the question of financial and exchange controls, Manuel said the government was unlikely to adopt a "big bang" approach when scrapping the dual exchange financial rand mechanism. "A fair amount of analysis is being done." "What happens to exchange control in future and how it is handled is a matter which should be referred to the Governor of the Reserve Bank," Manuel said.
Money laundering
AMEX subsidiary fined MONEY LAUNDERING CASE SETTLED FOR $32 MILLION DALLAS -- A banking arm of the American Express Company agreed to pay a $32 million settlement Monday in a money-laundering case involving Mexico's largest drug cartel. The cartel is a principal conduit for Colombian cocaine entering the United States. Prosecutors said it was the largest civil penalty ever assessed against an American financial institution for laundering money. American Express Bank International was accused of laundering drug money through Cayman Islands accounts for the Juan Garcia Abrego gang, also known as the Gulf cartel. Two bank directors were convicted in June. In a prepared statement, the company admitted no wrongdoing but said that it had legal responsibility for its employees' actions, and agreed to forfeit $25 million US in laundered money, pay a $7 million penalty and spend $3 million to improve a compliance program that a prosecutor said existed only on paper. Under the settlement, in a case filed in federal court, the government agreed not to seek criminal charges against the bank. "We are combating money laundering in an effort to curb the drug traffic," said the prosecutor, assistant US attorney David Novack. "If we hit the money laundering, we can shut off the avenue where they hide their profits." American Express Bank International put the case in the context of the increasing sophistication and complexity of international money laundering. "No matter how strong an institution's financial compliance program may be, there's no guarantee of compliance by individuals who choose to circumvent the law," said Pamela Hanlon, a bank representative. -- New York Times News Service Sid Shniad
Need Analysis of NAFTA and Immigration Issues?
Hi all, One service PEN-Lers could do for the anti-187 fight is to find or write some very short, popular articles on the relation of free trade to immigration. Other aspects of immigration are appreciated of course, but it would be wonderful to compile a whole collection of PEN-L briefs on the subject, all referenced with your academic credentials. Then these briefs or quotations can be inserted into local articles or school newspapers as "authoriative sources." So please, could folks write some analysis of immigration and economic issues, and put your academic credential at the top. I'll make sure they are distributed around. *Nathan Newman: [EMAIL PROTECTED] ***
recent references on rural economic development in the US
David Vail and Michael Hillard are looking for references on the topic of rural economic development in the US. They wonder if anyone on this list can provide leads or citations on analytic perspectives, applied analyses and policies. Given the breadth of their request I suspect that if anyone can offer an up to date bibliography or point to a net site that might contain some, they'd be quite pleased. I also suspect that they are most interested in recent citations. You can send off list to my address or by snail mail to Professor Michael Hillard Economics University of Southern Maine Portland, ME 04103 Thanks. Joseph E. Medley Economics University of Southern Maine Portland, Maine 04103 (207)-780-4293
Re: social security
On Tue, 15 Nov 1994, Helene Jorgensen wrote: > But talking about reforming the social security system, I would like to > hear the opinion of other pen-lers about changing to a fully funded system > (instead of the pay-as you-go system we have today). In Denmark a fully fun- > ded social security system was implemented for, I think, 10-15 years ago. The > wealth of this fund has increases tremendeously since then, and the fund now > owns over 50 percent of all stocks of private companies. This has been refer- > red to as "socialism through the back door." I've been away, so apologies for entering this discussion belatedly. But I'd love to hear more about this. How are the funds managed? Peter Drucker used to wail about "pension fund socialism," but now we see pension fund managers are among the strongest agents of financial orthodoxy on the U.S. scene. Are the Danish funds managed according to social principles or according to orthodox share price maximization? Doug Doug Henwood [[EMAIL PROTECTED]] Left Business Observer 212-874-4020 (voice) 212-874-3137 (fax)
