Mubarak's Billions

| Mon Feb. 7, 2011 11:54 AM EST

The details of Mubarak’s fortune are a bit muddy, but according to various press reports, the family’s total wealth runs well into the tens of billions of dollars.

In Asia Times Online, Pepe Escobar reports:

According to a mix of United States, Syrian and Algerian sources his personal fortune amounts to no less than US $40 billion – stolen from the public treasury in the form of “commissions”, on weapons sales, for instance. The Pharaoh controls loads of real estate, especially in the US; accounts in US, German, British and Swiss banks; and has "links" with corporations such as MacDonald’s, Vodafone, Hyundai and Hermes. Suzanne, the British-Irish Pharaoh’s wife, is worth at least $5 billion. And son Gamal – the one that may have fled to London, now stripped of his role as dynastic heir – also boasts a personal fortune of $17 billion. Or some $60 billion. Some speculate the fortune is around $70 billion.’

Should Mubarak skip the country, as Corey Pein points out in War Is Business, he might well do it in a  business jet provided free of charge by the US taxpayers. “Pentagon contracts show that the US government has spent at least $111,160,328 to purchase and maintain Mubarak’s fleet of nine Gulfstream business jets. (For those keeping score, Gulfstream is a subsidiary of General Dynamics.)” War Is Busines provides copies of the actual contracts. Here is one of them:

 

Advertise on MotherJones.com

Gulfstream Aerospace Corp., Savannah, Ga., is being awarded a $19,825,221 firm fixed price contract modification to provide for the Foreign Military Sales Program in support of FMS Case Egyptian. The Air Force provides follow-on maintenance support for the Egyptian Government’s Presidential fleet of Gulfstream aircraft. The program will provide depot maintenance support, parts and material repair, and supply, field team, and Aircraft on Ground or urgent situation support. At this time, $14,825,221 of the funds has been obligated. Further funds will be obligated as individual delivery orders are issued. This work will be complete by November 2005. Solicitation began October 2003 and Negotiations were completed October 2003. The Headquarters Oklahoma City Air Logistics Center, Tinker Air Force Base, Okla., is the contracting activity (FA8106-04-C-0001).

It’s tit for tat with Egypt. Pein again:

When the two military leaders met in May 2009 to discuss “a wide range of security issues,” Egyptian Defence Minister Hussein Tantawi presented US Defense Secretary Robert Gates with a set of gifts. They included a shotgun (with five bullets), a decorative rug and a gilded photo album.With a confidence that, in retrospect, seems dubious, Gates said “he looks forward to expanding the two countries’ military-to-military relationships in ways that promote regional stability.’Five months after that meeting, the Pentagon announced it would sell a new batch of two dozen F-16 fighter aircraft to Egypt—a $3.2 billion deal that is among the most recent of a long string of arms deliveries from America to its North African ally. These F-16s, according to the Pentagon announcement (pdf) would support “Egypt’s legitimate need for its own self-defense.”

In her blog, Sibel Edmonds, the former FBI translator who exposed corruption and incompetence at the Bureau, writes:

This is where our government takes our dollars, gives it to dictator allies, and then asks them to turn around, give that money (minus the personal share for personal wealth) to our military industrial complex corporations. Then, we have those CEO’s with $$$$$$$ salaries, and $$$$$$$ to the lobbyists and $$$$$$ to our elected representatives, who then in turn, sanction giving more money, aid, tax payers’ dollars, to these dictators; and the cycle repeats, repeats, repeats…well, it’s been repeating nonstop for more than half a century.