Merchants of Death
The House of Lords has ruled that the Serious Fraud Office (SFO) acted lawfully when it halted its investigation into a Saudi arms deal.
The SFO dropped its inquiry into the £43bn deal with BAE Systems over fears it would threaten national security. Ministers said that the Saudi government had threatened to withdraw cooperation on security matters. The High Court had ruled in April that this was unlawful, but the Law Lords have reversed that decision on appeal.
So BAE cut a few Saudis some rather large Gregorys in order to secure a large arms contract … & the problem with that is what exactly??
I seem to recall reading a story about some proposals for arms manufacturers to sign up to an ethical sales policy – the naivety of which I find absolutely astonishing. May be frothing at the mouth liberals also want the hated merchants of death to ensure that there products are sustainable & capable of re-cycling as well? I on the hand can only applaud the actions of British Aerospace in adopting local business practises in order to make money i.e. deliver shareholder value.
In these difficult times, it makes a refreshing change to see a major UK company taking a pragmatic stance in the face of all of the corporate social responsibility tripe that is banded around these days & showing concern for their shareholders dividends.
This is why my unethical share portfolio trades so well. Forget buying stock in companies that make sandals out of old tyres & have a fairtrade policy – companies like that will always be more concerned with their image than protecting your investment in them. Go out & buy oil majors, armscos, anybody that manufactures booze or fags & I guarantee you that you will "beat the index"
Comments
BATFE ... it's not a government agency ... in Britain it's an investment strategy.
( In the US, it's also a convenience store ... the Sinclair gas station in Powell Wyoming still has a driveup window where you can buy booze, tobacco, and ammunition )
Posted by: Kristopher | July 31, 2008 6:19 PM
The Saudi deal is keeping thousands in a job. Why are people complaining?
Posted by: Azubi | July 31, 2008 6:38 PM
Anyone who thinks you can do business in the Middle East without baksheesh has never had to do business in the Middle East.
Cost of business, cost of business.
Posted by: Kim du Toit | July 31, 2008 7:35 PM
Hahahha, of course this is how it works in the Kingdom, and in other governments as well. The real difference about the Kingdom is that you probably had to pay the crew from King Fahad's family the same amount not to fuck up the deal for the Crown Prince's family. That's how Saudi's make a living.
Posted by: dr kill | August 1, 2008 12:26 AM