UK Muslim Brotherhood, Cross/Double-Cross

China to lay off five to six million workers

Hank Paulson: China needs to let ‘failing companies fail’

Former U.S. Treasury Secretary Henry Paulson, who oversaw bank bailouts during the global financial crisis, has different advice for China: Let companies fail.

“They can show right now they’re very serious about dealing with inefficient state-owned enterprises as they take capacity out of the steel industry, coal industry and others by letting some failing companies fail,” Paulson, who was Treasury secretary from 2006-2009, told CNBC’s Squawk Box on the sidelines of an Institute of International Finance event organized in conjunction with the G20 meeting in Shanghai.

As Treasury secretary, Paulson oversaw a $700 billion government-funded bailout of U.S. financial institutions that were seen as “too big to fail” in the global financial crisis.

Paulson, who is also a former chairman and CEO of Goldman Sachs, added that China needed to move faster to promote competition.

“Competition is about opening up to the private sector, which is the future, and it’s about putting the state-owned enterprises on a level playing field,” said Paulson,, who earlier this decade founded the independent think tank Paulson Institute promoting sustainable and environmental projects. “There’s clearly room to move faster.”

Last year, China issued guidance on reforming often-inefficient state enterprises, such as introducing mixed public-private ownership as well as pushing for mergers and share sales, but the market isn’t always certain of progress on this front.

Exclusive: China to lay off five to six million workers, earmarks at least $23 billion

Reuters: China aims to lay off 5-6 million state workers over the next two to three years as part of efforts to curb industrial overcapacity and pollution, two reliable sources said, Beijing’s boldest retrenchment program in almost two decades.

China’s leadership, obsessed with maintaining stability and making sure redundancies do not lead to unrest, will spend nearly 150 billion yuan ($23 billion) to cover layoffs in just the coal and steel sectors in the next 2-3 years.

The overall figure is likely to rise as closures spread to other industries and even more funding will be required to handle the debt left behind by “zombie” state firms.

The term refers to companies that have shut down some of their operations but keep staff on their rolls since local governments are worried about the social and economic impact of bankruptcies and unemployment.

Shutting down “zombie firms” has been identified as one of the government’s priorities this year, with China’s Premier Li Keqiang promising in December that they would soon “go under the knife”..

The government plans to lay off five million workers in industries suffering from a supply glut, one source with ties to the leadership said.

A second source with leadership ties put the number of layoffs at six million. Both sources requested anonymity because they were not authorized to speak to media about the politically sensitive subject for fear of sparking social unrest.

The ministry of industry did not immediately respond when asked for comment on the reports.

The hugely inefficient state sector employed around 37 million people in 2013 and accounts for about 40 percent of the country’s industrial output and nearly half of its bank lending.

It is China’s most significant nationwide retrenchment since the restructuring of state-owned enterprises from 1998 to 2003 led to around 28 million redundancies and cost the central government about 73.1 billion yuan ($11.2 billion) in resettlement funds.

On Monday, Yin Weimin, the minister for human resources and social security, said China expects to lay off 1.8 million workers in the coal and steel industries, but he did not give a timeframe.

China aims to cut capacity gluts in as many as seven sectors, including cement, glassmaking and shipbuilding, but the oversupplied solar power industry is likely to be spared any large-scale restructuring because it still has growth potential, the first source said.

DEBT OVERHANG

The government has already drawn up plans to cut as much as 150 million tonnes of crude steel capacity and 500 million tonnes of surplus coal production in the next three to five years.

It has earmarked 100 billion yuan in central government funds to deal directly with the layoffs from steel and coal over the next two years, vice-industry minister Feng Fei said last week.

The Ministry of Finance said in January it would also collect 46 billion yuan from surcharges on coal-fired power over the coming three years in order to resettle workers. In addition, an assortment of local government matching funds will also be made available.

However, the funds currently being offered will do little to resolve the problems of debts held by zombie firms, which could overwhelm local banks if they are not handled correctly.

“They have proposed this dedicated fund only to pay the workers, but there is no money for the bad debts, and if the bad debts are too big the banks will have problems and there will be panic,” said Xu Zhongbo, head of Beijing Metal Consulting, who advises Chinese steel mills.

Factories shut down would have to repay bank loans to avoid saddling state banks with a mountain of non-performing loans, the sources said. “Triangular debt”, or money owed by firms to other enterprises, would also have to be resolved, they added.

Although China has promised to help local banks transfer the bad debts of zombie steel mills to asset management firms, local governments are not expected to gain access to the worker lay-off funds until the zombie firms have actually been shut down and debt issues settled.

($1 = 6.5476 Chinese yuan)

Hillary’s Libya Interim Govt Failed Security Standards

The civil war in Libya was raging as Hillary had some clandestine team stitch together some interim players to later become the Transitional National Council to run the country’s government. Conditions were do bad that Ambassador Stevens was hours from bailing out of the country 17 months before his ultimate death.

This speaks to conditions that were not only known to the State Department, but to AFRICOM as well and yet no boosts in security personnel was authorized all for the sake of showing control of diplomatic objectives and a light footprint. AFRICOM, more than once offered elevated security and military assistance to State for Libya, yet it was denied by State.

Ambassador killed in Benghazi attack considered leaving Libya in April 2011, emails reveal

FNC: Seventeen months before he was killed in the Sept. 11, 2012 attack on the U.S. Consulate in Benghazi, Libya, Ambassador Chris Stevens was seriously considering leaving the country as its civil war widened.

The ambassador’s concerns are reflected in emails sent to then-Secretary of State Hillary Clinton’s inner circle. The emails were released by the State Department Monday as part of the 14th and final batch of messages from Clinton’s private server.

One email in particular, dated April 10, 2011, relays Stevens’ safety concerns to the State Department. It was sent by a State Department official named Timmy Davis to several key Clinton aides, including Jake Sullivan, now the top foreign policy adviser on Clinton’s presidential campaign, and Huma Abedin.

The message, with the subject line “Stevens update” reads, in part, “The situation in Ajdabiyah [a town approximately 90 miles southeast of Benghazi] has worsened to the point where Stevens is considering departure from Benghazi. The envoy’s delegation is currently doing a phased checkout (paying the hotel bills, moving some comms to the boat, etc) … He will wait 2-3 more hours, then revisit the decision on departure.”

The message from Davis indicates there is heavy sniper fire and shelling in Ajdabiyah. According to the message, Stevens is apparently trying to see if “this is an irreversible situation. Departure would send a significant political signal” that the U.S. had lost confidence in Libya’s Transitional National Council, which oversaw the rebel forces fighting to overthrow dictator Muammar Qaddafi.

Davis’ message was forwarded to Clinton by Abedin. The secretary of state’s response is not known.

The latest email release also indicates that State Department official Wendy Sherman sent at least one classified email to Clinton in August 2012. The email, which Sherman sent with the attached message, “I don’t usually forward emails such as below”, dealt with Egyptian troop movements.

Sherman, who left the State Department this past October, led the U.S. delegation at last summer’s nuclear talks with Iran. Fox News previously reported that Sherman appears in a 2013 State Department video saying that in the interest of speed, Clinton and her aides shared information that “would never be on an unclassified system” normally.

Another revelation in the latest email dump is that Sen. Richard Blumenthal, D-Conn., urged Clinton to approve the showing of Usama bin Laden’s death photos to members of Congress after the Al Qaeda leader was killed by Navy SEALs in May 2011.

In an email to Clinton, Blumenthal argued that the photos would provide a boost to President Obama’s political capital ahead of that summer’s lengthy debt ceiling fight with the Republican-controlled House of Representatives.

“Having the members file through [a special secure room] will provide testimony to the President’s feat,” Blumenthal wrote in the May 5, 2011 message. “They will be not only be acknowledging but also enhancing his power. They will in effect become liegemen bowing before him, but not in any way they will resent or will protest. They will serve as witnesses to the magnitude of what he has done.”

Members of Senate and House committees who deal with intelligence and military matters were later invited to view the photos, but they have not been made public.

State Department spokesman John Kirby told reporters Monday that one additional email between Clinton and Obama was withheld from the final batch of messages, bringing the total number of such messages to 19.

Kirby also said that 52,000 pages of emails, not 55,000 as previously stated, have been released to the public from Clinton’s private server, which was kept in her bathroom in her Chappaqua, N.Y. home. Kirby said 55,000 was a “colloquial” term used previously by the State Department and the real number of pages is between 52 or 53,000.

Prediction: An Extraordinary Plea Deal for Hillary et.al

Will a plea deal be enough to stop the formal Democratic Party nomination for President of the United States for Hillary? Understanding the waivers, the dismissiveness and the constant ‘witch-hunt’ diatribe, likely not. Hillary is not qualified to be president and should have her own security clearance stripped and permanently.

Yet, the political machinery is always running on 12 cylinders.

The lead person at the Department of Justice assigned to the Hillary servergate case is Richard S. Scott, whom by the way was the exact lawyer assigned to the General David Petraeus case. It is unknown who is leading the other investigations concerning Hillary’s circle of people that were her firewalls much less her email forwarding clerical types like Jake Sullivan, Huma Abedin and Cheryl Mills.

 

It should also be noted that David Petraeus hired David E. Kendall to represent him, a lawyer whom by the way has been Hillary’s lawyer for decades.

When one examines the investigation and full case of David Petraeus, there are some, only some similarities to Hillary’s investigation. Yet, Petraeus did plea to one count, a violation of 18 U.S.C.{} 1924, which held a maximum term of one year in prison, $100,000 fine or both and no more than 5 years probation.

In the matter of Hillary Clinton, she never had a dot gov email while one was in fact offered to her and further, an exclusive computer was also offered to her to transmit any material, classified, secret or top secret, which was turned down. Instead, Hillary and her team chose to use an unencrypted server for countless email accounts to perform diplomatic government business as well as personal business and for sure business related to the Clinton Foundation.

The final release of emails belonging to Hillary of which the State Department was charged by a court to release is complete as of February 29, 2016.

State Department spokesman John Kirby told reporters Monday that one email was being withheld at the request of an unnamed law enforcement agency, but that no other emails were classified Secret or Top Secret. He noted that one email, previously classified Top Secret by the Intelligence Community Inspector General, was downgraded to Secret. The email pertains to North Korea’s nuclear program. But Kirby said 261 other emails released Monday were marked Secret and “confidential,” bringing the total to 2,050 emails that contain classified information. Two are being withheld as one deals directly with Barack Obama and the other was over intent of the use of the server itself and the FBI has taken ownership of that email.

***

In part from CNN: The State Department is furthermore being sued for the emails of top aides, and for the tens of thousands of emails Clinton deemed personal and didn’t turn over for review.

Clinton and her aides insist none of the emails she sent or received were marked as classified at the time they were sent, but over 1,800 have been retroactively classified during the State Department-ledpre-release review process.

This includes 22 emails upgraded to Top Secret — the highest level — and withheld by the State Department in full.

On a separate occasion, Clinton and Sullivan exchange emails on a set of “tps” — presumably talking points, which he’s trying to send to her on a secure fax line.

“If they can’t,” Clinton replies, “turn into nonpaper w no identifying heading and send nonsecure.”

There’s no indication whether the talking point were classified, but the exchange led to criticism from Republican Iowa Sen. Chuck Grassley, a frequent Clinton critic, who called the chain “disturbing” and asked the former secretary to “come clean.”

Additional emails, on which Clinton was not copied, also shed light on how her email set-up was viewed at the State Department. Important to read the full CNN summary here.

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What is most remarkable is this email from Hillary’s secret confidant Sidney Blumenthal to Hillary on Benghazi, Libya. It is exceptional the depth of his knowledge and control over events in Benghazi.

The January 25, 2013 email is here.

For: Hillary

From: Sid

Re: Libya security internal deliberations

SOURCE: Sources with direct access to the Libyan National Government, as well as the

highest levels of European Governments, and Western Intelligence and security services.

  1. As of January 24, 2013, while reviewing the decisions that are leading to the departure

of Western diplomatic and business personnel from Benghazi, Libyan Interior Minister Ashour

Shuwail informed Prime Minister Ali Zidan that national intelligence commander General Salim

Hassi and National Libyan Army (NLA) Chief bf Staff General Yousef Mangoush report that the

fighters of Ansar al sharia and their allied eastern militias located in the region between

Benghazi and the Egyptian border are gaining strength steadily. According to an individual with

excellent access to the new Libyan security services, Hassi’s officers believe that these

opposition militias have recovered from the government inspired popular attacks aimed at them

following the destruction of the United States Consulate in Benghazi on September 11, 2013. At

the same time Mangoush believes that the opposition militias have made real use of the time that

has past, and Ansar al sharia is stronger now than before the consulate attack with their

infrastructure enhanced by support from Islamist groups in the Sahel, including al Qa’ida in the

Maghreb (AQIM). The full 4 page email.

In summary, the matter of Hillary’s countless communications violations of U.S. code as well as the 2009 Barack Obama Executive Order is far and beyond that of General Petraeus, but the political machine is spinning. The FBI will turn in a criminal referral to the Department of Justice, yet the powers at Justice will  plea it for the sake of the Democrat party nominee Hillary Clinton.

Disgusting for sure.

 

 

More Benghazi Witnesses and Emails

Select Committee Announces Scheduled Testimony of Additional Witnesses

Washington, D.C. — Select Committee on Benghazi Chairman Trey Gowdy (SC-04) released the following statement announcing the upcoming private testimony of additional witnesses:

“Our committee continues to break an immense amount of new ground as we compile the most comprehensive accounting of what happened before, during and after the terrorist attacks in Benghazi. As we approach our 80th witness interview and work to release our report and recommendations before summer, it’s time for the administration to turn over the records this committee requested nearly a year ago. The American people and the families of the victims deserve the truth, and I’m confident that the value and fairness of our investigation will be abundantly clear to everyone when they see the report for themselves.”

The following witnesses will be questioned in private and bring the total number of witnesses interviewed to 79, including 62 who had never before been interviewed by a congressional committee (these are denoted with asterisks). This schedule is not comprehensive and is subject to change.

 

Thursday, February 25, 2016

Witness:  Gentry Smith, former Deputy Assistant Secretary for Countermeasures within the State Department’s Bureau of Diplomatic Security*

 

Tuesday, March 1, 2016

Witness: An eyewitness to the attacks from the national security community

 

Thursday, March 3, 2016

Witness: James “Sandy” Winnefeld, Jr., former Vice Chairman of the Joint Chiefs of Staff*

 

Friday, March 4, 2016

Witness: Susan Curley, Managing Director of the State Department’s Office of Management Policy, Rightsizing and Innovation*

***

Reminder: Just last week ~

State Department Turns Over 1,600 Newly-Discovered Clinton Documents to Benghazi Committee

FreeBeacon: The State Department turned over 1,600 pages of previously undisclosed documents related to Hillary Clinton and Libya to the House Benghazi committee on Friday, a month after it revealed the existence of the documents in an unrelated court case.

The House Select Committee on Benghazi announced it received the records on Friday, adding that the State Department has yet to fully comply with document requests the committee made nearly a year ago.

“Today the State Department turned over more than 1,600 pages of new documents related to former Secretary Clinton and Libya,” the committee said. “The State [Department] claimed in a January 8th court filing that it only recently discovered these new documents from the Office of the Secretary.”

In January, the State Department disclosed in a court filing that it had recently discovered “thousands” of new documents related to Clinton’s tenure and the Benghazi attack. The filing was in response to a lawsuit by the conservative watchdog group Judicial Watch, which has been seeking records from Clinton’s time at the State Department.

The documents may be released in response to public records requests, but the copies received by the Benghazi committee are not redacted in regard to Libya and Benghazi issues.

The records come from the Office of the Secretary, which would likely include Clinton’s Chief of Staff Cheryl Mills, top aide Huma Abedin, and Clinton’s deputy chief of staff and scheduler.

The Benghazi committee announced last week that it had conducted its 75th interview as part of its investigation into the 2012 Benghazi attack, interviewing former Director of the National Counterterrorism Center Matt Olsen. The committee recently interviewed Patrick Kennedy, the under secretary of state and a key member of Clinton’s inner circle. Most of the committee’s interviews have been conducted privately.

“While there are still witnesses to talk to and documents to review, these significant breakthroughs are big wins that will help the committee complete the most comprehensive investigation into what happened before, during and after the Benghazi terrorist attacks, and release a report as soon as possible,” committee chairman Rep. Trey Gowdy (R., S.C.) said in a statement announcing the panel’s progress last week.