Monday, July 14, 2008

Iraq Yellowcake clouds media judgement

The story below, about the removal of Saddam Hussein's Yellowcake uranium cache from Iraq, only came to my attention after being mentioned on the Leighton Smith show today. Today is the 14th of July but the story is dated 5th July.

The mainstream media have largely ignored it, we haven't seen it on our New Zealand TV screens, even though the likes of John Campbell from TV3 pushed the line constantly that Saddam had no WOMDs and the left salivated rabidly over President Bush's claims that Saddam was a threat to the West and those countries around Iraq. They were wrong dear reader.

Any self respecting media outlet or journalist would have reported this story and if they had a contrary stance before the July reportage, they are duty bound to backtrack, apologise for being wrong and then quit their jobs.

The facts are that sensationalists like John Campbell John Pilgered their way over the whole Iraq WOMD saga, so much so they ignored evidence to the contrary, evidence now uncovered and making its way to Canada to be used legitimately to produce electricity.

Even our Prime Minister, Helen Clark, and her cabinet flunkies got on the WOMD denial bus and are now left without a ticket and a bus running out of control down a really steep hill.

The spin put on the original AP story from some Internet outlets, like the New York Times and lefty hair brained bloggers, simply defies logic.

The evidence is there folks, end of story.

c Political Animal 2008



In a Monday June 9, 2003 file photo, UN inspectors from the International Atomic Energy Agency (IAEA) work at the nuclear facility in Tuwaitha, Iraq, 50 kms east of Baghdad. The last major remnant of Saddam Hussein's nuclear program _ a huge stockpile of concentrated natural uranium _ reached a Canadian port Saturday, July 5, 2008, to complete a secret U.S. operation that included a two-week airlift from Baghdad and a ship voyage crossing two oceans. (AP Photo/Saurabh Das, file)

AP Exclusive: US removes uranium from Iraq

The last major remnant of Saddam Hussein's nuclear program — a huge stockpile of concentrated natural uranium — reached a Canadian port Saturday to complete a secret U.S. operation that included a two-week airlift from Baghdad and a ship voyage crossing two oceans.

The removal of 550 metric tons of "yellowcake" — the seed material for higher-grade nuclear enrichment — was a significant step toward closing the books on Saddam's nuclear legacy. It also brought relief to U.S. and Iraqi authorities who had worried the cache would reach insurgents or smugglers crossing to Iran to aid its nuclear ambitions.

What's now left is the final and complicated push to clean up the remaining radioactive debris at the former Tuwaitha nuclear complex about 12 miles south of Baghdad — using teams that include Iraqi experts recently trained in the Chernobyl fallout zone in Ukraine.

"Everyone is very happy to have this safely out of Iraq," said a senior U.S. official who outlined the nearly three-month operation to The Associated Press. The official spoke on condition of anonymity because of the sensitivity of the subject.

While yellowcake alone is not considered potent enough for a so-called "dirty bomb" — a conventional explosive that disperses radioactive material — it could stir widespread panic if incorporated in a blast. Yellowcake also can be enriched for use in reactors and, at higher levels, nuclear weapons using sophisticated equipment.

The Iraqi government sold the yellowcake to a Canadian uranium producer, Cameco Corp., in a transaction the official described as worth "tens of millions of dollars." A Cameco spokesman, Lyle Krahn, declined to discuss the price, but said the yellowcake will be processed at facilities in Ontario for use in energy-producing reactors.

"We are pleased ... that we have taken (the yellowcake) from a volatile region into a stable area to produce clean electricity," he said.

The deal culminated more than a year of intense diplomatic and military initiatives — kept hushed in fear of ambushes or attacks once the convoys were under way: first carrying 3,500 barrels by road to Baghdad, then on 37 military flights to the Indian Ocean atoll of Diego Garcia and finally aboard a U.S.-flagged ship for a 8,500-mile trip to Montreal.

And, in a symbolic way, the mission linked the current attempts to stabilize Iraq with some of the high-profile claims about Saddam's weapons capabilities in the buildup to the 2003 invasion.

Accusations that Saddam had tried to purchase more yellowcake from the African nation of Niger — and an article by a former U.S. ambassador refuting the claims — led to a wide-ranging probe into Washington leaks that reached high into the Bush administration.

Tuwaitha and an adjacent research facility were well known for decades as the centerpiece of Saddam's nuclear efforts.

Israeli warplanes bombed a reactor project at the site in 1981. Later, U.N. inspectors documented and safeguarded the yellowcake, which had been stored in aging drums and containers since before the 1991 Gulf War. There was no evidence of any yellowcake dating from after 1991, the official said.

U.S. and Iraqi forces have guarded the 23,000-acre site — surrounded by huge sand berms — following a wave of looting after Saddam's fall that included villagers toting away yellowcake storage barrels for use as drinking water cisterns.

Yellowcake is obtained by using various solutions to leach out uranium from raw ore and can have a corn meal-like color and consistency. It poses no severe risk if stored and sealed properly. But exposure carries well-documented health concerns associated with heavy metals such as damage to internal organs, experts say.

"The big problem comes with any inhalation of any of the yellowcake dust," said Doug Brugge, a professor of public health issues at the Tufts University School of Medicine.

Moving the yellowcake faced numerous hurdles.

Diplomats and military leaders first weighed the idea of shipping the yellowcake overland to Kuwait's port on the Persian Gulf. Such a route, however, would pass through Iraq's Shiite heartland and within easy range of extremist factions, including some that Washington claims are aided by Iran. The ship also would need to clear the narrow Strait of Hormuz at the mouth of the Gulf, where U.S. and Iranian ships often come in close contact.

Kuwaiti authorities, too, were reluctant to open their borders to the shipment despite top-level lobbying from Washington.

An alternative plan took shape: shipping out the yellowcake on cargo planes.

But the yellowcake still needed a final destination. Iraqi government officials sought buyers on the commercial market, where uranium prices spiked at about $120 per pound last year. It's currently selling for about half that. The Cameco deal was reached earlier this year, the official said.

At that point, U.S.-led crews began removing the yellowcake from the Saddam-era containers — some leaking or weakened by corrosion — and reloading the material into about 3,500 secure barrels.

In April, truck convoys started moving the yellowcake from Tuwaitha to Baghdad's international airport, the official said. Then, for two weeks in May, it was ferried in 37 flights to Diego Garcia, a speck of British territory in the Indian Ocean where the U.S. military maintains a base.

On June 3, an American ship left the island for Montreal, said the official, who declined to give further details about the operation.

The yellowcake wasn't the only dangerous item removed from Tuwaitha.

Earlier this year, the military withdrew four devices for controlled radiation exposure from the former nuclear complex. The lead-enclosed irradiation units, used to decontaminate food and other items, contain elements of high radioactivity that could potentially be used in a weapon, according to the official. Their Ottawa-based manufacturer, MDS Nordion, took them back for free, the official said.

The yellowcake was the last major stockpile from Saddam's nuclear efforts, but years of final cleanup is ahead for Tuwaitha and other smaller sites.

The U.N.'s International Atomic Energy Agency plans to offer technical expertise.

Last month, a team of Iraqi nuclear experts completed training in the Ukrainian ghost town of Pripyat, which once housed the Chernobyl workers before the deadly meltdown in 1986, said an IAEA official who spoke on condition of anonymity because the decontamination plan has not yet been publicly announced.

But the job ahead is enormous, complicated by digging out radioactive "hot zones" entombed in concrete during Saddam's rule, said the IAEA official. Last year, an IAEA safety expert, Dennis Reisenweaver, predicted the cleanup could take "many years."

The yellowcake issue also is one of the many troubling footnotes of the war for Washington.

A CIA officer, Valerie Plame, claimed her identity was leaked to journalists to retaliate against her husband, former Ambassador Joe Wilson, who wrote that he had found no evidence to support assertions that Iraq tried to buy additional yellowcake from Niger.

A federal investigation led to the conviction of I. Lewis "Scooter" Libby, Vice President Dick Cheney's chief of staff, on charges of perjury and obstruction of justice.

c Associated Press 2008

Labour gets tangled in Peter's lies

The New Zealand public all know Winston Peters has got where he has today by stretching the truth. For goodness sake he is a lawyer /politician, it is ingrained in him to lie.

The latest truth expansion lies in the big story of the week, Peter's secret donations from Owen Glenn and his denial that he got these donations, after it was revealed in the NZ Herald over the weekend, in leaked emails from NZ First PR man to Owen Glenn, that they keep secret the money given to Peters by Glenn.

Winston Peters is in a very important position in the Labour Government, as Foreign Minister. If the New Zealand public cant get the truth about the Owen Glenn donations to NZ First then we cant trust him on important issues surrounding his position as part of the Labour Government.

Helen Clark's position is a tenuous one at best. Her party relies upon support from NZ First to stay in power. If one of her "insiders", in Peter's, has an issue over honesty, then what remains of her integrity(sorry to use the "I" word) is sorely stretched to breaking point.

Now we have seen the Prime Minister lie many times before, after all she has made it the centre piece of her Labour Party administration for the last 9 years. To allow Peters to drift in the wind(to Fiji this week) over the secret donations made to NZ First by Owen Glenn simply smacks of hypocrisy and is morally corrupt at best.

Considering Ms Clark and her Party passed their Electoral Finance Act last year to stop what they said were secret large foreign money donations "buying elections" then Clark must make her move on the top poddle and its party.

Clark does have a wee problem on the Glenn front though. Their Party accepted donations from him before and after the 2005 election and their party president Mike Williams lied about it earlier this year.

We deserve the truth from our Prime Minister and Winston Peters. We are simply not getting it.

Related Political Animal Reading

Leaked Glenn Email

Winston got secret donations from Owen Glenn
Labour Party Election funding murky at best
Electoral Finance Bill: The purpose is clear
The Owen Glenn Story: Singing the same tune but hitting a bum note

c Political Animal 2008

Sunday, July 13, 2008

10 Basic Buffett questions to ask before investing

In this time of market turmoil, an official bear market, and probable global recession, it is worth turning to someone with a bit of sage advice before one plunks down those hard earned dollars. Warren Buffett has been buying up stakes in large companies of late, the Mars-Wrigley merger and the recently announced funding of a large purchase by Dow Chemical Co. No doubt he has been using some or all of his own techniques.

You and I can too.

The comments by Warren Buffet and analysis by Buffett writers suggest that, at the very least, Warren Buffett looks at the following aspects of a business and its day to day running. These "Buffett criteria" for buying a business, or any investment for that matter, can be put in the form of questions. Questions that any sensible investor should ask before considering a stock investment.

The Basic questions

1. Does the company sell brand name products that are likely to endure?
2. Is the business of the company easily understood?
3. Does the company invest in and operate businesses within its area of expertise or does it have sound management?
4. Does the company have the ability to maintain or increase profitability by raising prices?
5. Is the company, looking at both long-term debt, and the current position, conservatively financed?
6. Does the company show consistently high returns on equity and capital?
7. Have the earnings per share and sales per share of the company shown consistent growth above market averages over a period of at least five years?
8. Has the company been buying back its shares, and if so, has it bought them responsibly?
9. Has management wisely used retained earnings to increase the rate of return to shareholders?
10. Is the company going to regularly require large capital sums to ensure continuing profitability?

See case studies.
This should be the first stage of the process. The next, and most important question, is determining the price that an investor such as Warren Buffet would pay for the stock, allowing for the margin of safety, which Buffett often talks about.



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c Share Investor 2008

Saturday, July 12, 2008

Email excerpt condemning Winston Peters as a Liar

It just gets worse for Winston Peters. Conformation in the email below that Peters has lied to the media over the secret donations made by Owen Glenn to his NZ First Party surely must mean he should step down from his role as part of the minority Labour Government.

Like the Labour Party, Peters wanted the Glenn donations kept secret for some reason and he lied to the public to maintain that secrecy.

I guess the old adage is true, you lie down with dogs and you get fleas.


5:00AM Saturday July 12, 2008
By Audrey Young
Photo / Mark Mitchell

Photo / Mark Mitchell

Controversy over secret political funding is likely to be reignited by private emails that suggest Labour's biggest donor also gave money to NZ First.

The emails suggest repeated denials by Foreign Minister Winston Peters that his New Zealand First Party received a donation from businessman Owen Glenn appear to be incorrect.

A private email from Mr Glenn to his public relations man in New Zealand says he did give the party a donation.

Mr Peters was last night sticking by his story, saying through a spokesman that Mr Glenn had not given the party money - "he did not" - but he refused any other comment.

The conflicting stories raise credibility issues, as Mr Peters produced a large "NO" sign at a press conference soon after questions of a donation to his party arose.

Prime Minister Helen Clark refused to comment last night.

While she has sacked ministers for incorrect comments, they have been Labour ministers. She runs a minority Government, relying on New Zealand First in confidence and supply votes. With an election less than five months away, she would want to avoid any conflict with Mr Peters.

The email exchange between Mr Glenn and PR man Steve Fisher, managing director of Baldwin Boyle, occurred in February this year when the Monaco-based businessman was visiting New Zealand to open the Owen G. Glenn building at the Auckland University Business School.

Mr Fisher emailed Mr Glenn on February 21 about a Herald story on the businessman's donations to political parties. He was concerned that Mr Glenn and Mr Peters continued to give the same story.

Mr Glenn, in his reply to Mr Fisher, disclosed that he gave to the party.

Steve Fisher: Our plan worked well. There is nothing new about you in here Owen. Note that Winston says you have never made a donation to NZ First, so at all costs you must stick to that line. It was definitely the right thing to do to deny the Maori party offer as well.

Owen Glenn: Steve - are you saying I should deny giving a donation to NZ First?? When I did?

Steve Fisher: No, just stick to the line of referring stuff to NZ First. What I'm saying is we don't want to contradict Winston.

Last night, Mr Glenn was in Monaco, and when asked why he had not said in February that he gave money, he said: "I made a decision not to say anything to anybody because there was so much controversy about everything. I was just there to open the business school so I just didn't want to get caught up in anything ... I elected not to say anything."

He also expressed disappointment at the fuss made over his political donations, saying: "I just don't find New Zealand a very friendly place and it's unlikely I will go back."

When Mr Glenn was in New Zealand in February, he also said he was hoping to be appointed the country's honorary consul in Monaco - a decision that would have been made by Mr Peters as Foreign Minister.

Dail Jones, NZ First party president at the time and now a list MP, fuelled speculation of a donation to his party when he told the Herald during Mr Glenn's visit that a large anonymous donation - "closer to $100,000" than $10,000 - had appeared in the party's accounts last December. condemning

But Mr Peters said the money was an aggregation of smaller donations.

Related Political Animal reading

Winston Peters got secret donations from Owen Glenn
Snouts in the trough bent out of shape
The Owen Glenn story: Singing the same tune but hitting a bum note
Labour Party Election funding murky at best

c Political Animal 2008