`George Philanthropist'

(chorus)
“I may be a plutocrat
But I believe in philanthropy
It lowers my tax rate
When I give you my blood money.

(verses)
“My name is George Philanthropist and here’s a grant for you
To fund your media project and sponsor your protests, too
I invest heavily in Carlyle, which makes weapons for war
And if you don’t disclose this fact, you never will be poor. (chorus)

“My name is George Philanthropist and here’s a grant for you
To fund your anti-war work and your indymedia, too
I speculate in currency, making billions when I score
And if you don’t disclose this fact, I’ll give you grants some more. (chorus)

“My name is George Philanthropist and here’s a grant for you
To fund your own dance company and theatre in the street
I brought human rights to Europe by working with the CIA
And created a free market where my artists are well-paid. (chorus)

“My name is George Philanthropist and I’m building a world empire
Of NGO grant-hustlers, to put out the rebel fires
My billions from stock investment, I’m using to manage change
And if you call me `Plutocrat,’ my cops will put you in chains.” (chorus)

The George Philanthropist protest folk song was written in the early 21st-century, as the forces of foundation-sponsored “NGOism” continued to marginalize within the dissident U.S. anti-war left sub-culture those grassroots anti-war revolutionary leftists who refused to accept U.S. Establishment foundation grants.

CIA-Funded Foundation Grants (Downtown 3/17/93)

Although most U.S. foundations pose as being free of any CIA connection, during the 1960s many U.S. foundations were actually used by the CIA to grant CIA money to recipients of U.S. foundation grants. According to Secrecy and Democracy: The CIA In Transition by former Rhodes Scholar and former CIA Director Stanfield Turner, “Excluding grants from the three largest U.S. foundations—Ford, Rockefeller, and Carnegie—nearly half of the grants made in the field of international affairs by U.S. foundations between 1963 and 1967 involved CIA money, as did one-third of the grants in the physical, life, and social sciences.” Not surprisingly, few U.S. foundation grant-recipients do any critical research on the CIA’s role in 20th-Century U.S. history and world history, or the CIA’s role in U.S. scientific research.

(Downtown 3/17/93)

Did Ford Foundation Have CIA Connection? (Downtown/Aquarian 1/8/97)

During the Cold War era, a Ford Foundation executive who later became the CIA Deputy Director for Plans responsible for the Bay of Pigs invasion of Cuba and the President of the Columbia University-affiliated Institute for Defense Analyses [IDA], Richard Bissell, simultaneously worked as a CIA consultant. As the now-deceased Bissell recalled in his book Reflections Of A Cold Warrior:

“In January 1952 I joined the Ford Foundation…I worked out of a small office in Washington…The arrangement allowed me to work for the foundation while engaging in outside consulting assignments…Working in Washington…enabled me to maintain my close professional relationships…with people like Frank Wisner, Sherman Kent, Desmond Fitzgerald, Tracy Barnes, and Max Milliken, all of whom were in the CIA and close to Allen Dulles…

“In the fall of 1952, I became part of the CIA’s Princeton Group of consultants (so named because it met on the university’s campus)…In late 1952…Max Milliken resigned as an assistant director of the CIA…to become director of MIT’s Center for International Studies [CENIS]…I was able to get the trustees of the Ford Foundation to fund research at CENIS.”

(Downtown/Aquarian 1/8/97)

Why Ford Foundation Was Set Up (Downtown/Aquarian 2/5/97)

The Ford Foundation was originally set up by the ultra-rich Ford Dynasty as a tax avoidance scheme. As Charity USA: An Investigation Into The Hidden World Of The Multi-Billion Dollar Charity Industry by Carl Bakal recalled in 1979:

“By setting up the foundation and bequeathing 90 percent of their Ford Motor Company stock to it, the noncharitable Henry Ford and his son, Edsel, enabled their heirs to avoid an inheritance tax that would have come to $321 million…All the stock that was given to the foundation was nonvoting. The 10 percent retained by the family had total voting power, maintaining the family domination of the company. Moreover, the voting stock passed to the family tax free, saving another $42 million, because the wills of Henry and Edsel provided that the taxes on the bequest be paid by the foundation.”

(Downtown/Aquarian 2/5/97)

Carnegie Trustees Gave Grants To Own Institutions (Downtown/Aquarian 11/27/96)

During the 1990s, U.S. Secretary of State Condi Rice and Time magazine’s then-editorial director, Henry Muller were both affiliated to Stanford University. U.S. Secretary of State Condi Rice was then Stanford University’s Provost and Muller was a member of Stanford University’s board of trustees. At the same time, U.S. Secretary of State Rice and Muller were also both trustees of the Carnegie Corporation of New York during the 1990s. Coincidentally, the Carnegie Corp. of New York gave five grants, worth over $2.7 million to Stanford University in 1994-95, according to its 1995 Annual Report.

WNYC Foundation Trustee Wilma Tisch was also a Carnegie Corp. trustee in the 1990s. Coincidentally, the Carnegie Corp. gave a $200,000 grant to the WNYC Foundation in 1994-95.

Of the $55 million in grants dished out by the Carnegie Corp. of NY in 1994-95, none of the major grants apparently went to NYC groups involved in either providing services for people with AIDS or for AIDS research. On Sept. 30, 1995, the market value of the “non-profit” Carnegie Corp.’s investments exceeded $1.2 billion; and then-Treasury Secretary Robert Rubin was a Carnegie Corp. trustee before he moved into a D.C. government office.

Downtown/Aquarian asked then-Time magazine editorial director Muller to comment in 1996 on whether there was a conflict-of interest in him then sitting on a foundation board whose past and present trustees and activities were being reported on by Time magazine; and whether he thought it was ethical for Carnegie Corp. trustees to give grants to institutions, like Stanford University, with which they were personally affiliated. But the then-Stanford University/Carnegie Corporation trustee and then-Time magazine editorial director did not return our calls.

(Downtown/Aquarian 11/27/96)

In his 1975 book, The Rockefeller Syndrome, Ferdinand Lundberg summarized how the Ultra-Rich Rockefeller Dynasty has tended to historically operate:

“Spelling it all out, so that even…professors can understand, the Rockefeller Operation boils down to the following:…A huge fortune, illicitly amassed, is doled out in part over a span of many years in a variety of projects…A…sympathetic chord is struck with some part of the public for each project, appeasing discontent with the way the fortune was acquired…Managerial…elements benefiting personally from each project naturally become Rockefeller boosters…The Rockefellers avoid taxes…A further gain in funding tax-deductible projects…is that…one has…the privilege of…decreeing what shall and what shall not be…supported…A vast fortune is retained through the generations and is so managed as to confer great…economic clout from one generation to the next…Anyone who presumes to criticize the operation is countered by the technique of…public relations officers and the outcries of the immediate beneficiaries, the tax-exempt project administrators.”

Next: Columbia University Gave Award To Brent Scrowcroft In 2005

Kissinger Associates In The 1990s: The Confidential Consultants

Scowcroft’s old firm, Kissinger Associates ( http://www.sourcewatch.org/index.php?title=Kissinger_McLarty_Associates ), had an office in Manhattan at 350 Park Avenue in 1991. According to a spokesperson at that time, Scowcroft ended his connection to Kissinger Associates “when he re-entered government service” as President Bush I’s National Security Affairs advisor. When asked by Downtown in early 1991 who some of Kissinger Associates clients were, the spokesperson replied: “That’s all confidential.”

Downtown then asked the spokesperson if there was anything the public could be told about what kind of work Kissinger Associates did.

“We’re an international consulting firm,” she replied. She then suggested that Downtown speak to another employee of the firm, named L. Paul Bremer [who was subsequently appointed to be George W. Bush II’s Presidential Envoy to Iraq on May 6, 2003], if we had any more “technical questions.” The spokesperson then added that she didn’t “see any connection” between Kuwait and the work of Kissinger Associates.

When Downtown telephoned later in the afternoon to speak to Bremer in early 1991, we were told by an English-accented spokesperson named Penny that “Ambassador Bremer left for Washington 15 minutes ago” but perhaps she “could help.” When asked who some of the clients of Kissinger Associates were in early 1991, Penny also replied that such information was “not given out” and “was confidential” but that “We don’t service any governments.”

Downtown then asked Penny why information about Kissinger Associates’ clients was not given out. “Most companies don’t give out this kind of information,” Penny answered. “I don’t really know who our clients are, myself.”

When Downtown expressed skepticism that Penny could work a few years for Kissinger Associates without knowing who its clients were, Penny replied in 1991: “Well, basically, all I do is set up appointments with the press and arrange press interviews.”

In the late 1990s, former Clinton White House Chief of Staff McLarty became a partner in Kissinger Associates and the firm’s name was changed to Kissinger McLarty Associates. ( http://www.sourcewatch.org/index.php?title=Kissinger_McLarty_Associates )
One of the 2008 Democratic Party presidential candidates, Bill Richardson, was also employed by Kissinger McLarty Associates in the 21st-century.

(Downtown 1/23/91)

Next: George Philanthropist protest folk song lyrics

Brent Scowcroft: Kuwait Inc.'s Friend In The Bush I White House

Before working for Kuwait Inc. as its Santa Fe International Director, President Bush I’s National Security Affairs advisor, Brent Scowcroft (http://www.scowcroft.com/html/staff/scowcroft.html ) , had a long career in the U.S. military. But like former U.S. Vice-President Quayle and former U.S. Secretary of Defense and current U.S. Vice-President Cheney, Bush I’s National Security Affairs advisor in the early 1990s also apparently had no military combat experience on an actual desert battlefield.

Born in Utah, Scowcroft came to New York State in the 1940s and graduated from New York’s U.S. Military Academy at West Point in 1947. New York’s West Point Military Academy is located only 50 miles north of Downtown Manhattan and 4,500 cadets attended it in 1991—only 10 percent of whom were women in the early 1990s. Women were completely excluded from New York’s Military Academy when Scowcroft studied there.

When Scowcroft attended New York’s Military Academy it also “barred black cadets from social hops and dancing classes…and from intercollegiate sports teams” and “prohibited” African-Americans “from entering Officer Clubs with their classmates during summer trips,” according to the book The Long Gray Line by Washington Post reporter Rick Atkinson. The Long Gray Line book also noted that, until the 1950s, African-Americans at New York’s Military Academy were also “forbidden to teach Sunday school classes attended by teenage white girls.”

After graduating from West Point, Scowcroft became a U.S. Air Force lieutenant. But in 1948 his disabled plane crashed and Scowcroft was unable to fly again. For the next five years, Scowcroft held a number of administrative U.S. Air Force staff positions at the same time he returned to New York to attend Columbia University’s graduate school. He was awarded a Master’s Degree in International Relations by Columbia University at the age of 28.

Scowcroft was then called back to New York’s Military Academy to teach Russian history at West Point until he was 32. At 33, Scowcroft was ordered down to Washington, D.C. to study Slavic Languages at Georgetown University’s School of Linguistics, before being ordered to serve as an “assistant air attaché’” at the U.S. embassy in Belgrade, Yugoslavia between 1959 and 1961. In 1962, the 37-year-old Scowcroft returned to the world of military academic life when the Air Force ordered him to teach political science at the U.S. Air Force Academy until 1964. In 1964, Scowcroft was ordered to the Pentagon to work in the planning and operations section of Air Force headquarters and, at the same time, he was able to return to New York City to work on his PhD at Columbia University. In 1967, Columbia University gave Scowcroft a PhD in International Relations and the 42-year-old Dr. Scowcroft was then ordered by the U.S. Air Force to teach at the National War College.

The next year, during the height of the Vietnam War Era, Scowcroft was ordered back to the Pentagon to direct the staff of Joint Chiefs of Staff General John W. Voigt for the next three years. And in November 1971, the 46-year-old Air Force Colonel Scowcroft was named to be [the now-deceased] former President Nixon’s military aide.

Nixon was so pleased with Col. Scowcroft’s work that he was promoted to Brigadier General in 1972 before eventually leaving the Air Force after becoming National Security Affairs advisor Henry Kissinger’s deputy in January 1973. Two years later, Scowcroft, himself, became the National Security Affairs advisor of [the now-deceased] former President Gerald Ford. After Ford was defeated in the 1976 U.S. Presidential election, Scowcroft became a director of the National Bank of Washington until 1983.

In 1982, Scowcroft joined with his old boss, Henry Kissinger, to form the Kissinger Associates consulting firm before being named, along with former U.S. President Ford, by the Kuwait Petroleum Corporation to be a director of its Santa Fe International then-subsidiary. Shortly after George W. Bush II’s father, George Bush I, was elected president in 1988, Scowcroft was chosen to be Bush I’s National Security Affairs advisor on Nov. 23, 1988. By late January 1989, he had moved from his vice-chairman’s offices at Kissinger Associates in Washington, D.C. and in New York City into his White House office.

(Downtown 1/23/91)

Next: Kissinger Associates In The 1990s: The Confidential Consultants

Kuwait Inc.'s Historic Special Influence In Germany, Spain and Italy

In the early 1980s, the value of Kuwait Inc. government investments in Germany had also reached $3 billion, most of which was invested in the stock of 30 large German corporations, such as Volkswagon, Metallgesellschaft, Daimler Benz, Korf Stahl and Hoechst AG.

The Kuwait Inc. government’s first large investment in Germany was in 1972, when it purchased 14.6 percent of Daimler-Benz for $440 million. By 1991, Kuwait Inc.’s share of Daimler-Benz was valued at $3.5 billion. According to the OPEC’s Investments And The International Financial System book, Kuwait Inc.’s Daimler-Benz investment “aroused some opposition within Germany and led Kuwait to maintain a very low profile over the next several years,” although “unfavorable publicity did not prevent further large investments.” In 1975, for instance, Kuwait Inc. purchased 30 percent of Korf Stahl in Germany but did not publicly announce this new German investment until 1978.

The government of Kuwait Inc. also had a special influence in Spain during the early 1990s. According to the March 7, 1988 issue of Business Week, by 1988 the Kuwait Inc. government was “already Spain’s largest stock player with more than $2 billion sunk into Madrid since 1986.” While playing the Spanish stock market in the 1980s, the Kuwait Inc. government purchased 72 percent of Spain’s Grupo Torras chemical conglomerate. By 1990, Kuwait Inc.’s share of Grupo Torras was, alone, worth between $2 billion and $3 billion.

The government of Kuwait Inc. also had a special influence in Italy during the early 1990s. It owned a refinery in Naples and 2,000 Italian gas stations at that time. Under its Q8 label, it also operated at least 4,800 other gas stations in Europe.

The government of Kuwait Inc. also had a special influence in Japan during the early 1990s. Kuwait Inc. was the first OPEC nation to use its new oil wealth to start playing the Tokyo Stock Market in the 1970s. By the end of 1982, the government of Kuwait Inc., according to the OPEC’s Investments And The International Financial System book, owned between $2 billion and $3 billion worth of Japanese corporate stocks and bonds in such Japanese companies as Toshiba, Mitsubishi, Arabian Oil Company, Nippon Kogyo and Teikoku Sekiyo (an oil company that operates mainly inside Japan).

After 1986, according to Business Week’s March 7, 1988 issue, “Kuwait…earned more money from foreign investments than from oil exports.” According to Time magazine’s Dec. 24, 1990 issue, for instance, from its foreign investments in the United States, the UK, Germany, Spain, Italy, Japan and the rest of the globe, the Al-Sabah royal family’s Kuwait Inc. government was taking in “about $20 million a day” in late 1990—despite its homeland being temporarily occupied by Saddam Hussein’s Iraqi military machine at that time.

(Downtown 1/23/91)

Next: Brent Scowcroft: Kuwait Inc.’s Friend In The Bush I White House

Kuwait Inc.'s Special Influence In The UK Historically

Because the British Government’s British Petroleum [BP], the third-largest transnational oil company in the world in 1991, had a special interest in Kuwait, it was not surprising that British Conservative Party politicians in 1991 urged the Pentagon to use U.S. troops then to “liberate” the homeland of Kuwait Inc.. Another reason why the same British Conservative Party politicians who stubbornly supported the British military occupation of the North of Ireland were so against the 1990 Iraqi military occupation of Kuwait was, perhaps, because Kuwait Inc. also had a special influence on British politics. The value of Kuwait Inc. government investments in the UK in the early 1980s, for instance, exceeded $3 billion.

In 1952, the government of Kuwait Inc. opened an office in London that was called the Kuwait Investment Office [KIO] and in 1991 was located in a seven-story London building called St. Vedast House, near London’s St. Paul Cathedral. By the early 1970s, the government of Kuwait Inc. began to use its new wealth from the sale of Kuwaiti crude oil to play on the London real estate market. For $250 million, the Kuwait Investment Office purchased 100 percent of the St. Martin’s Property Corporation in 1974 to serve as Kuwait Inc.’s vehicle for its London real estate investments. By 1991, the value of the Kuwait Inc. government’s St. Martin Property Corporation was $1.5 billion. Among the London real estate properties owned by the government of Kuwait during the early 1990s was London Bridge City, a one-million-square-foot complex of offices, shops and restaurants along the Thames River of London.

The Kuwait Investment Office also began to play the London Stock Market with its new oil wealth in the 1970s; and by late 1982, according to the OPEC’s Investments And the International Financial System book by Richard Mattione, the government of Kuwait Inc. owned $2 billion worth of British corporate stock. The same book observed that the shares of British corporate stock owned by the Kuwait Inc. government “are concentrated in the areas of insurance, property and investment trusts” and in the early 1980s there were 53 British corporations in which the Kuwait Inc. government owned over 5 percent of all the stock.

Ten percent of Britain’s Midland Bank, worth $400 million, was also owned in 1991 by the Kuwait Inc. government. Sixty million dollars worth of another British bank, the Royal Bank of Scotland, also was owned in 1991 by the Kuwait Inc. government, as was $100 million worth of Britain’s Trusthouse Forte travel and catering firm. Until the early 1990s, the Kuwait Inc. government owned over 20 percent of the British Petroleum [BP] Corporation. But British popular opposition to having a foreign government control so much of Britain’s national oil company compelled the Kuwait Investment Office to reduce its ownership of BP to 9.9 percent.

(Downtown 1/23/91)

Next: Kuwait Inc.’s Historic Special Influence In Germany, Spain and Italy

Kuwait Inc.'s Past Santa Fe International Investment

The largest direct investment of Kuwait Inc. in the United States during the early 1990s, however, was still the Kuwait Petroleum Corporation’s Santa Fe International. In the early 1980s the Kuwait Inc. government-owned Kuwait Petroleum Corporation [KPC] purchased 100 percent of Santa Fe International, a U.S. transnational corporation specializing in oil exploration, for $2.5 billion. Kuwait Inc.’s Santa Fe International owned 275 oil and gas leases, worth approximately $14 million, on 252,950 acres of U.S. government-owned land and had pending leases covering an additional 299,000 acres on U.S. government-owned land during the early 1990s.

As a result of these Santa Fe International current and pending oil and gas leases in 1991, the Kuwait Petroleum Corporation was permitted to drill for oil on U.S. soil in order to turn U.S. oil into more Kuwait Inc. government investment funds to play with on foreign stock markets. KPC’s Santa Fe International also acquired Andover Oil Company for $150 million in 1982 in order to further increase the U.S. oil and gas holdings of KPC’s U.S. subsidiary. The annual sales of KPC’s California-based Santa Fe International subsidiary exceeded $1 billion during the early 1990s.

To increase its political influence in Washington, D.C. after it purchased Santa Fe International, the Kuwait Petroleum Corporation hired the now-deceased former U.S. President Gerald Ford to be a Santa Fe International director. The government of Kuwait Inc. also hired Ford’s former National Security Affairs advisor, Brent Scowcroft (http://www.scowcroft.com/html/staff/scowcroft.html ) , to be a Santa Fe International director at the same time. Santa Fe International Director Scowcroft, like George Bush I, was a member of David Rockefeller’s Trilateral Commission at that time. While serving as a director on Kuwait Inc.’s Santa Fe International corporate board in 1984, 1985 and 1986, Scowcroft also worked with former U.S. Secretary of State Henry Kissinger as vice-chairman of the New York and Washington, D.C. consulting firm of Kissinger Associates. As President Bush I’s National Security Affairs advisor, Scowcroft—like his former business partner Henry Kissinger—was an advocate of using Pentagon military forces to “liberate” the homeland of Kuwait Inc. in 1991.

To further increase its special influence in United States politics during the 1980s, the Kuwait Inc. government’s Santa Fe International subsidiary formed a political action committee [PAC] which contributed $70,108 to the election campaign chests of influential U.S. politicians during the 1984 U.S. congressional elections. An additional $71,750 was contributed by KPC’s Santa Fe International PAC to U.S. congressional candidates in 1986.

In May 1987, KPC’s Santa Fe International also created a new company, Chesapeake Shipping Inc.. The purpose of creating Kuwait Inc.’s Chesapeake Shipping Inc. subsidiary was to quickly reflag Kuwaiti oil tankers in the Persian Gulf with U.S. flags, so as to more easily enable the Reagan administration to commit U.S. military forces to the protection of special Kuwait Inc. commercial interests, as well as to the protection of special U.S. transnational oil company interests in the Persian Gulf waters.

In addition to operating out of the Kuwait Petroleum Corporation office at 45 Rockefeller Plaza, Kuwait Inc. operated in the U.S.A. in 1991 under the auspices of the Bank of Kuwait and The Middle East, the Commercial Bank of Kuwait SAK, KPC U.S. Holdings and the Kuwait Foreign Trading Contractor and Investment Company [KTFCIC].

Downtown telephoned the Kuwait Petroleum Corporation office in New York City in early 1991. According to the person who answered the telephone then, this office was “just a small four-person office” which mainly focused on “assisting students from Kuwait who are studying in the United States on Kuwait Petroleum scholarships.” She stated that the business operations of KPC in the U.S.A. were controlled by KPC’s London office and suggested Downtown telephone the Kuwait Petroleum Corporation in London if it wished to speak to a company public relations official.

(Downtown 1/23/91)

Next: Kuwait Inc.’s Special Influence In The UK Historically

Kuwait Inc.'s Special Influence In The U.S.A. Historically--Part 2

Kuwait Inc. also owned three million shares of IBM stock, as well as stock in DuPont and Ford in the 1980s. At least $457 million worth of the stock of the U.S. oil companies and $191 million worth of the stock of U.S. utility companies were also owned by the Kuwait Inc. government in the 1980s. The Kuwait Inc. government also owned $12 billion in U.S. government treasury bonds in the early 1980s. The U.S. stocks and bonds owned by the government of Kuwait Inc. continued to be managed by Citibank, Chase Manhattan Bank, Morgan Stanley and J.P. Morgan/Morgan Guaranty Trust in the 1990s.

The government of Kuwait Inc. and Kuwaiti private businessmen also used their new post-1973 oil wealth to make more direct investments in the United States. In 1985, for instance, the value of property in the United States in which the Kuwaiti Inc. government or Kuwaiti private businessmen owned more than 10 percent of the stock exceeded $4 billion. The Atlantic Hilton Hotel, for instance, was owned by Kuwait Inc. investors. A large share of the Galleria Dallas and Houston hotels and malls, worth $500 million, was also owned by Kuwait Inc., as was a large share of the Great Western Resources Oil company, worth $100 million. In the early 1980s, Kuwait Inc. businessmen also owned the Columbia Plaza, a $22 million office complex in Washington, D.C.

The government of Kuwait Inc. also owned 15 percent of the Exploration Company of Louisiana in the 1980s. Other partly-owned Kuwait Inc. properties in the U.S.A. included PCA Crossroads Associates, the Kansas Oil Resources Project, L’Ermital Palm Beach Project and the Williston Basin Oil Exploration Project. The Williston Basin investment of Kuwait Inc. stemmed from the Kuwait Petroleum Corporation joining with the Arizona-based AZR Resources Inc. to set up the International Energy Development Corporation that explored for oil. KPC also agreed in 1981 to set up a joint venture to refine and sell oil products with the Honolulu, Hawaii-based Pacific Resources Inc..

In 1981, private Kuwaiti businessmen also spent over $200 million to acquire three small independent Texas oil refineries. In 1982, Kuwaiti private investors also joined other Arab investors in purchasing a 25 percent share of the U.S. private banking house, Smith Barney, for $40 million.

The government of Kuwait Inc. also owned a 25 percent share, worth $2.4 billion, of Germany’s Hoechst AG transnational chemical company during the early 1980s. In 1986, Hoechst AG purchased the U.S.-based Celanese Corporation for $2.8 billion. Hoechst AG also operated two large factories in low-wage South Carolina through its Hoechst Fibers textile subsidiary in the 1980s.

A 14 percent share of Germany’s Daimler-Benz transnational automotive company, worth $3.5 billion, was also owned by the government of Kuwait Inc. in the 1980s. Daimler-Benz’s U.S. subsidiary, Freightliner, had total annual sales of $1.3 billion each year, prior to Daimler-Benz eventually merging with Chrysler. Fifty-one percent of Korf Industries, a U.S. subsidiary of Germany’s Korf Stahl steel company was also owned by the government of Kuwait Inc. in the 1980s.

The government of Kuwait Inc. also owned 9.9 percent of British Petroleum [BP], whose U.S. subsidiary, BP America, was worth $21 billion in the late 1980s. BP America used to operate under the name of Standard Oil of Ohio [SOHIO] before the British government and the Kuwait Inc. government’s BP purchased it.

(Downtown 1/23/91)

Next: Kuwait Inc.’s Past Santa Fe International Investment