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Great White North
How Montreal's Power Corp. got caught up in Oil for Food fiasco
2005-03-10
Long article on the interconnections, intermarriages, and machinations of Power Corp, Canadian governments past and present, the UN, France, and Paul Volker. Here is a sample paragraph:
Just a month before the Canada Free Press revealed that Volcker, a former Federal Reserve chairman, is a member of Power Corp.'s international advisory board—and a close friend and personal adviser to Power's owner, Paul Desmarais Sr.—a U.S. congressional investigation into the UN scandal discovered that Power Corp. had extensive connections to BNP Paribas, a French bank that had been handpicked by the UN in 1996 to broker the Oil-for-Food program. In fact, Power actually once owned a stake in Paribas through its subsidiary, Pargesa Holding SA. The bank also purchased a stake in Power Corp. in the mid-seventies and, as recently as 2003, BNP Paribas had a 14.7 per cent equity and 21.3 per cent voting stake in Pargesa, company records show. John Rae, a director and former executive at Power (brother of former Ontario premier Bob Rae), was president and a director of the Paribas Bank of Canada until 2000. And Power Corp. director Michel François-Poncet, who was, in 2001, the vice-chairman of Pargesa, also sat on Paribas's board, though he died Feb. 10, at the age of 70. A former chair of Paribas's management board, André Levy-Lang, is currently a member of Power's international advisory council. And Amaury-Daniel de Seze, a member of BNP Paribas's executive council, also sat on Pargesa's administrative council in 2002.
Posted by:trailing wife

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Posted by: Barbara Skolaut   2005-03-10 12:13:05 PM  

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Posted by: 2b   2005-03-10 9:57:42 AM  

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Posted by: Steve   2005-03-10 8:16:41 AM  

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Posted by: Mrs. Davis   2005-03-10 7:31:36 AM  

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Posted by: .com   2005-03-10 6:30:30 AM  

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