World

Where did that U.S. Federal Aid to Egypt go? Mubarak's Pocket?

by Albert Milliron | February 5, 2011 at 08:17 pm

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President Hosni Mubarak’s family fortune could be as much as $70 billion U.S. Dollars according to analysis by Middle East experts.

Much of his wealth in British and Swiss banks or tied up in real estate in London, New York, Los Angeles and along expensive tracts of the Red Sea coast.

After 30 years as president and many more as a senior military official, Mubarak has had access to investment deals that have generated hundreds of millions of pounds in profits. Most of those gains have been taken offshore and deposited in secret bank accounts or invested in upmarket homes and hotels.

According to a report last year in the Arabic newspaper Al Khabar, Mubarak has properties in Manhattan and exclusive Beverly Hills addresses on Rodeo Drive.

His sons, Gamal and Alaa, are also billionaires. A protest outside Gamal’s ostentatious home at 28 Wilton Place in Belgravia, central London, highlighted the family’s appetite for western trophy assets.

Amaney Jamal, a political science professor at Princeton University, said the estimate of $40bn-70bn was comparable with the vast wealth of leaders in other Gulf countries.

Source : World news | guardian.co.uk. Source:IronMill

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anon2011 (not verified)

at 21:52 on February 5th, 2011

"US Media & Egypt Coverage: Dodging the Real Issues & Fudging the Real Culprits"
Thursday, 3. February 2011 by Sibel Edmonds

www.boilingfrogspost.com/2011/02/03/us-media-egypt-coverage-dodging-the-real-issues-fudging-the-real-culprits/

Basil Yacoub (not verified)

at 04:20 on February 6th, 2011

This corrupt government in Egypt is only a good example of all the Middle Eastern governments. They milk the people welth for their own interest. Most of the USA aid goes into their own pockets where really the aid is intenteded to. USA turns blind eye on this and other corruption. Jordan is onther shining example of this. The monarch's share of the public wealth is said to be in the vicinity of 30%. While the Saudis and Kuwaities and other gulf state governments have no limit to their share. They think they own everything, and what they give to the public is only a"royal gift". The gift is not the people's right but "makruma" which means a gift out of kindness. The question that should be asked is this:why don't the Western governments introduce laws to publish all the wealth deposited in their countries by or on behalf of these corrupt rulers?If they do, they will be on the side of the silent majurity who still immersed in poverty and disease.

YankeeJim

at 09:03 on February 6th, 2011

Nailed it.

The 1

at 09:27 on February 6th, 2011

Don't know what Mubarak is doing sitting on anywhere near $70billion U.S. dollars. Mubarak needs to give all that back to Egypt in my opinion.

thomasrainbootcharms (not verified)

at 19:48 on March 17th, 2011

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