It’s official: as Egypt was burning, Mubarak was stealing the gold. When we reported, presumably jokingly, two weeks ago that the Egyptian Central Bank may have been plundered, it turns out we were pretty much accurate once again. For all those wondering why Mubarak was refusing to hand over power for the past two weeks as hundreds of people were dying, we now have the answer – it was all just to make sure he transferred his assets, especially gold, to safe regimes (in the process paying tens of millions in commissions to that most noble of jobs – the banker class).
The Telegraph reports: “A US official told The Sunday Telegraph:
“Hosni Mubarak used the 18 days it took for protesters to topple him to shift his vast wealth into untraceable accounts overseas, Western intelligence sources have said…There’s no doubt that there will have been some frantic financial activity behind the scenes. They can lose the homes and some of the bank accounts, but they will have wanted to get the gold bars and other investments to safe quarters.
The Mubaraks are understood to have wanted to shift assets to Gulf states where they have considerable investments already – and, crucially, friendly relations. The United Arab Emirates and Saudi Arabia have frequently been mentioned as likely final destinations for Mr Mubarak and possibly his family.” As usual, we remind readers that according to the World Gold Council, Egypt had 75.6 tonnes of gold at the end of 2010. Should this number not be reduced following Mubarak’s plundering, we will know just how pervasive Tungsten is in the world central banking cartel.
The former Egyptian president is accused of amassing a fortune of more than £3 billion – although some suggest it could be as much as £40 billion – during his 30 years in power. It is claimed his wealth was tied up in foreign banks, investments, bullion and properties in London, New York, Paris and Beverly Hills.
In the knowledge his downfall was imminent, Mr Mubarak is understood to have attempted to place his assets out of reach of potential investigators.
On Friday night Swiss authorities announced they were freezing any assets Mubarak and his family may hold in the country’s banks while pressure was growing for the UK to do the same. Mr Mubarak has strong connections to London and it is thought many millions of pounds are stashed in the UK.
But a senior Western intelligence source claimed that Mubarak had begun moving his fortune in recent weeks.
“We’re aware of some urgent conversations within the Mubarak family about how to save these assets,” said the source, “And we think their financial advisers have moved some of the money around. If he had real money in Zurich, it may be gone by now.”
Perhaps Goldman Sachs can take a proactive PR step and disclose to the population that the flow trade-frontrunning hedge fund had nothing to do with facilitating the transfer of Mubarak’s billions in stolen wealth from point A to point B. And perhaps all other banks can follow suit. Either that, or we can all just wait for Mubarak’s sworn deposition when he is put on trial for crimes against the Egyptian people some time in 1-2 months. Doing text searches for “Goldman” in those thousand page PDFs will be breeze…
Submitted by Tyler Durden on 02/12/2011 16:55 -0500