Saturday, January 09, 2010

Hillary Clinton Speaks from Peter G. Peterson Institute on Foreign Aid

C-SPAN aired Secretary of State Hillary Clinton's remarks at the Peter G. Peterson Institute. Pete Peterson made billions as a private equity underwriter (PEU). He used $1 billion to establish his institute, focused on getting America's financial house of cards in order (without asking corporations or the rich to step up in any major way.)

America believes government cannot do anything competently, thus the private sector is the answer. That goes for international development.

Hillary started with a shout out to Rajiv Shah, Obama's Chief of USAID and former executive with the Bill & Melinda Gates Foundation. It's time for a "new mindset for a new century." She envisions rebuilding USAID into "the world's premier development agency."

That requires partners. Giants of philanthropy gathered in New York in 2009. This list included Bill Gates, Warren Buffet, Pete Peterson, George Soros, David Rockefeller, and Oprah Winfrey.

Big dollar philanthropists salivate over the possibility of federal government matching money for their pet projects. Change includes U.S. taxpayers establishing a $50 million endowment for Egyptian President Hosni Mubarek. Can taxpayers write that off?

Clinton stated in her talk:

Aid chases need, investment chases opportunity.

She mentioned the Clinton Foundation as a partner. President Bill Clinton privatized government functions during his two terms, benefiting multiple private equity underwriters.

OPIC works with USAID. according to Mrs. Clinton. A Carlyle Group Indian affiliate, Repco Home Finance, received $130 million in loans from OPIC.

The opportunity for investors to tap into government assets and lever taxpayer money continues. It has the usual big money taint.

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