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Mar 15 2019

Why ISDS Is A Bad Idea- Part Infinity

Look, I know you long for the days of Obama but he only looks good by comparison. He self identifies as slightly to the right of Eisenhower and that’s not progressive or Left in any sense.

One of his worst policies was Investor State Dispute Settlement as instituted in NAFTA (by Bill Clinton) and in the Trans Pacific Partnership. Basically any Global MegaCorp could sue a Government for expected profits in a Kangaroo Court arbitration process superseding Constitutional Courts of Law, ones where they got to pick the Judge and the Jury.

Think it couldn’t happen here? It already is and by an Unindicted Co-conspirator Bottomless Pinocchio affiliated Russian Oligarch no less.

Deripaska Sues Over U.S. Sanctions, Claims $7.5 Billion Loss
By Andrew M Harris, David Voreacos, and Stephanie Baker, Bloomberg News
March 15, 2019

Russian billionaire Oleg Deripaska is fighting back in a U.S. court against American sanctions that he said are unfairly destroying his global businesses and are based on unproven allegations about his close ties to the government of Russian President Vladimir Putin.

Deripaska, who made his fortune in the metals industry, sued the U.S. Treasury Department and Secretary Steven Mnuchin in Washington on Friday, asking a federal judge to lift the restrictions against him. In his complaint, the magnate said he is “the latest victim” of “political infighting and ongoing reaction to Russia’s purported interference” with the 2016 U.S. presidential election.

The Treasury’s Office of Foreign Assets Control, or OFAC, unfairly targeted Deripaska and caused his net worth to drop by $7.5 billion as banks withdrew credit and other businesses refused to work with him, according to the suit. The Bloomberg Billionaires Index estimates his net worth at $3.9 billion, after dropping $5.8 billion last year, the most among Russia’s ultra-wealthy.

“I have filed a civil complaint against Treasury and OFAC to clear my name and remove the sanctions that have been arbitrarily imposed on me for political reasons,” Deripaska said in an Instagram post. “This is about simple justice.”

U.S. government sanctions have resulted in “the utter devastation of Deripaska’s wealth, reputation and economic livelihood,” according to the complaint. “Deripaska has been effectively shut out from the international business community and the global financial system.”

Deripaska, the founder of aluminum producers En+ Group and United Co. Rusal, was among the most prominent tycoons hit with sanctions by President Donald Trump’s administration. The move followed passage of a law to retaliate against Moscow for its election meddling. In April 2018, the Treasury slapped sanctions on Deripaska and six other Russians it labeled oligarchs in response to the Kremlin’s “malign activity around the globe.”

Recognize the name? I thought you might. Oleg Deripaska is the Putin controlled spy that has a monopoly on Aluminum in Russia and is the direct conduit between the GRU and Manafort.

Yeah, that’s just exactly the kind of behavior we should be encouraging.