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GOVERNMENT / THE ELITE -
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Another scandal involving the intelligence agency

Posted in the database on Saturday, May 06th, 2006 @ 19:56:57 MST (1532 views)
by Wayne Madsen    The Wayne Madsen Report  

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General Hayden's nomination to be the next CIA Director came as another scandal involving the intelligence agency emerged in addition to the "Hookergate" scandal centered on the Watergate and another Washington hotel. Under Goss, the CIA's venture capital arm, IN-Q-TEL, which provides CIA money to promising high-tech start-up firms, became the subject of a Securities and Exchange Commission (SEC) investigation for possible massive misappropriation of taxpayer money and private money involving IN-Q-TEL, NASA's venture capital branch -- Red Planet Capital -- The US Special Operations Command's venture capital firm On Point, and the infamous Carlyle Group -- the war profiteering company in which George H. W. Bush, the Bin Laden family, and former Secretary of State James Baker have held major financial interests.

Suspicions about IN-Q-TEL were raised in late April when its 35-year-old CEO, Amit Yoran, abruptly resigned to "spend more time with his family." Yoran, an Israeli-American, had been on the job for just four months after he succeeded IN-Q-TEL's first CEO, Gilman Louie, a well-known Silicon Valley investor and technical guru. Before taking over IN-Q-TEL, Yoran was the director of the National Cyber Security Division at the Department of Homeland Security. Under Yoran, IN-Q-TEL's operating budget increased exponentially and the firm began negotiating with various high-tech firms to develop deep data mining programs and spy technology. Yoran's rumored successor was said to be Mark Frantz, who Yoran brought from The Carlyle Group to be IN-Q-TEL's managing general partner and board of trustees member. Frantz worked for George H. W. Bush and held a senior position with Alex Brown, later merged with Deutsche Bank, the firm where the CIA's former Executive Director, A. B. "Buzzy" Krongard served as Chairman. IN-Q-TEL's board of trustees chairman is Lee A. Ault III of Delray Beach, Florida, who also serves on the board of Office Depot.

Individuals familiar with IN-Q-TEL report that the company is suspected of steering CIA funds to start-up firms with close ties to the GOP as well as "pump and dump" penny stock firms tied to three foreign nations -- Israel, Dubai, and Malaysia. The emerging IN-Q-TEL scandal is mirrored by the financial scandal involving favoritism in CIA contracts to Brent Wilkes' ADCS and its subsidiaries.

Deputy DNI Gen. Michael Hayden, who presided over dubious multi-billion dollar contracts -- including Groundbreaker and Trailblazer -- as NSA director, has a great deal of experience in covering up cost overruns, contractor fraud, and contract favoritism. Beyond the need to have a good foot soldier at the helm of the CIA, the Bush administration is clearly hoping that Hayden, using his special form of intimidation through the use of psychiatric and security personnel to threaten whistleblowers, can tamp down the emerging financial "Watergate" emerging at the CIA.



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