Hosni Mubarak

Muhammad Hosni Sayyid Mubarak, محمد حسني سيد مبارك‎,  Muḥammad Ḥusnī Sayyid Mubārak; born 4 May 1928) is a former Egyptian politician and military commander. He served as the fourth President of Egypt from 1981 to 2011.

Mubarak was appointed Vice President of Egypt in 1975, and assumed the presidency on 14 October 1981, following the assassination of President Anwar El Sadat. The length of his presidency made him Egypt's longest-serving ruler since Muhammad Ali Pasha. Before he entered politics, Mubarak was a career officer in the Egyptian Air Force, serving as its commander from 1972 to 1975 and rising to the rank of air chief marshal.

Mubarak was ousted after 18 days of demonstrations during the 2011 Egyptian revolution when, on 11 February, Vice President Omar Suleiman announced that Mubarak had resigned as president and transferred authority to the Supreme Council of the Armed Forces. On 13 April, a prosecutor ordered Mubarak and both his sons to be detained for 15 days of questioning about allegations of corruption and abuse of power. He was then ordered to stand trial on charges of premeditated murder of peaceful protestors during the revolution. These trials officially began on the 3 August 2011. Egypt’s military prosecutors then also proclaimed that it is investigating Mubarak's role in the assassination of his predecessor Anwar Sadat.

Health,Wealth and allegations of personal corruption

In the summer of 2010, the media speculated "Egypt is on the cusp of dramatic change," because Mubarak was thought to be afflicted by cancer, and because of the scheduled 2011 presidential election. While intelligence sources suggested that he suffered from esophageal cancer, stomach or pancreatic cancer, it was denied by Egyptian authorities.Speculation about his ill health flared up with his resignation on 11 February 2011. According to Egyptian media, Mubarak's condition worsened after he went into exile in Sharm el-Sheikh. Mubarak was reportedly depressed, refused to take medications, and was slipping in and out of consciousness. According to the source, an unnamed Egyptian security official, "Mubarak wants to be left alone and die in his homeland". The source also denied that Mubarak was writing his memoirs, stating that he was in a state of almost complete unconsciousness. After his February 2011 resignation, Egypt's ambassador to the United States Sameh Shoukry reported that his personal sources said Mubarak "is possibly in somewhat of bad health", while several Egyptian and a Saudi Arabian newspapers reported that Mubarak was near death and in a coma. On 12 April 2011, it was reported that Mubarak had been hospitalized after suffering a heart attack during questioning over possible corruption charges.

In June 2011, Mubarak's lawyer Farid el-Deeb disclosed that his client "has stomach cancer, and the cancer is growing. Mubarak had undergone sugery for the condition in Germany the year prior and also suffers from circulatory problems with an irregular heart beat. On 13 July 2011, unconfirmed reports sprang up that Mubarak had slipped into a coma at his residence after giving his final speech, and four days later, on the 17th, el-Deep confirmed that Mubarak had slipped into a coma.

In February 2011, the media reported on the wealth of the Mubarak family. ABC News indicated that experts believed the personal wealth of Mubarak and his family to be between US$40 billion and $70 billion founded on military contracts made during his time as an air force officer. Britain's Guardian newspaper also reported that Mubarak and his family might be worth up to $70 billion due to corruption, kickbacks and legitimate business activities. The money was said to be spread out in various bank accounts at home and abroad, including Switzerland and Britain, and also invested in foreign property. The newspaper admitted, however, that some of the information regarding the family's wealth might be ten years old. According to Newsweek, these allegations are poorly substantiated and lack credibility. On 17 March 2011 Senator John Kerry, head of foreign relations committee of the congress, officially confirmed that the government of the United States froze assets worth $31 billion belonging to Mubarak, including property and bank accounts. John Kerry later retracted his statement saying he meant Gaddafi not Mubarak.

On 12 February 2011, the government of Switzerland announced that it was freezing the Swiss bank accounts of Mubarak and his family. On 20 February 2011, the Egyptian Prosecutor General ordered the freeze of Mubarak's assets and the assets of his wife Suzanne, his sons Alaa and Gamal Mubarak, and his daughters in law Heidi Rasekh and Khadiga Gamal. The Prosecutor General also ordered the Egyptian Foreign Minster to communicate this to other countries where Mubarak and his family could have assets. This order came two days after Egyptian newspapers reported that Mubarak filed his financial statement. The Egyptian regulations mandate government officials to submit a financial statement listing his / her total assets and sources of income during governmental work. On 21 February 2011, the Egyptian Military Council, which was temporarily given the presidential authorities following the 25 January 2011 Revolution, declared no objection to a trial of Mubarak on charges of corruption. On 23 February 2011, the Egyptian newspaper Eldostor reported that a "knowledgeable source" described the order of the Prosecutor General for freezing Mubarak's assets and the threats of a legal action as nothing but a signal for Mubarak to leave Egypt after a number of attempts were made to encourage him to leave willingly.In February 2011, Voice of America reported that Egypt's top prosecutor has ordered a travel ban and an asset freeze for former President Hosni Mubarak and his family, as he considers further action.

Political and military posts

Chairman of the Non-aligned Movement

Re-elected for a fifth term of office (2005)

Chairman of the G-15 (1998 & 2002)

Re-elected for a fourth term of office (1999)

Chairman of the Arab Summit since June (1996)

Chairman of the OAU (1993–94)

Re-elected for a third term of office (1993)

Chairman of the OAU (1989–90)

Re-elected for a second term of office (1987)

President of the National Democratic Party (1982)

President of the Republic (1981)

Vice-President of the National Democratic Party (NDP) (1979)

Vice-President of the Arab Republic of Egypt (1975)

Promoted to the rank of Lieutenant General / Air Marshal (1974)

Commander of the Air Force and Deputy Minister of Defense (1972)

Chief of Staff of the Air Force (1969)

Director of the Air Force Academy (1968)

Commander of Cairo West Air Base (1964)

Joined Frunze Military Academy, USSR (1964)

Lecturer in Air Force Academy (1952–59)

Awards

Mubarak was awarded the Jawaharlal Nehru Award in 1995.

Honor Star Medal twice.

Military Training medal.

Military Honor Medal Knight Rank from the President of Syria.

Honor Star Medal from the PLO.

Decoration of King Abdul Aziz-Excellent Degree from King Faisal Bin Abdul Aziz Al-Saoud.

Hamayon Merit from Emperor Mohamed Reda Bahlawy [Muhammad Reza Phalavi, Iran].

Monument

A monument to Hosni Mubarak was erected in 2007 in Xırdalan (Azerbaijan). The Azerbaijani Musavat party called for its demolition in order to avoid idolatry. The monument was then taken down and a statue symbolising Egypt and ancient Egyptian culture was erected instead.

Public image

Mubarak is ranked 20th on Parade Magazine's 2009 World's Worst Dictators list. He, as other presidents had been before him, had frequently been the target of jokes by the Egyptian people for many years before his resignation.

Hosni Mubarak's trial opens in Cairo amidst clashes

CAIRO — Ousted Egyptian president Hosni Mubarak, bedridden and looking sickly, was wheeled into the cage of a Cairo courtroom Wednesday morning to be put on trial for allegedly ordering the killing of protesters earlier this year.


The former autocrat's courtroom appearance gripped millions of Egyptians awestruck by the reversal of fortune of a man who ruled the Arab world's most populous nation for three decades with an iron fist.


Many Egyptians doubted that the country's interim military rulers would put their former boss, a former Air Force chief, on trial. But after months of intensifying protests, Egypt's military council made good on its promise to put the country's longtime leader on trial.


Mubarak had not been seen in public since he delivered a defiant speech on Feb. 10, vowing he would not resign. A day later, he hastily traveled to the resort town of Sharm el Sheikh after the country's military chiefs forced him to step down.


The former leader has been hospitalized in in Sharm el-Sheikh for months. Mubarak's lawyer has said the 83-year-old is too ill to be put on trial, but Egypt's health minister certified in recent days that Mubarak is fit enough for the proceedings.


Hours before Wednesday's hearing began in a courtroom at the Cairo police academy at approximately 10 a.m., a small group of Mubarak supporters clashed with other demonstrators outside the building. The dueling sides threw rocks for a few minutes, until security forces intervened to stop the fight.


The trial, where an ailing Mubarak, 83, could face execution if found guilty, turned into a stormy affair with violent clashes reported outside the police academy where the proceedings are being held.


About 50 pro-Mubarak supporters, holding his giant photograph afloat, declared "we will burn the prison, if they convict Mubarak", while his opponents, out in larger numbers, shouted back "death for dictator." The police backed by armoured cars kept the clashing public far away from the courtroom.


Mubarak was flown in from Red Sea resort town of Sharam el-Sheikh by a helicopter and brought to the courtroom on a stretcher with an intravenous drip, state television reported.


The television showed him lying on a hospital bed inside a mesh cage in the Cairo courtroom.


He, thus, became the first Arab ruler in modern times to be put in the dock. His trial has rattled Arab rulers --Monarchs and Presidents -- who have long held sway over most of the Muslim nations in the region.


The prosecuting judge Rifat, who declared the trial open, has ordered the proceedings to be beamed live.


Along with Mubarak in the dock are his two sons Alaa and Gamal and his infamous interior minister Habib-al-Adil, the state television reported.

Moody's

Moody's Corporation (NYSE: MCO) is the holding company for Moody's Analytics and Moody's Investors Service, a credit rating agency which performs international financial research and analysis on commercial and government entities. The company also ranks the credit-worthiness of borrowers using a standardized ratings scale. It is one of the Big Three credit rating agencies and has a 40% share of the world market, as does its main rival, Standard & Poor's; Fitch Ratings has a smaller share.

Moody's was founded in 1909 by John Moody. Top institutional owners of Moody's include Berkshire Hathaway and Davis Selected Advisers.

History

Moody's was founded in 1909 by John Moody, beginning with Analyses of Railroad Investments, "a book about railroad securities, using letter grades to assess their risk. Moody's Investors Service was incorporated on July 1, 1914, and soon extended coverage to US municipal bonds. By 1924, Moody's ratings covered nearly 100 percent of the US bond market.

In the 1970s, Moody's expanded into commercial debt, and also began the practice, along with other ratings agencies, of charging bond issuers for ratings as well as charging investors.

The number of countries covered by Moody's has risen from 3 in 1975, to 33 in 1990, to over 100 by 2000. Announcements by Moody's of possible or actual downgrades of a country's bond rating can have a major political and economic impact, as for example in Canada in 1995.

Criticism

Credit rating agencies such as Moody's have been subject to criticism in the wake of large losses in the asset-backed security collateralized debt obligation (ABS CDO) market that occurred despite being assigned top ratings by the credit rating agencies. For instance, losses on $340.7 million worth of ABS collateralized debt obligations (CDO) issued by Credit Suisse Group added up to about $125 million, despite being rated AAA by Moody's.

Similarly, large companies such as AIG, Lehman Brothers had AAA and AA rating until they went bankrupt in 2009.

Power and influence

Moody's has been accused of "blackmail". In one example the German insurer Hannover Re was offered a "free rating" by Moody's. The insurer refused. Moody's continued with the "free ratings", but over time lowered its rating of the company. Still refusing Moody's services, Moody's lowered Hannover's debt to junk, and the company in a few hours lost $175 million in market value.

"As the housing market collapsed in late 2007, Moody's Investors Service, whose investment ratings were widely trusted, responded by purging analysts and executives who warned of trouble and promoting those who helped Wall Street plunge the country into its worst financial crisis since the Great Depression. A McClatchy investigation has found that Moody's punished executives who questioned why the company was risking its reputation by putting its profits ahead of providing trustworthy ratings for investment offerings.

Portugal controversy

Portugal's foreign debt downgrade to the category Ba2 "junk" has infuriated the European Union and Portugal alike. Moody's has been accused of fuelling speculation and bias towards European assets. Furthermore the legitimacy of US based rating agencies has also been put in question. State owned utility and infrastructure companies like ANA – Aeroportos de Portugal, Energias de Portugal, Redes Energéticas Nacionais, and Brisa – Auto-estradas de Portugal were also dowgraded despite having solid financial profiles and significant foreign revenue.

Portuguese citizens promptly classified Moody's actions as economic terrorism and spawn several initiatives on social sites, namely Facebook, to express their outrage. Mainly the initiatives were aimed at disrupting Moody's website. On the 11th of July, the website was temporarily unavailable in Portugal and a few other countries, due to a coordinated DDoS attack. Portuguese IP's were temporarily blocked from the web server in order to minimize the disturbance.

Moody's ratings

Includes the differences with Standard and Poor's ratings.

Long-term obligation ratings

Investment grade

Aaa: Moody judges obligations rated Aaa to be the highest quality, with the "smallest degree of risk".

Aa (Aa1, Aa2, Aa3): Moody judges obligations rated Aa to be high quality, with "very low credit risk", but "their susceptibility to long-term risks appears somewhat greater". (AA+, AA and AA- in S&P)

A (A1, A2, A3): Moody judges obligations rated A as "upper-medium grade", subject to "low credit risk", but that have elements "present that suggest a susceptibility to impairment over the long term". (A+, A and A- in S&P)

Baa1, Baa2, Baa3: Moody judges obligations rated Baa to be "moderate credit risk". They are considered medium-grade and as such "protective elements may be lacking or may be characteristically unreliable".

Speculative grade (also known as "High Yield" or "Junk")

Ba1, Ba2, Ba3: Moody judges obligations rated Ba to have "questionable credit quality.

B1, B2, B3: Moody judges obligations rated B as speculative and "subject to high credit risk", and have "generally poor credit quality.

Caa1, Caa2, Caa3: Moody judges obligations rated Caa as of "poor standing and are subject to very high credit risk", and have "extremely poor credit quality. Such banks may be in default.

Ca: Moody judges obligations rated Ca as "highly speculative and are "usually in default on their deposit obligations".

C: Moody judges obligations rated C as "the lowest rated class of bonds and are typically in default, and "potential recovery values are low".

Special

WR: Withdrawn Rating

NR: Not Rated

P: Provisional

Short-term taxable ratings

P-1 Moody judges Prime-1 rated issuers as having "a superior ability to repay short-term debt obligations".

P-2: Moody judges Prime-2 issuers as having "a strong ability to repay short-term debt obligations".

P-3: Moody judges Prime-3 rated issuers as having "an acceptable ability to repay short-term obligations".

NP: Moody considers "Not Prime" rated issuers as not falling "within any of the Prime rating categories".

Moody notes that "Canadian issuers rated P-1 or P-2 have their short-term ratings enhanced by the senior-most long-term rating of the issuer, its guarantor or support-provider.

Short-term tax-exempt ratings

Unlike S&P, Moody's has separate categories for short term municipal bonds. The ratings categories largely overlap, though, and have the same implications for the ability to repay short-term obligations.

Individual bank ratings

Moody's also rates each bank's financial strength. These ratings differ from deposit ratings in that they measure how likely the bank is to need assistance from third parties.

A: "superior intrinsic financial strength

B: "strong intrinsic financial strength

C: "adequate intrinsic financial strength

D: :"modest intrinsic financial strength, potentially requiring some outside support at times"

E: "very modest intrinsic financial strength, with a higher likelihood of periodic outside support"

Executive officers

Raymond W. McDaniel Jr. - Chairman and Chief Executive Officer

Linda S. Huber - Executive Vice President and Chief Financial Officer