Yankee fan, Djelloul M referenced the following, along with illegal fishing by European and Japanese interests in Somali waters yesterday during discussions at the Facebook page for this site.

Click on the photo for the PDF of the presentation Dr. Hussein made on this issue to the world's most useless public body, the United Nations (sometimes we editorialize) in 2010.

The illegal fishing thing can be found here.

About 6 paragraphs in, the author employs the phrase "fish laundering", I might have gone with "fish fence", but both are good.

THE EVIDENCE OF TOXIC AND RADIOACTIVE WASTES DUMPING IN SOMALIA

Written By. Bashir Mohamed Hussein, PhD

Although many developing countries, especially African countries, have been victim of the adverse effects of highly toxic wastes (HTW) originated from the developed countries, the case of Somalia is particularly preoccupying. The country has been subjected to extensive illegal dumping operations of toxic and radioactive wastes sincethe 1980s.

The HTW dumping operations that have taken place both along the coast and the hinterland have extremely adverse effects on health, livelihoods and the future prospect of sustainable development of the local population. Furthermore, along with other internationally-driven illegal economic and other strategic interests (e.g. the industrial-scale Illegal Unregulated and Unreported overfishing on the part of foreign companies), the issue of the toxic wastes dumping has contributed to the perpetuation and exacerbation of the deadly effects of the armed conflict which has been going on in Somalia for the last two decades. While Somalia itself has not yet an effective government, the international community has failed to tackle the toxic waste dumping issue and other closely related internationally-driven illegal activities in Somalia.

In thisrespect, lack of “sufficient evidence” of toxic waste dumping in Somalia is often advanced as an argument to justify the aforementioned inaction.

The purpose of this case study report is to contribute significantly to the available evidence of the long-running toxic waste dumping in Somalia and its negative impact on the enjoyment of the fundamental human rights of the affected population. Drawing on authoritative sources and careful analysis, the paper concludes that the toxic wastes dumping in Somalia is real and it has compromised (irreversibly) the human health, natural environment, food security and the long-term development prospects of the affected population. And, consequently, it has denied the victims the enjoyment of their fundamental human rights including the right to life, healthy environment and food security.

To reverse this tragic trend, the paper recommends a number of concrete measures including an urgent mission on the part of the Special Rapporteur on toxic wastes to Somalia, in-depth and extensive field research, the identification, isolation and reclamation of the polluted sites and full assessment of the nature and the scale of the polluting chemicals and other hazardous wastes. It also recommends the adoption of effective deterring measures against the toxic traffickers at international level.

So, here's my question, "Just what on this earth is the UN good for?

Providing employment for people too incompetent even for the CIA?"

The second simplest and most concise explanation of the newest revelation concerning Goldman Sachs, John Paulson and the toxic securities that have poisoned the investing world comes from Richard Russel's Dow Theory Letter.

(The best one is above).

Now it can be told. It started with billionaire fund manager John Paulsen. He had an idea that the wild speculation in homes was putting the price of homes into the bubbly stratosphere, and that the whole home-structure was due to collapse. Paulsen went to a few firms including Goldman and asked them to structure mortgage packages that would include some of the poorest quality mortgages. Paulsen's plan -- bet against these vehicles and these items and hope that he would be correct -- that the housing boom would go into free-fall. This is exactly what happened, and Paulsen and his investors pocketed billions in profits.

Bear Sterns turned down a deal with Paulsen. But Goldman and Deutsche Bank went along with Paulsen. Goldman, knowing the mortgage packages they had created were toxic, sold these deals to investors without telling them about Paulsen and his thesis that these mortgage packages were created to fail. What's worse, Goldman even sold these toxic packages short. Goldman sold the product to their customers and at the same time shorted the products.

But what about the agencies that were supposed to grade these packages? They were as asleep as was the SEC on the Madoff case. The toxic packages got a AAA classification from the rating agencies. All in all, a disgusting case of collusion and incompetence by Wall Street and the rating agencies and stupidity on the part of the buyers of these toxic packages.

The fact is that Paulsen had been searching for bubbles in the economy, and he correctly zeroed in on real estate and specifically home mortgages. But Paulsen never sold his toxic packages to investors, Goldman did. Which is why the SEC has focused its fraud accusations on Goldman and left Paulsen alone.

Paulsen & Co. earned $15 billion betting against the housing market in 2007. Paulsen, 54 years old, personally made nearly $4 billion that year. Today Paulsen's hedge fund has $32 billion in assets, making it one the world's largest hedge funds. Of interest is that Paulsen's most recent big investment is in gold and gold stocks and exchange traded funds tied to gold.