Saudi Prince Pocketed $2B in Arms Deal

For the paltry sum of $29.4B

(NEWSER) - As Iran continues its saber-rattling , the US is responding by beefing up the military might of a regional ally. The Obama administration will announce the sale of $29.4 billion in F-15s to Saudi Arabia, sources tell the AP , in a deal for 84 new jets and upgrades to 70 existing ones. The fighter jets are part of an overarching $60 billion arms deal Washington cut last year with the Saudis, which also includes helicopters, missiles, bombs, and radar systems. More»

...but it probably won't

(NEWSER) - The United States' $60 billion arms deal with Saudi Arabia looks poised to go through, despite misgivings from some pro-Israeli lawmakers. The Defense Department notified lawmakers of the deal last month, giving them 30 days to block or amend it, the AP explains. That window expires tonight at midnight, but since Israel itself has voiced no loud objections, Congress has paid little attention to the deal, and seems unlikely to take action now. More»

SEIU paid disgraced Alejandro Stephens big consulting fee

(NEWSER) - Federal authorities are investigating $150,000 in consulting fees that LA’s powerful Service Employees International Union paid to its disgraced ex-leader, the LA Times reports. The US Attorney last year considered using the payment as the basis for an embezzlement charge against that leader, one Alejandro Stephens, but decided against it. Now, Stephens is headed to prison on other charges, but authorities are still questioning SEIU officials about the payments agreed to by then-President Andy Stern. More»

Boasts record-setting deal will create jobs

(NEWSER) - The Obama administration plans to offer Saudi Arabia $60 billion worth of advanced aircraft, in what would be the largest arms deal in US history. The deal may also be expanded by tens of billions more to include naval and missile-defense upgrades, the Wall Street Journal reports. The administration intends to formally notify Congress of the plan this week or next, and will tout the deal’s potential to create at least 75,000 jobs. More»

(NEWSER) - The fraud investigator who tried for a decade to convince the SEC to investigate Bernie Madoff will deride the board's "financial illiteracy" before a Congressional panel today, according to prepared testimony obtained by the Wall Street Journal. Whistleblower Harry Markopolos will also testify that investigating Madoff "posed great danger" to investigators, reports the New York Times, and that he feared for his life. In 2005 Markopolos submitted a huge dossier to the SEC concerning Madoff's Ponzi scheme, to no effect. More»