Saudi Prince Buys Faux News

Thanks to Joseph Trento for providing a personal glimpse into the greed machine that has become the news business.  Below is more info from HuffPost regarding this Prince's meddling in the USA's internal affairs.  Forget about freedom of the press, my friends.  It's all about the bottom line.

Trento’s Take: 
Fox News Can’t Upset Murdoch’s Saudi Prince
03 February 2010
Written by Joseph Trento
[...]  I had said to Doocy that Saudi Arabian money was still financing Al Qaeda. Doocy did not react to my comment. But ten days later I learned that Fox’s parent company, News Corporation, was, at the time of my interview, negotiating with a Saudi prince to vastly increase his stake in the company.
The notorious Prince Alwaleed bin Talal, nephew to the Saudi king, met with Rupert Murdoch in Hong Kong on Jan. 14. The prince issued a press release after the meeting stating that the prince’s Kingdom Holding Company had discussions that "touched upon future potential alliances with News Corp."
[...]  Alwaleed is the same Saudi prince who made headlines right after 9/11 when he personally went to Ground Zero and offered then-New York City Mayor Rudy Giuliani a $10 million check for the relief efforts. But Alwaleed could not keep his mouth shut. He released a bizarre statement that blamed the attacks – not on the 15 airline hijackers from Saudi Arabia – but on the United States’ support of Israel. Giuliani, “America’s mayor,” saw a political opportunity and, confident that his reaction was appropriate, immediately refused the prince’s donation. He said: “There is no moral equivalent for this attack.”
Remarkably, I find myself agreeing with Frank Gaffney, a former Reagan appointee who is not happy about Murdoch’s new dealings with the prince. He recently wrote:
... Even more troubling than having a Saudi spinmeister, even a lousy one, at the decision-making table of America’s most successful, and conservative, television network is another aspect of Al-Waleed’s deal with Mr. Murdoch. The Australian entrepreneur has reportedly also given the prince the unfiltered ability to broadcast Saudi-produced materials directly into America on Murdoch’s satellite. Here’s how that part of the deal will evidently work: Prince Al-Waleed’s Rotana Audio Visual Company, which operates TV channels in the Middle East, has signed a deal with DirecTV, the TV-satellite firm controlled by News Corp. As a result, it would seem Rotana will be able to beam its programs into U.S. cable boxes without interference from federal regulators, or anybody else…What passes for entertainment in Saudi Arabia mostly looks like jihadist agitprop to the rest of us. Rotana has a huge library of movies, music and television programs. Such programming has to also include vicious anti-Semitic, anti-Christian, and anti-American incitement. That is, after all, the only kind of material the Wahhabi religious censors approve for production and broadcast in Saudi Arabia. Could that be what the prince has in mind for DirecTV subscribers? [...]

http://www.dcbureau.org/20100203319/Trento-s-Take/trentos-take-fox-news-cant-upset-murdochs-saudi-prince.html

Here's the HuffingtonPost's coverage of Prince Alwaleed's business exploits, including threats to Citigroup:

Saudi Prince Alwaleed bin Talal Seeks Deeper Ties To News Corp

TAREK EL-TABLAWY | 01/17/10
CAIRO — The Saudi billionaire whose investment firm is one of the biggest stakeholders in Rupert Murdoch's News Corp. said he is looking to expand his alliances with the media giant, in the latest indication that his appetite for growth remains robust even as his company retrenches.
Prince Alwaleed bin Talal, a nephew of the Saudi king and who was listed last year by Forbes as the world's 22nd richest person, met with News Corp.'s chief executive Rupert Murdoch on Jan. 14 in a meeting that "touched upon future potential alliances with News Corp.," according to a statement released by his Kingdom Holding Co. late Saturday.
[...]  Kingdom Holding's statement said Alwaleed is already the second largest stakeholder in News Corp., with 5.7 percent of the shares of the media company. The stake is held through Kingdom Holding, in which Alwaleed holds a 95 percent stake.
The investment company has a diverse portfolio, ranging from hotels to shares in Apple, eBay and Citigroup.
Alwaleed, and the investment firm, were hit hard by the global meltdown.
He has since focused on shoring up borrowing power, in part through a recent decision to transfer 180 million of his shares in Citigroup to Kingdom Holding. In a statement last week, he described the move – valued at about $600 million – as key to facilitating future borrowing and growth.
The Saudi royal also met last week with Citigroup's chief executive Vikram Pandit, according to a statement by Kingdom Holding e-mailed Sunday.
Alwaleed raised his stake in Citigroup to 5 percent in late 2008 from less than 4 percent in a move that came as the company was facing a possible collapse. Kingdom Holding says Alwaleed is the single largest shareholder in Citigroup.
Citigroup has repaid the money it borrowed from the U.S. government during the financial crisis, but still faces a new fee to be levied on banks by the Obama administration to recoup $120 billion in taxpayer money used to support faltering companies.
Alwaleed said he was opposed to the move, arguing that "I believe taxing the banks right now is not the right time at all."
[...]  The $120 billion recovery goal is the most that administration officials expect to lose from the government's $700 billion Troubled Asset Relief Program that bailed out banks, automakers and other financial firms.
Alwaleed's Rotana already has an alliance with News Corp.
In 2008, the two companies teamed up to bring Fox Movies to the Arab world and then last year, Rotana and Fox International Channels signed a multi-year output deal with The Walt Disney Co. to provide a range of programing to viewers in the Middle East, according to the statement by Kingdom Holding.
http://www.huffingtonpost.com/2010/01/18/saudi-prince-alwaleed-bin_1_n_426891.html?just_reloaded=1