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March 22, 2004

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Matthew Maly

Recently President Bush said, “…we're helping former Soviet states find productive employment for former weapons scientists. Bush refers to Defense Enterprise Fund (DEF) is a venture capital fund financed by the US Congress to convert former Russian producers of weapons of mass destruction.

And here is how DEF is doing. According to the Department of Defense Audit, DEF spent half of its grant on itself, which is twenty five times the industry average. As far as DEF’s investment portfolio of $30M, $20M disappeared from it under very suspicious circumstances.

DEF was closed as of December 31, 2003, its entire $67M grant lost, and nobody was punished. That is, except the whistleblower who was punished viciously. Bush knows that DEF is dead, but takes credit anyway. Relevant documents are here: http://nunn-lugar.com/def/

dauber

Who's site is this, do you know? B/c the "Nunn-Lugar" program is well known and well respected, but I've never heard of DEF -- but I can't tell from this who runs this site.

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