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Profile: Fareed Yasseen
Fareed Yasseen was a participant or observer in the following events:
President Bush appoints Thomas Foley to the new position of director of private-sector development for the interim US authority in Iraq. Foley, a corporate turnaround expert and multi-millionaire investor, attended Harvard Business School with President Bush and served as the Connecticut finance chairman for Bush’s 2000 campaign. Foley’s task will be to help open Iraq up to foreign investment and to privatize more than 200 state-owned industries, including mining, chemical, cement, and tobacco companies. Excluded from the privatization plan will be Iraq’s oil, utility, and insurance industries. [Financial Times, 8/8/2003; Washington Post, 10/2/2003] The targeted industries currently employ close to 500,000 workers, or three to four percent of the country’s total workforce. Many Iraqis are unhappy with the plan. They say only an elected Iraqi government should make such decisions. According to Fareed Yasseen, adviser to Governing Council member Adnan Pachachi, the assets will probably be sold off to foreign firms and Iraqi merchants who grew wealthy off their connections to Saddam Hussein’s regime, since they are the only ones who will be able to afford to make the purchases. He warns, “If you have a situation where state assets are sold to foreigners or result in large layoffs, this will lead to popular unrest.” [USA Today, 8/9/2007]
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