| ID | 123047 |
| Title Proper | Petroleum to the people |
| Other Title Information | Africa's coming resource curse-and how to avoid it |
| Language | ENG |
| Author | Diamond, Larry ; Mosbacher, Jack |
| Publication | 2013. |
| Summary / Abstract (Note) | In October 2011, the U.S. Department of Justice filed a motion to seize a palatial cliff-top home in Malibu, California. The 16-acre property towers over its neighbors, with a palm-lined driveway leading to a plaster-and-tile mansion. Situated in the heart of one of the United States' most expensive neighborhoods, the $30 million estate includes a swimming pool, a tennis court, and a four-hole golf course. In its complaint, the Justice Department also set its sights on high-performance speedboats worth $2 million, over two dozen cars (including a $2 million Maserati and eight Ferraris), and $3.2 million in Michael Jackson memorabilia -- in total, assets equaling approximately $71 million. What made these extravagant possessions all the more remarkable was that they belonged to a government worker from a small African country who was making an official salary of about $80,000 a year: Teodoro Nguema Obiang Mangue, the oldest son of and heir apparent to Teodoro Obiang Nguema Mbasogo, the longtime president of Equatorial Guinea. |
| `In' analytical Note | Foreign Affairs Vol. 92, No.5; Sep-Oct 2013: p.86-98 |
| Journal Source | Foreign Affairs Vol. 92, No.5; Sep-Oct 2013: p.86-98 |
| Key Words | Petroleum ; Africa ; United States ; Equatorial Guinea ; Corruption ; Governance |