Free Republic 2nd Qtr 2024 Fundraising Target: $81,000 Receipts & Pledges to-date: $40,570
50%  
Woo hoo!! And we're now over 50%!! Thank you all very much!! God bless.

Keyword: eotc

Brevity: Headers | « Text »
  • Oil-Food Report: $1.8bn Diverted to Hussein Regime (Marc Rich implicated)

    10/27/2005 7:02:32 PM PDT · by FairOpinion · 32 replies · 1,278+ views
    CNN ^ | Oct. 27, 2005 | CNN
    Former Iraqi President Saddam Hussein manipulated the United Nations oil-for-food program so that his regime received $1.8 billion in illicit payments, a U.N.-backed independent report said Thursday. The investigation, led by former Federal Reserve Chairman Paul Volcker, said kickbacks came from some 66 member states and illicit surcharges came from 40 member states. The report also said Marc Rich & Co. financed 4 million barrels of oil under a 9.5-million-barrel contract awarded to the European Oil and Trading Co. (EOTC), a French-based shell company. "Surcharges were imposed on the oil," the report said, and "Marc Rich & Co. directed BNP...