Posted on 11/17/2004 11:33:59 AM PST by Mike Fieschko
A House committee and an independent United Nations panel exploring fraud and abuse in the oil-for-food program are focusing on the role of BNP Paribas, a French bank that managed billions of dollars in Iraqi oil revenue for the program, according to investigators.In a statement yesterday, Representative Henry Hyde, Republican of Illinois, who is chairman of the House International Relations Committee, said investigators had found suggestions of banking violations. "If true, these possible banking lapses may have facilitated Saddam Hussein's manipulation and corruption of the program," Mr. Hyde said.
Investigators said the bank may not have verified the identity of some payment recipients. The bank's activities are to be the subject of a committee hearing today.
Bob Bennett, a lawyer for the bank, called the assertions "outrageous" and said that while it was possible the bank made a few questionable payments, it was "grossly unfair" to suggest it had "sloppy procedures." "Overall, this bank did an amazing job of handling a series of vast, complex transactions," he said.
Two people familiar with the United Nations investigation, led by Paul A. Volcker, said investigators had become frustrated with BNP resistance to requests for records and other information. But Mr. Bennet said the bank was cooperating.
The United Nations panel is also seeking assistance from foreign bank regulators in tracing payments connected with the program, under which Iraq was permitted to buy food and other goods with $64 billion in oil revenues from 1996 to 2003.
Congressional investigators said that federal regulators had placed BNP under "supervisory action" in July owing to what investigators called "deficiencies" in its operations.
Allegations have spawned several investigations. Yesterday, the Volcker panel sent a letter to the Senate Permanent Subcommittee on Investigations essentially declining to make available United Nations documents and personnel.
same Bob Bennett?
I'm suprised the Times did not fire Judith Miller after she wrote positive articles about our military.
Don't forget...Ketchup boy's moneybags was a BNP shareholder before her pre-campaign portfolio cleanup.
Picked up on that, too.
Evidently Mr. Bennett enjoys representing the obviously guilty and corrupt.
"the role of BNP Paribas, a French bank that managed billions of dollars in Iraqi oil revenue for the program, according to investigators".
I am shocked - just shocked.
The corrupt members of the UN and Saddam Hussein did not want the sanctions lifted........sanctions were their bread and butter. As long as the USA could be persuaded there were POSSIBLE stockpiles of WMD, sanctions stayed in place and so did Saddam. Unfortunately, the filthy UN operatives never expected the USA to put a stop to their corruption by military force.
Why does no-one understand this?
Every time the libs yell "Halliburton" we should yell back "BNP!!"
These lawyers will say anything for a few million in fees. Didn't Bob Bennett also efend Klintoon??
Chirac's right in the middle of it too. I believe I heard Brit Hume mention that Chirac plans to remain in his presidency for another 14 years. His position makes him immune from prosecution and he know numerous charges will be brought against him should he leave office.
you got that right
http://tinyurl.com/3qhyy
Just not ready to flee to Argentina with the other Nazis, eh?
Quel surpise, droite ?
Yep.
And I'll bet you a dollar that this is the same bank Arafat's money is in.
Sure, banks would kill to get tens of billions in deposits. In this case, the bank and the coutry allowed the killing of innocents to get their blood money.
Yeah, but iirc, the Clintons stiffed Bennett, at least partially, on his fees.
Thanks for the work you've put into that.
Hyde is on TV right now......Fox......starting his committee hearings.
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