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.
I had no idea the French have officially adopted the communist form of government, i.e. lifetime dictators.
How old is Chirac? If he's 70 he should die at around 84. That's convenient.
C'est la vie!
"the role of BNP Paribas, a French bank that managed billions of dollars in Iraqi oil revenue for the program, according to investigators".
Owner of Bank of the West/First Hawaiian Bank
There are probably some dirty hands holding USA passports. They should be hauled up and severely punished.
(Martha Stewart did less)
"What I've said is I'm not opening any doors, I'm not shutting any doors." Flip flopper John Kerry part-time senator said yesterday.
How about opening up form 180 and a few bank vaults!
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