Posted on 08/18/2005 8:05:18 AM PDT by Valin
Since the Oil for Food program came to an end in 2003, it has been described--accurately enough--as oil for palaces, oil for terror and oil for fraud. Now it turns out the U.N. relief program in Iraq was also oil for Enron.
Among the great scams of our time, there's a near-poetic inevitability to the convergence of the twain. When I first wrote about Oil for Food on these pages, almost three years ago, the analogy that came instantly to mind was Enron. Lo! Much scandal and many questions later, investigators for Rep. Henry Hyde's International Relations Committee have unearthed documents showing that shortly before Enron imploded in late 2001, the company, among its other deals, was shelling out millions, some of it into Swiss bank accounts, to buy Iraqi crude exported by Saddam under Oil for Food.
Not that Enron did business directly with Saddam's regime in violation of U.N. sanctions, or even did anything clearly illegal. Rather, the tale of its guest appearance in Oil for Food illustrates why in some ways the U.N. scandal dwarfs even Enron. Under cover of Oil for Food, Saddam's system of bribes, payoffs and kickbacks, ultimately totaling billions, ran through chains of often obscure middlemen in places such as Cyprus and Switzerland. Enron shows up on one of the outer spokes of Oil for Food's global web, dealing with a trans-Atlantic crew of companies and characters engaged not only in fraud, but allegedly linked to arms traffic, payoffs to the Kremlin and kickbacks to Saddam's regime. Along the way, this gang did its bit to comply via Oil for Food shipments with Saddam's policy of enforcing the Arab League boycott against Israel.
(Excerpt) Read more at opinionjournal.com ...
How so? I find this hard to believe.
Love this reporter!
Guess where the electric traders for Enron went? Yep, there now in the Oil market.
Ken "The Titanic" Lay
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None of these jags will ever see any real time.
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