UN stakes its credibility on Volcker investigation

[lovuian]

http://feeds.bignewsnetwork.com/?sid=e9bd79f894bae518

UN stakes its credibility on Volcker investigation
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Big News Network.com Saturday 30th October, 2004

Revelations about the U.N. Oil for Food Program get uglier and uglier.

Designed to allow Iraq to collect revenues to pay for humanitarian supplies such as food and medicine, it appears to have been manipulated by Baghdad to reward friends of the regime and enrich the country's leadership. The damage has been magnified by allegations of corruption and negligence on the part of the United Nations
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The most important has been launched by the U.N. itself and is headed by former U.S. Federal Reserve Chairman Paul Volcker. According to the U.S. General Accounting Office, the former government in Baghdad collected more than $5 billion (and perhaps as much as $10 billion) in illegal revenues through the program by imposing surcharges on oil sales and collecting kickbacks on purchases of goods. Another U.S. agency has concluded that half the contracts it examined were overpriced by at least 5 percent. Reportedly, individuals and companies were favored with vouchers that entitled them to buy Iraqi oil; they were rewarded for their willingness to participate in the illegal schemes or for their support of Iraq's efforts to lift the sanctions.
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This looks very ugly!!!

[NMDemDist2]

1. volker's a good guy, we'll have to see how this one plays out n/t

[Lostnote03]

2. Hey Volcker meet Ken Lay....