Chevron seen settling case on Iraq oil (Condi Rice, enabling cheater!)

[MADem]

Why is this unsurprising? Chevron violates Oil For Food, and Condi looks on, approvingly. And that LARGE penalty? Why, it's CHICKENFEED when you look at the big picture, just the cost of doing business, a wrist-slap:

http://www.iht.com/articles/2007/05/08/business/08chevron.php

Chevron, the second-largest American oil company, is preparing to acknowledge that it should have known kickbacks were being paid to Saddam Hussein on oil it bought from Iraq as part of a defunct United Nations program, according to investigators.

The admission is part of a settlement being negotiated with United States prosecutors and includes fines totaling $25 million to $30 million, according to the investigators, who declined to be identified because the settlement was not yet public.

The penalty, which is still being negotiated, would be the largest so far in the United States in connection with investigations of companies involved in the oil-for-food scandal.....According to the Volcker report, surcharges on Iraqi oil exports were introduced in August 2000 by the Iraqi state oil company, the State Oil Marketing Organization. At the time, Condoleezza Rice, now secretary of state, was a member of Chevron's board and led its public policy committee, which oversaw areas of potential political concerns for the company.

.......In sworn statements last year to an Italian prosecutor, an Italian businessman, Fabrizio Loioli, said he sold Iraqi oil to many companies, including Chevron, and all were aware of the Iraqi request for payment of a surcharge. "In fact, each final beneficiary involved used to add this amount to the official price to disguise it as a premium to be paid to the intermediary," Loioli said in his statement. "In reality, they were perfectly aware that only a part of that would go to the intermediary, while the remaining part was to be paid to the Iraqis."

....