Quantcast

Oops, BUSTED!

Discussion in 'Politics & World News' started by N8 v2.0, Oct 21, 2005.

  1. N8 v2.0

    N8 v2.0 Not the sharpest tool in the shed

    Rep/Likes:
    17 / 149
    Joined:
    Oct 18, 2002
    Messages:
    11,008
    Location:
    The Cleft of Venus
    Virginia oil firm admits kickbacks to Iraq
    Jeanne King
    Thu Oct 20,12:50 PM ET


    NEW YORK (Reuters) - A Virginia oil trading company pleaded guilty on Thursday to charges of scheming to pay more than $400,000 in kickbacks to Iraq for oil purchases made as part of the defunct U.N. oil-for-food program for Iraq.

    Midway Trading, a Reston, Virginia-based firm, agreed to pay a $250,000 fine in a plea deal, according to the Manhattan district attorney's office.

    The kickback scheme also involved one of its trading partners, Bulf Oil, the office said. But it provided no details on Bulf Oil.

    The case grew out of an investigation into the scandal-ridden $64 billion oil-for-food program launched by District Attorney Robert Morgenthau's office this year.

    Also investigating corruption in the program, which was shut down in 2003 after the U.S.-led invasion of Iraq, are the federal U.S. Attorney's office in the Southern District of New York, several congressional committees and a U.N.-appointed commission led by former Federal Reserve Chairman Paul Volcker.

    Morgenthau's office said the case against Midway began as a result of cooperation with Volcker's Independent Inquiry Committee, which is expected to issue its final report this month, on companies around the world who benefited from the U.N. program.

    Morgenthau has also opened a criminal investigation of Benon Sevan, the U.N. official who headed the U.N. program.

    The Volcker inquiry has accused Sevan, a Cypriot and veteran U.N. senior staff member, of getting about $150,000 in kickbacks from an oil trading firm while he was in charge of the program. Sevan has denied the charges, but has fled to his native Cyprus which has no extradition agreement with the United States.

    The oil-for-food program began in December 1996 and allowed former Iraqi President Saddam Hussein to sell oil to buy civilian goods to ease the impact of U.N. economic sanctions on ordinary Iraqis. The sanctions were imposed after Iraq's 1991 invasion of Kuwait.
     

    Please register to disable this ad.

  2. valve bouncer

    valve bouncer Master Dildoist

    Rep/Likes:
    8 / 16
    Joined:
    Feb 11, 2002
    Messages:
    7,823
    Location:
    Japan
    Heheheh Bulf Oil....hehehehe.
     
  3. MikeD

    MikeD Leader and Demogogue of the Ridemonkey Satinists

    Rep/Likes:
    13 / 62
    Joined:
    Oct 26, 2001
    Messages:
    10,106
    Location:
    chez moi
    When your Bulf is sticking, nothing else will do...
     
  4. Changleen

    Changleen Paranoid Member

    Rep/Likes:
    1 / 4
    Joined:
    Jan 9, 2004
    Messages:
    9,890
    Location:
    Hypernormality
    And that was the only oil firm that did it. None of the others had anything to do with it. No-Sir-ee.
     
  5. MudGrrl

    MudGrrl AAAAH! Monkeys stole my math!

    Rep/Likes:
    7 / 0
    Joined:
    Mar 4, 2004
    Messages:
    3,123
    Location:
    Boston....outside of it....
    :dead:

    I live near them....
     
  6. ZoRo

    ZoRo Turbo Monkey

    Rep/Likes:
    6 / 8
    Joined:
    Sep 28, 2004
    Messages:
    1,229
    Location:
    Montréal, PQ
    holy hell, corruption in the transnational companies combined with the goverment, impossible!!!
     
  7. Westy

    Westy the teste

    Rep/Likes:
    437 / 2,769
    Joined:
    Nov 22, 2002
    Messages:
    35,997
    Location:
    Sleazattle
    If Woody had gone straight to the police none of this would have happened.
     
  8. DRB

    DRB unemployed bum

    Rep/Likes:
    5 / 0
    Joined:
    Oct 24, 2002
    Messages:
    15,287
    Location:
    Watchin' you. Writing it all down.
    Yeah this never occurs in everyday trading.....

    Just wait until big oil posts its earnings this week.....
     
  9. Changleen

    Changleen Paranoid Member

    Rep/Likes:
    1 / 4
    Joined:
    Jan 9, 2004
    Messages:
    9,890
    Location:
    Hypernormality
    Be sure to let us know if we miss it.