AP ENTERPRISE: Congressional investigators are trying to determine whether

[Judi Lynn]

12:02 pm: AP ENTERPRISE: Congressional investigators are trying to determine whether French bank was lax in monitoring $60 billion in U.N. oil-for-food program



By DESMOND BUTLER | Associated Press
September 27, 2004

NEW YORK - U.S. Congressional investigators examining "a semitrailer truck load" of subpoenaed documents are trying to determine whether lax monitoring at a French bank that held more than $60 billion (?49 billion) for the U.N. oil-for-food program facilitated illicit business deals by the former Iraqi government, officials told The Associated Press.

Although BNP Paribas isn't the target of the probe involving companies and individuals in 50 countries, the documents could provide a road map to alleged corruption at the United Nations and by politicians from France, Russia, Britain, Indonesia and Gulf states who have been implicated.

The three congressional panels that subpoenaed BNP Paribas documents are looking into whether the bank met minimum standards that require financial institutions to identify customers, partly to prevent money laundering. The committees are among at least five in Congress investigating allegations of U.N. corruption and reports that Iraqis skimmed billions of dollars in kickbacks through deals administered by the United Nations.

Investigators also are pressing for information from the Federal Reserve Bank of New York, which is responsible for regulating foreign banks operating in the United States.

"From our perspective this is a scandal of overwhelming proportions. There are so many pieces. We want to follow the money wherever it leads," said Sen. Norm Coleman, a Minnesota Republican and chairman of the Senate Government Affairs Permanent Subcommittee on Investigations.
(snip/...)

http://www.santafenewmexican.com/news/4766.html
(Free registration required)

[IA_Seth]

1. Of Course...

Get them damn frenchies...they didn't help us fight terra

(sarcasm off)

[librechik]

12. also, anything "french" might lead to a Clinton!

especially since most of this "scandal" occurred pre-Bush. Ignore the post-Bush scandal (illegal war, prisoner abuse, missing reconstruction money, collusion with Baathists, not enough troops or supplies, Halliburton)

MAKE A BIG DEAL OUT OF CLINTON-ERA SCANDAL!!

Norm has his marching orders...

[meegbear]

2. Last weekend 9/18-9/19 faux news did an ...

"investigative report" on how the UN Oil for Food program was "corrupted by the UN and coddled Saddam Hussein" (paraphrasing).

So any investigation to bitchslap the French AND the UN, as well as, perhaps, run it ourselves with no jurisdiction, is to their favor.

[Mojambo]

3. "From our perspective this is a scandal of overwhelming proportions."

If the UN is corrupt then what the fuck would you call Halliburton?

How about investigating them?

Oh, I forgot. They can do no wrong!

[Media_Lies_Daily]

4. Right...let's blame something else on the French.

[Tempest]

5. Will they investigate the $6 billion missing in Iraq oil funds?

The U.S. has been collecting and holding Iraqi oil sale funds for the Iraqi people.

$6 billion is missing from the fund.

Will the Repugs investigate that?

[juajen]

8. When do they plan on giving any of this money to the iraqi people?

N/T

[Tempest]

9. Sometime after Halliburton is done getting most of it

Which means the Iraqi people will get squat.

[KittyWampus]

6. Only Real Evidence To Date Against UN Is Iranian Spy Chalabi's Word

and some supposed evidence he has on his computer... which no one else has ever seen.

This is a witch hunt ala Clinton.

[Judi Lynn]

7. French Bank in Oil-For-Food Program Probe

Sep 27, 4:48 PM EDT

French Bank in Oil-For-Food Program Probe

By DESMOND BUTLER
Associated Press Writer


NEW YORK (AP) -- Congressional investigators examining "a semitrailer truck load" of subpoenaed documents are trying to determine whether lax monitoring at a French bank that held more than $60 billion for the U.N. oil-for-food program facilitated illicit business deals by the former Iraqi government, officials told The Associated Press.

Although BNP Paribas isn't the target of the probe involving companies and individuals in 50 countries, the documents could provide a road map to alleged corruption at the United Nations and by politicians from France, Russia, Britain, Indonesia and Persian Gulf states who have been implicated.
The three congressional panels that subpoenaed BNP Paribas documents are looking into whether the bank met minimum standards that require financial institutions to identify customers, partly to prevent money laundering. The committees are among at least five in Congress investigating allegations of U.N. corruption and reports that Iraqis skimmed billions of dollars in kickbacks through deals administered by the United Nations.
(snip)

The BNP bank, which held the escrow account through which all of the U.N. program's oil money flowed, maintains investigators sought its documents as evidence targeting other companies and individuals. But several congressional panels say the bank also is under scrutiny.

"The subpoena for BNP Paribas stems from concerns expressed about the bank's compliance with existing 'know your customer' rules and similar laws enacted as part of the Patriot Act," said a spokesman for Rep. Henry Hyde, R-Ill., who chairs the House International Relations Committee.
(snip)

"There is substantial evidence" of corruption, said Rep. Joe Barton, R-Texas, who is leading one of the investigations at the House Energy and Commerce Committee.
(snip)

http://hosted.ap.org/dynamic/stories/O/OIL_FOR_FOOD_INVESTIGATION?SITE=CADIU&SECTION=HOME&TEMPLATE=DEFAULT

[MisterP]

10. Chalabi and the NY Post started this hoo-ha

[They_LIHOP]

11. Gotta hand it to KKKarl...

This sounds SO much like the investigation into Riggs Bank that people are very likely to get the two confused...that is, if the investigation into Riggs is ever mentioned again...

So, is THIS going to be bush rationale #24 for the attack, then?

I'd like to know how this is WORSE than what the CPA did:
1) Failed to even METER how much of Iraq's oil they were extracting over the past 18 months, and
2) LOST TRACK of something like $8.8 BILLION of the funds from the oil sales they DO admit...

Nah, the UN AND the French are involved, so that has to be WORSE!