[Oldeconomybuyer]

...the U.N. program, which sold more than $60 billion worth of oil in 6 years...

According to Newt Gingrich on the O'Reilly Factor, the $60 billion all passed through a single bank in France. Without complete and audited records of every transaction this investigation will go nowhere.

[endthematrix]

"$60 billion all passed through a single bank in France."

That money (OIL 4 FOOD) has held in escrow via a French bank. This was up front by mandate The kick backs and bribes are in the pockets of Saddam cronies and appeasers. From my understanding that escrow goes to Iraqi development (US).

[endthematrix]

Press Release
19 November 2003

Oil-for-Food Programme
Status of Funds 19 November 2003
Duration of Programme: December 1996 to 21 November 2003

Total value of oil exports: $65 billion.

Total oil income allocated to OFFP: $46 billion Balance allocated to Gulf War reparations through a Compensation Fund (25 percent since December 2000); UN administrative and operational costs (2.2 per cent); weapons inspection programme, UNMOVIC and IAEA (0.8 per cent).

· $38 billion to 15 governorates in south/central Iraq

· $8.1 billion to three governorates in northern Iraq.

· Unutilised funds will be transferred to the Iraq Development Fund as required under SCR 1483)

Interest income of $2.7 billion to June 2003, all allocated for the procurement of humanitarian supplies.

Expenditures:

Total value of humanitarian goods delivered (and suppliers paid): $31 billion +
Total value of goods currently in humanitarian pipeline: $8.2 billion More than 86 per cent of these contracts signed by the previous government have been prioritized in consultations between the UN, Coalition Provisional Authority and Iraqi authorities; and about 91 per cent of the prioritized contracts have so far been renegotiated by UN agencies. The money for these contracts remains in the UN/Iraq account to be paid out after the UN has confirmed the supplies were delivered to Iraq.
$3.6 billion approved for projects to be implemented by UN agencies for approved projects.
$3 billion transferred from UN/Iraq account to the Development Fund for Iraq. The first $1 billion was transferred on 28 May 2003. Further transfers of $1 billion each were made at the end of October and on 18 November 2003.
Approx.$1.6 billion in uncommitted funds are in UN/Iraq Account.
Please note: Total expenditures do not reflect goods in transit or fluctuating currency exchange rates. Resolution 986 apportioned 2.2% of the oil revenue to cover UN administrative and operational costs of the programme. As of 11 June 2003, some $400 million remained in the 2.2% sub-account, of which $106.6 million will be needed during the phasing-out / termination period; $16 million will be kept as contingency, leaving $277.4 million for transfer to the Iraq Development Fund. The transfer has not yet taken place.

[crazycat]

the Iraqis kept imaculate records of all the deals.

Saddam was no fool, if you dealt with him it was all documented, so you kept yr mouth shut, but now he ain't in control and who knows what he is saying.