Baker Hughes: SEC wants info on role in Oil-for-Food

Baker Hughes: SEC wants info on role in Oil-for-Food (BHI) By Carolyn Pritchard

SAN FRANCISCO (CBS.MW) -- Baker Hughes (BHI) was recently asked to provide a written statement and certain information regarding its participation in the United Nations Oil-for-Food Program to the U.S. Securities and Exchange Commission, according to a filing Friday with the regulatory agency. The company previously disclosed that it had been subpoenaed by a grand jury in the Southern District of New York regarding goods and services delivered to Iraq through the program from 1995 through 2003.

I bet this has something to do with BNP (Banque Nationale de Paris), the French bank through which all oil-for-bribes money flowed (how convenient for France). If there is a discrepency in how BNP reported these funds' flow, and how they used their financial reports in their banking business in the US (money laundering, misreporting deposits/assets, etc), the SEC could use it as an excuse to revoke BNP's banking license in the US, causing them to shutter numerous branches and lose tens of million$$ in U.S.-based business: underwriting, lending, deposits, asset management, brokerage, trustee, etc. HA!

BHI filed an 8-K today......here is what they say....

Item 8.01 Other Events

We previously reported that we received a subpoena from a grand jury in the Southern District of New York regarding goods and services delivered by us to Iraq from 1995 through 2003. Recently, we received a request from the Securities and Exchange Commission to provide a written statement and certain information regarding our participation in the United Nations Oil-for-Food Program. We are in the process of responding to both the subpoena and the order. Other companies are believed to have received both similar subpoenas and similar orders.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
BAKER HUGHES INCORPORATED

Dated: December 17, 2004 By: /s/ William D. Marsh
William D. Marsh
Assistant Secretary
http://www.pinksheets.com/quote/print_filings.jsp?url=%2Fredirect.asp%3Ffilename%3D0000950134%252D04%252D019459%252Etxt%26filepath%3D%255C2004%255C12%255C17%255C&symbol=BHI

there is no litigation release from the SEC as yet.....but when/if, it will appear here:

http://www.sec.gov/litigation/litreleases.shtml

Grand Jury Seeks Info From Baker Hughes
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3 November 2004, 10:27pm ET

HOUSTON (AP) -- A federal grand jury in New York has asked oil services firm Baker Hughes Inc. for information about goods and services it delivered to Iraq from 1995 through 2003, the company said Wednesday.

Mentioned Last Change
BHI 42.78 0.02dollars or (0.04%)
The Houston-based company said in a filing with the Securities and Exchange Commission that it was subpoenaed by the grand jury in the Southern District of New York. The grand jury and several congressional committees are investigating alleged corruption in the United Nations' oil-for-food program.

The oil-for-food program, which ran from 1996 to 2003, was created to permit the former Iraqi government to sell limited amounts of oil in exchange for humanitarian goods as an exception to U.N. sanctions imposed after Iraq's 1990 invasion of Kuwait.

Baker Atlas, a subsidiary of Baker Hughes, sold $8.2 million in equipment to Iraq in the late 1990s, according to a list compiled by a committee led by former Federal Reserve Chairman Paul Volcker, the Houston Chronicle reported in Thursday editions. There have been no allegations of wrongdoing against Baker Hughes or other companies that sold goods to Iraq since the first Persian Gulf War.

"We are in the process of responding to the subpoena," the company said. Baker Hughes pointed out that other companies in the energy industry apparently had received similar subpoenas.
http://finance.lycos.com/qc/news/story.aspx?symbols=NYSE:BHI&story=200411040327_APO_V5338

Not just the SEC.....a Grand Jury, too.

"Insiders are all SELLS since at least August"

You've dug up some really interesting info!!! I was hoping someone like you and the rest of the FReeper Pajamahadeen would dig into this biggest pile of corruption in world history!

I was also wondering if the Mark Rich connection, leading to Clinton's illadvised pardon might show up in relation to this BHI story, but I guess not...

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