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  • WSJ: Oil for Food as Usual - The U.N.'s worst critics couldn't invent what Volcker shows.

    09/09/2005 5:17:39 AM PDT · by OESY · 10 replies · 1,207+ views
    Wall Street Journal ^ | September 9, 2005 | Editorial
    ...So it was that the largest fraud ever recorded in history came about. Press reports often cite the overall size of Oil for Food at $60 billion, but Mr. Volcker's report makes clear that the real figure was in excess of $100 billion. From this, Saddam was able to derive $10.2 billion from illicit transactions. But the important point is he was able to steer 10 times that sum toward his preferred clients in the service of his political aims. ...Volcker's report is replete with examples of incompetent UN oversight and tales of political wrangling among the permanent members of...