Chevron to Pay $30 Million to Settle Kickback Charges

Source: Associated Press

WASHINGTON, Nov. 14 (AP) — Chevron has agreed to pay $30 million to settle charges that it had made illegal kickbacks to Iraq for oil purchased in 2001 and 2002 under the United Nations’ oil-for-food program.

The Securities and Exchange Commission said Wednesday that Chevron had agreed to the settlement under the Foreign Corrupt Practices Act without admitting or denying the charges. But the United States attorney for the Southern District of New York said Chevron could still be prosecuted for criminal tax violations.

Chevron, based in San Ramon, Calif., agreed to remit $25 million in profits and pay a $3 million civil penalty. The company will also pay $2 million to the Office of Foreign Asset Controls of the Treasury Department.

Of the $25 million, Chevron will forfeit $20 million under an agreement with the United States attorney’s office in New York and pay $5 million under an agreement with the district attorney’s office in Manhattan.

Read more: http://www.nytimes.com/2007/11/15/business/worldbusiness/15chevron.html?ex=1352782800&en=0e7e2baa4ba7f3e8&ei=5088&partner=rssnyt&emc=rss

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Condoleezza Rice was a Chevron Director from 1991 until January 15, 2001 when she was transferred by President George Bush Jr. to National Security Adviser. Previously she was Senior Director, Soviet Affairs, National Security Council, and Special Assistant to President George Bush Sr. from 1989 to 1991.

Another Chevron Corporation giant in the Bush administration is Vice President Dick Cheney. Vice President Cheney was Chairman and Chief Executive of Dallas based Halliburton Corporation, the world’s largest oil field services company with multi-billion dollar contracts with oil corporations including Chevron. Lawrence Eagleburger, a seasoned Bush counselor who held top State Department posts under George Bush Sr., is a director of Halliburton Corporation.

....there may be crooks in the Bush administration. Probably not, huh?

President: We got fined 30 Mill today!
Associate: Oh my God..What are we gonna' do?
President: That's like 2 hours of Profit!
Preisident and Associate: (Tears running down face from Laughing) Har!..Har!...Har!

Or are the records prior to 2001 "off limits"?

Hmmmmm.

Chevron pays a fine. Oscar Wyatt is sent to prison. For doing the same thing Chevron did.

Anyone? Hello?

:kick:

Chevron hurriedly renamed The Condoleezza Rice tanker as The Altair Voyager a few months after Rice left under a cloud.

Quite a story behind that as I understand it.

In the 1990s I did a fair amount of corporate legal work for Chevron which was facing shareholder dissent after some of the company's largest stockholders wanted to bring a criminal harrassment charges against her and Cheney.

This was ongoing while she was sitting on the Board.

There were allegations of Condi hiring contractors to spy on certain very wealthy shareholders, conduct espionage on their non-oil business activities and hire heavies to attempt testimony suborning concerning litigation against the Bush family from 1992 to 1997.

Some allegations included attempted kidnapping, blackmail, extortion and perverting of the course of justice.

As I understand it as late as June 2006 there were continuing investigations taking place about a number of attempts to 'frame' Chevron after witness testimony about Rice's harrassment activities was put on the back burner. Possibly as a tactic to consolidate other evidence against her & Cheney.

Unravelling the Chevron ownership structure is |Herculean task but leads to some extraordinary horrible facts about the Bush family.

Initial production from Blind Faith is estimated at 30,000 barrels of oil per day (b/d) and 30 million cubic feet (mmcf/d) of gas per day. Blind Faith has a production capacity of about 45,000 b/d and 45 mmcf/d of natural gas, but that can be upgraded, Chevron said.

The oil and natural gas that will come from Blind Faith is needed by Chevron, whose worldwide production drop about 4 percent to 2.6 million barrels a day in the third quarter.

The company was also forced to delay its multibillion- dollar Tahiti project in the Gulf of Mexico by about a year due to defective shackles in the facility's mooring system.

The Tahiti project had been scheduled to come online sometime in mid-2008 with an estimate production of 125,000 barrels per day, making it one of the largest in the Gulf.

http://www.reuters.com/article/companyNewsAndPR/idUSN1947754320071119?pageNumber=2


UNraveling Chevron's stockholder ownership probably the most rewarding clue on the road to the impeachment of the Bush/Cheney kleptocracy.