Chevron to pay $30 million in oil-for-food settlement

http://biz.yahoo.com/rb/071114/chevron_oilforfood.html?.v=1

NEW YORK (Reuters) - Chevron Corp (NYSE:CVX - News) agreed to pay $30 million to resolve criminal and civil liabilities related to procurement of oil under the United Nations oil-for-food program, U.S. prosecutors said on Wednesday.

Chevron, the No. 2 U.S. oil company, obtained Iraqi oil under the program from third parties that paid secret, illegal surcharges to the former government of Iraq, prosecutors said.

Chevron will not be prosecuted and will continue to cooperate with investigators, prosecutors said.

(snip)

The oil-for-food program was established to help Saddam Hussein's Iraq sell oil to buy humanitarian supplies while it was otherwise under U.N. sanctions due to its 1990 invasion of Kuwait.

But a U.N.-commissioned inquiry headed by former U.S. Federal Reserve Chairman Paul Volcker found the program was corrupted by 2,200 companies in 66 countries that paid $1.8 billion in kickbacks to Iraqi officials to win supply deals.

(end snip)

via AmericaBlog

http://www.americablog.com/2007/11/chevron-settles-on-iraq-oil-for-food.html

Wow, an American Oil company involved in the ole oil for food scandal. Who knew? :sarcasm: :sarcasm:

and they were so blaming the folks at the UN. Wouldn't you know. Sure don't hear a thing about thing on the MSM. I'm so glad they are busted. Makes my day. F-ing Big Oil. Points to sig line.

but expect an increase in price per gal tomorrow so they can make it back by the weekend.

dp

Dam I hate oily rice.