Cake or Death: Swiss investigate Oil-for-Food companies

Al Gore says global warming is YOUR fault!
"He betrayed this country! He played on our fears!"
You don't say...

September 18th, 2007

Fed Cuts Benchmark Rate Half Point, Seeking to Forestall Recession in U.S. - "The Federal Reserve lowered its benchmark interest rate by a half point to 4.75 percent, the first cut in four years, to protect the U.S. from sinking into a recession sparked by fallout from the housing-market collapse. 'Today's action is intended to help forestall some of the adverse effects on the broader economy that might otherwise arise from the disruptions in financial markets,' the Federal Open Market Committee said in a statement after meeting today in Washington. The central bank will 'act as needed to foster price stability and sustainable economic growth.' Stocks surged, two-year Treasury notes rose and the dollar fell to a record low against the euro. The larger-than-forecast reduction suggests Chairman Ben S. Bernanke is prepared to leave himself open to criticism that he's rescuing investors from bad decisions for the sake of saving the six-year expansion."
U.S. Producer Prices Drop More Than Forecast; Foreclosures on Homes Double - "The 1.4 percent decrease, the biggest since October, followed a 0.6 percent increase in July, the Labor Department said today in Washington. So-called core prices, which exclude fuel and food costs, rose 0.2 percent after a 0.1 percent gain the month before. Slower inflation gave policy makers room to cut their benchmark rate today in an effort to sustain the expansion in the face of a housing recession. A drop in fuel expenses pushed prices down in August and cooling economic growth will continue to restrain raw-material costs, economists said."

September 14th, 2007

U.S. Retail Sales, Output Rise Less Than Forecast, Adding to Rate-Cut Case - "The 0.3 percent increase in sales during August followed a revised 0.5 percent gain in July, the Commerce Department said today in Washington. Purchases excluding automobiles unexpectedly fell 0.4 percent. Production gained 0.2 percent, with factory output declining for the first time since February. While a report from the University of Michigan and Reuters Group Plc showed consumer confidence increased, their sentiment index remained near the lowest level in a year. Treasury notes rallied after the retail sales and production reports, before losing the gains."

September 13th, 2007

Greenspan Says He Didn't Foresee Credit Rout, Endorses Bernanke, CBS Says - "Current Fed Chairman Ben S. Bernanke 'is doing an excellent job,' Greenspan said in an interview on the 60 Minutes program, according to excerpts e-mailed by CBS today. The show is scheduled to air on Sept. 16, a day before the publication of Greenspan's book, 'The Age of Turbulence.' The remarks come amid criticism among some investors that Bernanke has failed to be as forceful as his predecessor in responding to financial turmoil. Greenspan in 1998 cut interest rates three times after a Russian debt default rippled through global markets. Bernanke's Fed has refrained from lowering its benchmark so far, relying on other tools to provide liquidity."
Commercial-Paper Market Decline in U.S. Slows as Concerns Over Credit Ease - "U.S. stocks rose and Treasuries fell after the Federal Reserve reported short-term debt dropped by $8.2 billion, compared with a decline of $31.3 billion a week earlier. That coincided with Countrywide Financial Corp. obtaining new financing and banks finding buyers for loans to fund Kohlberg Kravis Roberts & Co.'s buyout of Alliance Boots. Issuers with the biggest chance of default had stopped trying to sell commercial paper, rekindling appetite for short- term debt, said Tony Crescenzi, chief bond market strategist at Miller Tabak & Co. in New York. 'Investors have already pushed out the weakest issuers,' Crescenzi said in an e-mail. 'The commercial paper that remains is a relatively more respected crop.'"

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Thursday, November 17, 2005

Swiss investigate Oil-for-Food companies

2,253 companies to be exact.

Nov. 17 (Bloomberg) -- The Swiss Federal Prosecutor is investigating companies named in a United Nations report for possible violations of trade embargos against Iraq or illegal payments to Saddam Hussein as part of an aid program.

The State Secretariat for Economic Affairs in Bern has asked the prosecutor to examine whether criminal proceedings against the companies should be opened, said Rita Baldegger, a spokeswoman for the secretariat.

``I can confirm that we got the letter and now, of course, we are looking into the matter,'' said Hansjuerg Mark Wiedmer, a spokesman for the prosecutor's office in Bern, in a telephone interview. Wiedmer and Baldegger declined to name companies.

A U.N. investigation found 2,253 companies paid illegal kickbacks to Iraq to win business from the aid program, which was designed to enable Saddam's government to sell oil to pay for humanitarian needs, former U.S. Federal Reserve Chairman Paul Volcker, who led the report, said last month.

Already before the request, the prosecutor had started ``criminal proceedings in the oil for food case having to do with money laundering and corruption,'' said Wiedmer.

So if you were involved in the Oil-for-Food scandal and work for the UN you'll get a slap on the wrist, otherwise you're screwed. I'll wait until they start prosecuting UN officials, but the prosecutor's challenge will be hanging on the to documents which are supposed to be returned to original sources, unless the UN intervenes.

This could get interesting. Wagers on whether UN allows prosecutors to continue possession of thes incriminating documents and for how long?

Link to me! Posted by jwookie : 9:26 AM

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