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George W. Bush probably doesn't need to steal Iraq's oil for himself and his friends. They may already own it

The United States of America: Collection Agency To The World

THE CONFISCATION OF IRAQI OIL, ITS ALL LEGAL

07/24/03: (InformationClearingHouse) In light of the recent WMD revelations, or lack of, if you wish to look at it that way, some have come to harbor suspicions about the "real" motives behind Gulf War II. It seems more likely with every passing day that the "real" reason for invading Iraq was simply to steal it's oil. That may be true, but George W. Bush probably doesn't need to steal Iraq's oil for himself and his friends. They may already own it, thanks to the United Nations. Possibly as much as $50 billion worth, and you can bet they're glad the United States is now protecting their oil assets.

AN UNPRECEDENTED UN SPONSORED WEALTH REDISTRIBUTION SCHEME

After the Gulf war of 1991 at the insistence of the United States, The United Nations created an agency known as the United Nations Compensation Commission. It's sole duty was to litigate claims for war related dammages brought by private citizens, corporations and governments against the country of Iraq. The commission considered a wide range of claim types, everything from personal injury or death, to corporate losses, to claims for expenses incured by governments in dealing with the war and it's aftermath. 

Succesfull claims were to be paid out of the Iraq "Food For Oil" program. The first 25% to 30% of all profits from the sales of Iraqi oil under the program were skimmed off and placed in a special fund to pay Iraq's war creditors. On average 2.2 billion dollars a year has raised via this method since Iraq began making payments in 1995. 

Between 1991 and 1996 about 2.6 million claims totaling just under $350 BILLION dollars were filed with the UNCC. As of July 8, 2003, 98% of the claims have been so far resolved. The total ammount of dammages those claimants were asking for was just over $250 bilion dollars. Of that $250 billion the UNCC awarded $46.2 billion dollars to sucessfull claimants. Some claims were either rejected as fradulent and/or undocumented, or deemed to be inflated and adjusted downward. At the date of this printing there are an aditional $97.9 billion in claims yet to be adjudicated. The final debt owed by the people of Iraq to it's real and imagined victims should be reasonably expected to reach between 60 and 100 billion dollars. So far, cash payments of $17.5 bilion have been made leaving an unpaid balance of about $30 billion and climing. Interest is charged on the unpaid balance beginning at the date of the loss(1991). In the end the interest will likely end up being several times larger than the principle. 

The claims were split up into 6 categories (listed below) The first three categories A, B, C were generally small claims placed by individuals. Category A,B&C awards amounted to just over $8 billion. Most of which has been paid by the UNCC "Food For Oil" fund. These claims were most likely filed by the "little people" who lost their mud huts, camels, arms and legs, and various family members to the conflict. Most of these claims are probably legitimate, and who could argue that reparations should not be made in cases such as these? The lion's share of the money however, is in categories D, E, F which are large claims for corporate and government losses. Such duboius "losses" as "loss of income", claims for "non-payment of goods" and "loss of profits" are included in these categories. It hardly seems reasonable that the destitute people of Iraq should be forced to pay reparations to a corporation to make up for theoretical profits it may, or may not have reaped had the 1991 war not happened. The UN, however, obviously saw it differently. 

THE CLAIMS BY CATEGORY

Category A claims are claims submitted by individuals who had to depart from Kuwait or Iraq between the date of Iraq's invasion of Kuwait on 2 August 1990 and the date of the cease-fire, 2 March 1991

Category B claims are claims submitted by individuals who suffered serious personal injury or whose spouse, child or parent died as a result of Iraq's invasion and occupation of Kuwait

Category C claims are individual claims for damages up to $100,000 (US) each. Category C claims can be made for twenty-one different types of losses, including those relating to departure from Kuwait or Iraq; personal injury; mental pain and anguish; loss of personal property; loss of bank accounts, stocks and other securities; loss of income; loss of real property; and individual business losses.


All of the above claims have been settled at a total cost of $ 8,197,551,328.00


Category "D" claims are individual claims for damages above $100,000 (US) each. The types of losses that can be claimed under category "D" are similar to those under category "C", with the most frequent being the loss of personal property; the loss of real property; the loss of income and business-related losses.

Category "E" claims are claims of corporations, other private legal entities and public sector enterprises. They include claims for: construction or other contract losses; losses from the non-payment for goods or services; losses relating to the destruction or seizure of business assets; loss of profits; and oil sector losses. By far the richest of the categories making up about $ 26 billion of the money awarded so far. Subcategory "E1" is the oil sector category. "E1" awards have now topped $21 billion shared by 41 claimants, an average of $521 million per claim.

Category "F" claims are claims filed by Governments and international organizations for losses incurred in evacuating citizens; providing relief to citizens; damage to diplomatic premises and loss of, and damage to, other government property; and damage to the environment.


Total claims awarded so far categories D, E, F: $38,055,918,969

Total value of claims not yet resolved D, E, F: $97,903,450,000

Total claims awarded so far in all categories: $46,253,470,297

Total payments made on claims in all categories: (as of July 8, 2003) $17,581,048,695

Was the first Iraq War a setup job to create a debt that could be legally collected at the end of the second Gulf War? Only George Bushs I and II along with Saddam Hussein know the answer to that question. It sure seems a possibility to this observer. 

WHAT THIS MEANS FOR THE FUTURE OF IRAQ

This debt is mammoth, $46 billion and climbing, with now 12 years worth of interest tacked on and still climbing. The interest alone has likely already topped $20 billion. The Iraqi people, simply stated, have been fleeced. Much of their oil has been stolen from them and there is nothing they can do about it. To make matters worse, they can't even use their oil assets to pay off the debt quickly to avoid the staggering interest charges, the United States now controls their oil sales. If the US chooses to spend all the oil profits to rebuild what they destroyed in the second war, as has been proposed, rather than pay off Iraq's UNCC creditors, the debt will just go billions and billions higher untill the Iraqi people don't own one single drop of their own oil. Time is money, and Iraq can't afford to wait another 5 or 10 years while George Bush dithers in his nation building exercise. 

So far the UNCC has yet to release all the names of those persons and corporations with claims on Iraq's oil wealth. Money has been awarded to claimants from Canada to Israel to India and everywhere in between. How much of that money was awarded to corporations with ties to the Bush family is not fully known at this time. But it appears as if at least a small portion is. 

A quicker than quick look through only a small number of the claims filings managed to turn up at least one "usual suspect." Dick Cheney's Haliburton(what a surprise) had at least one claim in for a little better than $35 million. They only recieved $18,087,263( about $1 million in tangible losses, the rest was "loss of contract" and other rather questionable, supossed losses) . Dick must have been heartbroken that he only got half of what he asked for. The author will attempt a more thorough study of who got what in the coming weeks. Stay tuned. 

In the mean time, don't be surprised to hear a few months or years down the road that entire oil fields have become the property of this corporation or that one. The moment the "Food For Oil" program is suspended, some other way to pay is going to have to be worked out. You can be certain that Uncle Sam will make sure to make good on what the Iraqi peasants owe those fine corporations for their theoretical paper losses. And don't be suprised to hear that the Bush family and a few of their friends and associates are listed as creditors. We already know of at least one. 

There are some names you certainly won't find on the list, the names of the 100,000 or so American Gulf War veterans now suffering from Gulf War Syndrome. If anyone suffered losses due to the war it was them. They might have been able to submit claims for some Iraqi cash. Problem is the deadline to submit claims passed in 1995, four years before the US government begrudgingly acknowledged the existence of the illness. Oh well, at least the oil companies are being reimbursed for "loss of profits". Loss of profits... oil company... that's a good one.

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Wish to check the facts for yourself? Read the various official reports on this massive, yet somehow little publicized scam at the UNCC website: http://www.unog.ch/uncc/start.htm 


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