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11/10/2004

Fines for Dealing with Terror Financing States Drop Under Bush

Fines levied against doing business with "terrorist sponsoring states" by the Office of Foreign Assets Control have dropped by almost two thirds since 9/11, according to an AP analysis. The administration spun this weakened enforcement as evidence that corporations were self-regulating. Unlikely:

Vice President Dick Cheney was a vocal critic of trade embargoes while he headed Halliburton, a Houston-based oil services conglomerate, from 1995 to 2000. Under Cheney, Halliburton expanded its trade with Iran through an offshore subsidiary. That arrangement is being investigated by a federal grand jury.

Nineteen executives or directors of companies fined by OFAC for dealing with state sponsors of terrorism were top campaign fund-raisers for Bush.

One example is Joseph J. Grano Jr., chairman of the federal Homeland Security Advisory Council, which the president created by executive order and whose members he selected. Grano formerly headed the U.S. subsidiary of the Swiss bank UBS AG. It paid more than $100 million in fines for trading U.S. currency to Iran and other nations and for transferring funds to Iraq during Hussein's rule.
Our security is at the whim of the highest bidder for the next four years.

 

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