Money Laundering and Technology Sales to Iraq

The committee heard testimony on a bank in Georgia that lent billions of dollars to Iraq, which then bought military technology with the money. Ten… read more

The committee heard testimony on a bank in Georgia that lent billions of dollars to Iraq, which then bought military technology with the money. Ten defendants, including three former employees of the bank, were charged with mail and wire fraud by the Justice Department in February, and three other former employees pleaded guilty in March for conspiracy to commit fraud. The hearing attempted to investigate why federal regulatory agencies either did not know about or did not investigate the bank’s loans to Iraq. Mr. Newcomb discussed the policies of the U.S. Treasury undertaken to freeze the assets of Iraq and Kuwait following the Iraqi invasion of Kuwait in August 1990 and said that there was little knowledge in the U.S. government about what Iraq had been doing with its loans before the invasion. Mr. Bryen said the current system of export controls was a “shambles,” and claimed that highly advanced military technology was able to be exported from the U.S. without export licenses close

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Money Laundering and Technology Sales to Iraq

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Category:
House Committee
Format:
House Committee
Location:
Washington, District of Columbia, United States
First Aired:
Apr 09, 1991 | 10:01am EDT | C-SPAN 1
Last Aired:
Apr 14, 1991 | 3:05am EDT | C-SPAN 1

Airing Details

  • Apr 09, 1991 | 10:01am EDT | C-SPAN 1
  • Apr 10, 1991 | 12:19am EDT | C-SPAN 1
  • Apr 10, 1991 | 5:35am EDT | C-SPAN 2
  • Apr 10, 1991 | 2:03pm EDT | C-SPAN 2
  • Apr 14, 1991 | 3:05am EDT | C-SPAN 1
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Money Laundering and Technology Sales to Iraq

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