America and the New American Century by Chris Wogan

By Chris Wogan

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Unbelievably, the Clinton Administration, in 1995, ordered the CCC to pay the BNL $400 million to compensate for losses during the Iraqi armament, which was paid for by US taxpayers. In all, American taxpayers spent an estimated $2 billion to cover Iraqi loan defaults. The US deployed hundreds of thousands of ground troops to the Persian Gulf and launched an air and ground war to drive Iraq out of Kuwait, hence starting the Gulf War. Throughout the course of the war, US forces managed to destroy most of the Iraqi infrastructure knowing that the reconstruction expenses would be high.

Following the international response to the Iraqi invasion of Kuwait, Iraq stopped making payments on US government-backed loans. In October of 1990, the CCC was first compensated with $108 million from US-taxpayers. Unbelievably, the Clinton Administration, in 1995, ordered the CCC to pay the BNL $400 million to compensate for losses during the Iraqi armament, which was paid for by US taxpayers. In all, American taxpayers spent an estimated $2 billion to cover Iraqi loan defaults. The US deployed hundreds of thousands of ground troops to the Persian Gulf and launched an air and ground war to drive Iraq out of Kuwait, hence starting the Gulf War.

That’s right, it was the American taxpayer! Following the BNL scandal in 1989, Congress enacted limited sanctions against Iraq prohibiting Eximbank financing without a presidential waiver. The State Department quickly drafted a waiver and President Bush signed it on January 17, 1990. ” Interestingly enough, the two men in charge of the Export-Import Bank for the duration of the Reagan and Bush’s presidencies, John D. Macomber and William H Draper III, were two major contributors to George W Bush’s early oil ventures and were close to the Bush family (see Chapter Three).

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