Follow the Money
(Via InstaPundit.) Claudia Rosett has the goods on our pals at the United Nations:

Who is Saddam Hussein's biggest business partner?

The United Nations. The same U.N. whose secretary-general, Kofi Annan, stands as one of the chief ditherers over removing Saddam. Here are the ingredients of a conflict of interest.

Under the U.N.'s Office of the Iraq Program, which supervises the six-year-old Oil-for-Food Program, the U.N. has had a hand in the sale of more than $55 billion worth of Iraqi oil. Iraq ships oil out to U.N.-approved buyers under the terms of the sanctions agreement. The U.N. vets the inflow of "humanitarian" imports into Iraq.

The process is simple. Iraq contracts to import goods, and the U.N. gives the outside vendors cash collected from the oil sales. The U.N. has approved about $34 billion in such deals so far. The money it hasn't yet doled out--at least $21 billion--sits in U.N.-administered bank accounts. U.N. officials refuse to divulge much information about these accounts--not even the countries in which they're held.

Measured in dollars, this is by far the U.N.'s largest program. The sums involved are large enough--and their handling has been perverse enough--for this program to deserve more attention than it has so far received.

I wonder what the daily interest is on $21 billlion?

Delving into these matters gets tough, because the U.N. shuns transparency. Given that more than $20 billion from the Iraq program is now sitting in U.N. escrow accounts awaiting some combination of Saddam's planning and U.N. processing, one wonders which banks, and which of those countries now taking part in the Iraq debate, might be getting thick slices of Saddam's business. A few years ago, all Oil-for-Food funds were kept at a French bank, Banque Nationale de Paris. More recently, the funds have been diversified among five or six banks, according to U.N. treasurer Suzanne Bishopric. But the U.N. does not permit her to disclose the names or locations of the banks, or details such as interest accrued.

...

In another craven move, the U.N.'s Iraq program even allowed Saddam to dictate in October 2000 that he no longer wanted the Oil-for-Food accounts to be held in the currency of the enemy, meaning U.S. dollars. Obediently, the U.N. switched all Iraq funds from that stage forward to euros, in effect helping Saddam impose his own version of sanctions on the U.S.

And be sure to include the handling fee, because the UN loves to handle it.

And--oh yes--2.2% for U.N. administration of the program, $1.2 billion so far. That's enough that the U.N. secretariat, awash in Iraqi cash, has turned over a surplus $211 million for aid to Iraq. That still leaves a cumulative $1 billion bankrolling U.N. administration of a program that by now, in effect, has the U.N. working, on commission, for Saddam. As a man of integrity, Mr. Annan might want to footnote that in the debate over what to do about Iraq.

Sure, any day now.