our friends the French
from
Forbes Magazine
Opening paragraph:
bq. Behind the deterioration of Franco-American relations over Iraq and the savage animosity between George W. Bush and Jacques Chirac lies a sordid and complicated business scandal that could end with several highly placed French businessmen--two are close friends of Chirac's--taking up residence in U.S. prisons.
An interesting read and an insight into the difference between the "Old" EU culture and the US
UPDATE:
More on this from the 11/10/03 issue of the
Seattle P.I.
PARIS -- Political kickbacks, luxury villas bought with public money, illegal party funding. The corruption trial surrounding oil company Elf has already tarnished the French establishment and ruined careers.
Now the decade-long investigation into the former state-owned company comes to its climax on Wednesday, with the announcement of verdicts in France's biggest-ever graft scandal.
A total of 37 defendants have been on trial since March for their roles in the alleged embezzlement of some euro300 million($345 million) from Elf during the late 1980s and early 1990s.
Among them is a trio of former senior officials from Elf - now a part of the Franco-Belgian oil group Total - including its ex-president, Loik Le Floch-Prigent.
The case has stained the reputation of France's political and business elites, raising damaging allegations of illegal party funding to both sides of the political spectrum and shining a spotlight on France's handling of its African oil interests.
Convictions are inevitable for many of the key defendants, observers say. Le Floch-Prigent, 60, and his former second-in-command, Alfred Sirven, have admitted some of the charges, faced with detailed evidence gathered during an eight-year probe.
Total Fina Elf was the main oil company participating in the U.N. Oil for Food program with Iraq.
There has *never* been a public accounting of the money...
Posted by DaveH at November 11, 2003 11:48 PM