The Volcker Report: Fooled for Oil

The second of three reports on the U.N.'s controversial oil-for-food program zeroed in on the Secretary-General's role

The story so far

In December 1998 the U.N. chose the Swiss company Cotecna to monitor imports of humanitarian goods to Iraq under the oil-for-food program. The following month, newspaper reports revealed that the company had employed Kojo Annan, the son of U.N. Secretary-General Kofi Annan, and raised questions about possible conflicts of interest, which the U.N. denied. The scandal grew when evidence emerged that Saddam Hussein had skimmed some $2 billion from the $65 billion program. Last April Annan asked Paul Volcker, a former chairman of the Federal Reserve, to investigate those issues. In February his panel released its first...

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