Buried in the CNN story on the latest Volker report is this:
...Does it also dispute the factual allegations? Not that I can tell.The report also said Marc Rich & Co. financed 4 million barrels of oil under a 9.5-million-barrel contract awarded to the European Oil and Trading Co. (EOTC), a French-based shell company.
"Surcharges were imposed on the oil," the report said, and "Marc Rich & Co. directed BNP Paris not to disclose its identity to BNP NY in connection with its financing of the U.N. contract."
It added, "According to an individual familiar with the companies, EOTC and Marc Rich & Co. agreed that the premium paid to EOTC would cover a commission and a surcharge.
"The premium paid by Marc Rich & Co. of 30-40 cents per barrel was sufficiently high to cover both."
The company responded that it "continues to dispute vigorously" the report's conclusion.
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