The UN kickbacks could lead to SEC action against the companies involved

NY Times:

More than 4,700 companies took part in the United Nations oil-for-food program and more than half of them paid illegal surcharges and kickbacks to Saddam Hussein, the independent committee investigating the program reported today.

The country with the most companies involved in the program was Russia, followed by France, according to the committee led by Paul A. Volcker, former chairman of the Federal Reserve Board.

...

Among the major industrial companies the report indicated had paid kickbacks to Iraq for contracts as suppliers were DaimlerChrysler and Siemens. Also listed were Atlas Copco Airpower, Volvo Construction Equipment and Weir Group.

If any of the companies are reporting companies under US securities laws, they could be found in violation of those laws if they did pay kickbacks and bribes. Several companies were prosecuted for doing so in the 1970's when Stanley Sporkin was head of enforcement for the SEC. Sporkin was later appointed to the federal bench by Reagan.

I would not be surprised if the SEC enforcement division is looking at Volkers list right now and checking it against disclosures made in reports filed with the commission. It will be interesting to see how many reported the bribes and kickbacks and how they did it.

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