<snip> According to the May 28, 2003 Federal Register, G.W. Bush signed Executive Order 13303 which states: "I, GEORGE W. BUSH, President of the United States of America, find that the threat of attachment or other judicial process against the Development Fund for Iraq, Iraqi petroleum and petroleum products, and interests therein, and proceeds, obligations, or any financial instruments of any nature whatsoever arising from or related to the sale or marketing thereof, and interests therein, obstructs the orderly reconstruction of Iraq, the restoration and maintenance of peace and security in the country, and the development of political, administrative, and economic institutions in Iraq. This situation constitutes an unusual and extraordinary threat to the national security and foreign policy of the United States and I hereby declare a national emergency to deal with that threat. "I hereby order: "Section 1. Unless licensed or otherwise authorized pursuant to this order, any attachment, judgment, decree, lien, execution, garnishment, or other judicial process is prohibited, and shall be deemed null and void, with respect to the following: (a) the Development Fund for Iraq, and (b) all Iraqi petroleum and petroleum products <...>"
The wording seems to indicate that all Iraqi oil revenues would go into a Development Fund for the sole benefit of Iraq. Yet Items (a) and (b) are completely independent. If a Bush associate begins pumping Iraqi oil, no one can sue to have the oil revenue go to any Development Fund. Any Bush oil company can steal Iraqi oil without worrying about lawsuits or paying other debts.
What if oil production is delayed but you need cash now? Well, just issue bonds against future oil delivery. With US soldiers backing up oil rights, bankers can use future Iraq oil production as collateral for cash “loans.” To deflect criticism about US unilateral actions, the loans will be opened to international bankers in collusion with the Bush administration.
A Reuter’s article datelined Washington, June 25, 2003: "Edmund Rice, president of the Coalition for Employment Through Exports, said his group was lobbying a proposal to use oil revenues amounting to about $3 billion a year as security to borrow money from commercial banks for projects in Iraq. ’We have received strong support from the administration (for this proposal),’ said Rice, whose group has among its members some of the key players doing work in Iraq, such as oil giant Halliburton HAL.N and engineering firm Bechtel." "Democratic Rep. Henry Waxman wrote to the military this week demanding information over possible plans to mortgage Iraq’s oil to pay for contracts with Bechtel and Halliburton, which was once led by Vice President Dick Cheney. Waxman said such a move would ’conflict fundamentally’ with the claim that Iraq’s oil belonged to the Iraqi people." <snip>
http://bellaciao.org/en/article.php3?id_article=6230
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