"That's where the money is."
Remember after VP Spiro Agnew resigned in disgrace for taking kickbacks? The guy got a job in Saudi Arabia. Doing what? I don't know, but it sure must've beat taking kickbacks and being Nixon's attack dog.
There was a LOT of money to be made in Iraq, too:
EXCERPT…
ARMING SADDAM… Still, when Saddam went to war against Iran, becoming the world's chief practitioner of chemical warfare, U.S. realpolitikers dubbed him the lesser of two evils, and the one less likely to disrupt the oil flow. The essence of Iraqgate is that secret efforts to support him became the order of the day, both during his long war with Iran and afterward.
Much of what Saddam received from the West was not arms per se, but so-called dual-use technology -- ultra sophisticated computers, armored ambulances, helicopters, chemicals, and the like, with potential civilian uses as well as military applications. We've learned by now that a vast network of companies, based in the U.S. and abroad, eagerly fed the Iraqi war machine right up until August 1990, when Saddam invaded Kuwait.
And we've learned that the obscure Atlanta branch of Italy's largest bank, Banca Nazionale del Lavoro, relying partially on U.S. taxpayer-guaranteed loans, funneled $ 5 billion to Iraq from 1985 to 1989. Some government-backed loans were supposed to be for agricultural purposes, but were used to facilitate the purchase of stronger stuff than wheat. Federal Reserve and Agriculture department memos warned of suspected abuses by Iraq, which apparently took advantage of the loans to free up funds for munitions. U.S. taxpayers have been left holding the bag for what looks like $ 2 billion in defaulted loans to Iraq.
All of this was not yet clear in August 1989, when FBI agents raided U.S. branches of BNL, hitting the jackpot in Atlanta. The branch manager in that city, Christopher Drogoul, was charged with making unauthorized, clandestine, and illegal loans to Iraq -- some of which, according to the indictment, were used to purchase arms and weapons technology. Yet three months after the raid, White House officials went right on backing Saddam, approving $ 1 billion more in U.S. government loan guarantees for farm exports to Iraq, even though it was becoming clear that the country was beating plowshares into swords.
MORE…
http://www.cjr.org/year/93/2/iraqgate.asp