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So not only were American taxpayers financing the guarantees, they ended up paying a hefty sum for Iraqi nonpayment. The BNL Scandal Due to working with Iraq under guarantees from the CCC and Eximbank, officials at the Atlanta-BNL had acquired a close relationship with Iraqi officials. Close enough, in fact, to loan Iraq large sums of money with 5-7 year maturities for Iraq’s reconstruction programs following the end of the Iran Iraq War in 1988. 16 billion. Much of the money was used to build-up the Iraqi war machine rather than finance the reconstruction of Iraq as declared.

The State Department and National Security Council (NSC) were well aware that Iraq had been using chemical weapons against Iranian troops since 1982, with increased use in 1983. By 1983, Iranian reports of Iraqi use of chemical weapons had increased so dramatically that, by November, Iran had requested that the United Nations investigate its claims. On November 1, 1983, the State Department issued a memorandum (4) titled Iraq’s Use of Chemical Weapons that confirmed of Iraq’s use of chemical weapons.

President Reagan, Vice President Bush, and CIA Director Casey were all implicated during numerous testimonies, but no connection could be made between the three and the illegal diversion of funds. On December 24, 1992, President George HW Bush pardoned many former officials who were convicted as part of the Iran Contra Scandal including Caspar Weinberger, Duane Clarridge, William McFarlane, Alan Fiers, Clair George, and Elliot Abrams. Elliot Abrams is currently working under the second Bush administration and a large majority of the US officials involved in the Iran Contra Scandal are sitting pretty on the boards of numerous defense 32 America and the New American Century and oil-related US corporations, many of which are vital US contractors and are making a killing in the War on Terror.

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