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Profile: Italian Banca Nazionale del Lavoro

 
  

Positions that Italian Banca Nazionale del Lavoro has held:



 

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Italian Banca Nazionale del Lavoro actively participated in the following events:

 
  

1985-1989      US-Iraq 1980s

       Christopher Drogoul of the Atlanta branch of the Italian Banca Nazionale del Lavoro begins embezzling funds to Iraq. The funds consist of government backed loans meant for agricultural purposes as well as unreported loans that have been made in secret. While roughly half the funds will be used by Saddam Hussein's government to purchase agricultural goods, the remainder will be used to “supply Iraqi missile, chemical, biological and nuclear weapons programs with industrial goods such as computer controlled machine tools, computers, scientific instruments, special alloy steel and aluminum, chemicals, and other industrial goods.” Additionally, the money spent on agriculture will allow Saddam's regime to divert a significant portion of its own funds to the task of weapons development. [Columbia Journalism Review, March/April 1993; US Congress, 4/28/92 H2694] Between 1985 and 1989 roughly $5 billion makes its way to Iraq from the US. Internal government memos reveal that both the Federal Reserve and Department of Agriculture suspect that Iraq is using these funds inappropriately. Iraq eventually defaults on the government-backed loans, leaving US taxpayers with $2 billion dollars in unpaid debts. [Mother Jones 2/1993; Columbia Journalism Review, March/April 1993]
People and organizations involved: Christopher Drogoul, Italian Banca Nazionale del Lavoro
          

August 1989      US-Iraq 1980s

       Christopher Drogoul, the manager of the Italian Banca Nazionale del Lavoro's branch in Atlanta, is charged with making unauthorized, clandestine and illegal loans to Iraq. The loans were used by Iraq to develop its weapons programs (see 1985-1989). [Columbia Journalism Review, March/April 1993]
People and organizations involved: Christopher Drogoul, Italian Banca Nazionale del Lavoro
          

November 4, 1992-November 5, 1992      US-Iraq 1980s

       Rita Machakos, a paralegal at the Department of Justice's employment office, witnesses an employee of the US Department of Agriculture “spending an entire weekend shredding documents that described the administration's role in obtaining $5.5 billion in US-taxpayer-guaranteed agricultural loans for Iraq from the Banca Nazionale del Lavoro (BNL) (see 1985-1989).” [Mother Jones 2/1993]
People and organizations involved: Rita Machakos, Italian Banca Nazionale del Lavoro
          

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