(excerpted from Chapter 14: Saddam’s Banker in Atlanta: Big Oil & Their Bankers…)
Banca Nacionale de Lavaro (BNL) had its US offices at the posh Peachtree Center in Atlanta. From 1983-1989 BNL busied itself financing Saddam Hussein’s arms procurement efforts in tandem with the Iraqi Central Bank and Rafidain Bank of Iraq, which had numbered accounts at Bank of America, Bank of New York, Chase Manhattan and Manufacturers Hanover Trust. BNL’s clearing agent on all transactions was Morgan Guaranty Trust.
When Saddam defaulted on these US government-backed loans, the multinational corporations which benefited from BNL loans were paid in full, while US taxpayers were charged $347 million.  Read the rest of this entry »