person > Paul Volcker
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US president-elect reveals new economic board as downturn continues.
India's foreign minister has been stripped of his post over allegations that he benefited from the UN oil-for-food programme in Iraq.
The Indian government has ordered a judicial investigation into allegations that the country's foreign minister and the ruling party benefited from the UN oil-for-food programme in Iraq.

India's foreign minister has rejected the main opposition party's demand that he resign and denied that he was a beneficiary of the UN oil-for-food programme for Saddam Hussein's Iraq, a report said.

UN Secretary General Kofi Annan has said he assumed responsibility for management lapses uncovered by an independent investigation into the UN oil-for-food program for

A yearlong investigation of the Iraq oil-for-food programme will fault almost every branch of the United Nations for widespread failure in the $64 billion operation and recommend urgent reform, according to a document released on Tuesday.

Half of the 4500 companies that took part in the UN oil-for-food programme in Iraq allegedly paid kickbacks or illegal surcharges and are being given a chance to respond to the accusations.
Investigators probing claims of wrongdoing in the Iraq oil-for-food programme accused its former chief, Benon Sevan, of corruption for taking illegal kickbacks and recommended his immunity be lifted for prosecution.
The former chief of the UN oil-for-food programme for Iraq has resigned just a day before investigators release a report that is expected to accuse him of taking kickbacks under the $64-billion humanitarian operation.

UN Secretary-General Kofi Annan has carried out the first sacking of one of his top officials over the Iraq oil-for-food scandal, a UN spokesman says.

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