New York (April 15, 2004) -- Paul Volcker, former chairman of the Federal Reserve and the current chair of the London-based International Accounting Standards Board, is reportedly among the leading candidates to head the United Nations’ commission probing the widening Iraqi oil-for-food scandal.
According to reports, Volcker, 74, hasn't yet accepted the post.
At the core of the scandal are charges that former Iraqi strongman Saddam Hussein accrued more than $10 billion via illegal oil deals and kickbacks from humanitarian aid suppliers.
Volcker, who two years ago tried to salvage Arthur Andersen by transforming it into an audit-only firm following the massive Enron audit failure, previously headed the panel that enabled Holocaust victims to locate their family’s monies deposited in Swiss banks by the Nazis.
-- WebCPA staff
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