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Saddam's Gold

Aired May 29, 2003 - 10:14   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.


THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.


LEON HARRIS, CNN ANCHOR: Twice in the last two weeks, U.S. troops guarding Iraq's borders have stopped trucks that have been filled with what appear to be gold bars, a half billion dollars worth.
Joining us now is someone who has spent the last month in Iraq, following the trail of Saddam Hussein's money, Michael Weisskopf, correspondent with "Time" magazine.

Mike, good to see you again.

All right, first off, where did the money come from? Does anybody know where it came from in the first place?

MICHAEL WEISSKOPF, "TIME MAGAZINE": Well, there was a healthy black market, Leon, in Iraq, because of the U.N. sanctions, everything from overseas, from cigarettes and outgoing oil was part of a black market. Often the currency was in gold, and of course, the gold was held by former rulers of Iraq. It's no question it came from somebody in the Hussein clan.

HARRIS: So there's no chance at all that this is not Saddam Hussein's money, somehow some way?

WEISSKOPF: There's no question that it is either his money or that of his two sons.

HARRIS: What do you hear about what will happen to it then?

WEISSKOPF: That's the big question. It should be going to the Central Bank of Iraq. There is no Central Bank of Iraq at this point. There is a provisional government, or a budding provisional government, presumably going to that. But along the way, many hands touched that money. There should be stringent account built, and thus far there isn't.

HARRIS: Is there any sign then that this money has been leaking away, or leeching way in the process of it being transferred around?

WEISSKOPF: There is only speculation about it, no hard evidence, no. However, the U.S. government, and military in particular, should account for every penny of it.

HARRIS: You know what I'm wondering, if they know this is Saddam Hussein's money and they have an eye on it, and they locate the truck drivers carrying the stuff around, why not just track it and follow it as it makes it way back into his hands. Once you get that, don't you get Saddam Hussein then and the rest of his clan? WEISSKOPF: That would be an operating principle. However, you know, I have heard relatives of Saddam loading bars of gold on to trucks, and then moving their own locations many times. So it's possible there was a destination chosen for truck drivers, they would know who give to it them of course, or a representative of that person. However, the person who originated with it has moved several times at this point.

HARRIS: We're talking half a billion dollars worth of gold bars. Do they think there is any more out there to be found?

WEISSKOPF: Inevitably. There is a great deal of money. Saddam and company plundered billions of dollars and were paid billions of dollars in commissions from these various black market deals, certainly around somewhere in Iraq. Some it has already gotten out already. Apparently Swiss Banks are full of Hussein money. Also, banks throughout the Arab world.

HARRIS: Is there enough trust between the Iraqi leaders locally and the U.S. forces there to at least let them get access to the money right now to make sure the people who need immediate help, supplies, money, whatnot, that they can get some of this?

WEISSKOPF: There is no trust, because there is simply no Iraqi leadership at this point. There is nobody in authority to have trust. And so, at this point, all in the hands of the U.S. government. First the military, then the Office of Humanitarian Reconstruction Assistance.

Ultimately, the money should be used for reconstruction of Iraq, and eventually go into Iraqi coffers. There's a great deal of work that needs to be done. A half a billion dollars would go a long way to recreating a phone system, for instance, or putting up generators in Baghdad in 120 degrees of sweltering heat to relieve some of that discomfort.

HARRIS: Yes, you say that is where the money should go. We'll have to watch and see if that which is it does go. Thanks, Mike.

Michael Weisskopf, I appreciate the insight as always. Take care.

TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com







Aired May 29, 2003 - 10:14   ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
LEON HARRIS, CNN ANCHOR: Twice in the last two weeks, U.S. troops guarding Iraq's borders have stopped trucks that have been filled with what appear to be gold bars, a half billion dollars worth.
Joining us now is someone who has spent the last month in Iraq, following the trail of Saddam Hussein's money, Michael Weisskopf, correspondent with "Time" magazine.

Mike, good to see you again.

All right, first off, where did the money come from? Does anybody know where it came from in the first place?

MICHAEL WEISSKOPF, "TIME MAGAZINE": Well, there was a healthy black market, Leon, in Iraq, because of the U.N. sanctions, everything from overseas, from cigarettes and outgoing oil was part of a black market. Often the currency was in gold, and of course, the gold was held by former rulers of Iraq. It's no question it came from somebody in the Hussein clan.

HARRIS: So there's no chance at all that this is not Saddam Hussein's money, somehow some way?

WEISSKOPF: There's no question that it is either his money or that of his two sons.

HARRIS: What do you hear about what will happen to it then?

WEISSKOPF: That's the big question. It should be going to the Central Bank of Iraq. There is no Central Bank of Iraq at this point. There is a provisional government, or a budding provisional government, presumably going to that. But along the way, many hands touched that money. There should be stringent account built, and thus far there isn't.

HARRIS: Is there any sign then that this money has been leaking away, or leeching way in the process of it being transferred around?

WEISSKOPF: There is only speculation about it, no hard evidence, no. However, the U.S. government, and military in particular, should account for every penny of it.

HARRIS: You know what I'm wondering, if they know this is Saddam Hussein's money and they have an eye on it, and they locate the truck drivers carrying the stuff around, why not just track it and follow it as it makes it way back into his hands. Once you get that, don't you get Saddam Hussein then and the rest of his clan? WEISSKOPF: That would be an operating principle. However, you know, I have heard relatives of Saddam loading bars of gold on to trucks, and then moving their own locations many times. So it's possible there was a destination chosen for truck drivers, they would know who give to it them of course, or a representative of that person. However, the person who originated with it has moved several times at this point.

HARRIS: We're talking half a billion dollars worth of gold bars. Do they think there is any more out there to be found?

WEISSKOPF: Inevitably. There is a great deal of money. Saddam and company plundered billions of dollars and were paid billions of dollars in commissions from these various black market deals, certainly around somewhere in Iraq. Some it has already gotten out already. Apparently Swiss Banks are full of Hussein money. Also, banks throughout the Arab world.

HARRIS: Is there enough trust between the Iraqi leaders locally and the U.S. forces there to at least let them get access to the money right now to make sure the people who need immediate help, supplies, money, whatnot, that they can get some of this?

WEISSKOPF: There is no trust, because there is simply no Iraqi leadership at this point. There is nobody in authority to have trust. And so, at this point, all in the hands of the U.S. government. First the military, then the Office of Humanitarian Reconstruction Assistance.

Ultimately, the money should be used for reconstruction of Iraq, and eventually go into Iraqi coffers. There's a great deal of work that needs to be done. A half a billion dollars would go a long way to recreating a phone system, for instance, or putting up generators in Baghdad in 120 degrees of sweltering heat to relieve some of that discomfort.

HARRIS: Yes, you say that is where the money should go. We'll have to watch and see if that which is it does go. Thanks, Mike.

Michael Weisskopf, I appreciate the insight as always. Take care.

TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com