McCain Fundraiser Accused of War Profiteering

Note, that after it was revealed that MSNBC: Harry Sargeant bundled money unscrupulously for McCain, McCain sent the money back.

A company that ships oil into Iraq for use by American forces there "appears to have engaged in a reprehensible form of war profiteering," according to a letter by Rep. Henry Waxman, D-Cal., Chairman of the House Committee on Oversight and Government Reform. The company, International Oil Trading Limited, is run by Florida-based businessman Harry Sargeant, a top fundraiser for the presidential campaign of Senator John McCain.

Waxman's committee launched an investigation earlier his year following a May 2008 report by NBC News that first reported on the oil contracts.
Sargeant, the McCain fundraiser, is the president of IOTC, which won massive Pentagon contracts to provide U.S. troops in Iraq with fuel. NBC first reported on the contracts in May.
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Today, Waxman released a letter he sent to Secretary of Defense Robert Gates, calling for action on the huge oil contracts. "Over the last four years," Waxman wrote, "IOTC has been paid over $1.4 billion by U.S. taxpayers to deliver fuel through Jordan into Iraq and has earned a profit of over $210 million."

Waxman said that those profits were significant. "The IOTC contracts stand out for the extent of the company’s apparent profiteering. Of the $210 million in profits received by the company, at least one third--$70 million--appears to have benefited a single individual: Mr. Sargeant. If the IOTC contracts had been awarded to the lowest bidders, the taxpayers could have saved over $180 million." Read it all.