Caught Between Saddam And Uncle Sam

Beginning in the early 1980s, the U.S. government encouraged American companies to do business with Iraq as part of a broader policy to aid Saddam Hussein in his war with Iran. But after Iraq invaded Kuwait, the companies were suddenly left with billions in unpaid bills. Even if Iraq had agreed to pay up, U.S. sanctions barred the companies from collecting on goods shipped or services rendered to Iraq before the August, 1990, invasion.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.