McCain Bundler Accused of War Profiteering
By Matthew Mosk
There is more trouble this week for Harry Sargeant, the Florida fundraiser who has been bundling checks for Republican Sen. John McCain.
Rep. Henry Waxman (D-Calif.) released a letter today outlining his findings after reviewing contracts Sargeant's oil company brokered with the U.S. Department of Defense.
They aren't pretty.
"I have been conducting oversight of procurement problems in Iraq since the war began over five years ago. The IOTC contracts stand out for the extent of the company's apparent profiteering," Waxman wrote. "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."
At issue were the prices Sargeant's company, the International Oil Trading Co., charged for jet fuel. Waxman said the company offered the highest prices of six companies to bid for the military contract but won because it was the only one with the blessing of the Jordanian royal family to deliver fuel over Jordanian land.
Waxman says that if the oil contracts Sargeant's company had been awarded to the lowest bidders, the taxpayers could have saved over $180 million.
Posted at 3:26 PM ET on Oct 16, 2008
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