In 1984 Vice-President George Bush pressured Export-Import Bank (EIB) President William Draper into providing Saddam’s government with $1 billion in US taxpayer-backed loans for a pipeline project in Iraq.
Bush received a secret memo from Assistant Secretary of State for the Middle East Richard Murphy, whose Murphy Associates later cleaned up in Kuwait, which read, “Liberalize export controls, help Iraq construct pipeline to Jordanian port of Aqaba, arrange Ex-Im financing”. 
The pipeline was built by Bechtel, where Reagan Secretary of State and CFR Director George Pratt Schultz was director. In 1987 Bush met with Iraq’s US Ambassador Nizar Hamdoon to promise the Iraqis military technology. Bush intervened upon EIB President John Bohn, persuading him to provide $200 million more to Saddam. Bohn was hesitant because Iraq had a well established record of defaulting on its loans. As of 1986 it owed over $100 billion to Western governments. Britain, France and Japan had suspended all loans to Iraq.
Bush didn’t care if Iraq defaulted, leaving US taxpayers in the lurch, so long as his oil and defense buddies made a buck on the Iraq deals. From 1984-89 $5 billion went down the drain in CCC and EIB loans to Iraq. Welfare-case corporations receiving EIB financing through BNL included Snap-On, Bristol Meyers, Dow Chemical, John Deere, Warner Lambert, Singer and Cyanamid International. In 1989, two years after Saddam gassed the Kurds, Bush signed NSD-26 committing the US to “improve and expand our relationship with Iraq”. Iraq joined the short-lived US-orchestrated Arab Cooperation Council with Egypt, North Yemen and Jordan.
The Iraqis got US guns and grain, while the Four Horsemen got cheap Iraqi oil. In 1988 the US bought only 80,000 barrels of crude a day from Iraq. By the time Saddam attacked Kuwait, that figure had jumped to 1 million barrels/day on, according to a State Department memo, “favorable terms”. Just prior to Saddam’s move into Kuwait, the US ratcheted up oil imports from Kuwait to 1.1 million barrels/day. Exxon was the biggest buyer. In the months before the Gulf War, the US Department of Energy purchased 3.4 million barrels/day from Kuwait. In 1991 EIB loans began flooding into Kuwait to finance the Fortune 500 rebuilding party.
In January 1990 Bush approved preferential trade status for the Iraqi regime, shortly after Congress voted to ban all loans to Iraq. That same month Harken Energy was awarded the biggest offshore oil concession ever off the coast of Bahrain. Harken was controlled by George W. Bush, who had received $50,000 in seed money, possibly from Saudi Sheik bin Laden, to launch Harken predecessor Arbusto Energy with Halliburton crook and Bush Jr. Vice President Dick Cheney.  Attorney Allen Quasha swung the Harken deal for Bush Jr., just as his Nugan Bank insider father William had, in 1961, helped George Bush Sr. gain rights to drill the first oil well in Kuwait with drug-infested Zapata Offshore Oil.  Bush Jr. sold his 66% stake in Harken at 200% profit just before “Poppy” sprang Operation Desert Storm.
According to Pittsburgh Attorney Marion Gasior, many corporations providing arms to Iraq had ties to the blue blood Brown Brothers Harriman, where Grandpa Prescott Bush had worked. Once the Gulf War began, President Bush signed an executive order, exempting eleven top cabinet members from conflicts of interest generated by their stock holdings in firms that profited from the war. Among them was Secretary of State James Baker, who held stock in Exxon, Texaco, Amoco and other oil companies who rang up record profits during the Gulf War. Baker also held stock in Chemical Bank, Salomon Smith Barney, and defense contractor United Technologies.
Also exempted were Kissinger Associates Eagleburger and Scowcroft, who cleaned up in similar fashion. Scowcroft owned a $1 million stock portfolio in 40 corporations including 11 major defense contractors and several oil giants. His most significant holdings were Mobil, Westinghouse, Monsanto, Lockheed, ITT, Halliburton, Bank of America, Lehman Corporation, General Motors, General Electric and Royal Dutch/Shell. 
Dean Henderson is the author of five books: Big Oil & Their Bankers in the Persian Gulf: Four Horsemen, Eight Families & Their Global Intelligence, Narcotics & Terror Network, The Grateful Unrich: Revolution in 50 Countries, Das Kartell der Federal Reserve, Stickin’ it to the Matrix & The Federal Reserve Cartel. You can subscribe free to his weekly Left Hook column @www.hendersonlefthook.wordpress.com