Waxman Accuses McCain Fundraiser of "War Profiteering"

Chairman of the House Committee on Oversight and Government Reform, Henry Waxman, D-Cal., said in a letter to Secretary of Defense Robert Gates that a top fundraiser for the presidential campaign of Senator John McCain "appears to have engaged in a reprehensible form of war profiteering". A company run by Florida-based businessman Harry Sargeant, International Oil Trading Limited has been paid over $1.4 billion by U.S. taxpayers to deliver fuel through Jordan into Iraq, earning a profit of $210 million. Waxman said that if the contracts had been awarded to the lowest bidders, the taxpayers could have saved over $180 million.

According to Waxman, of that $210 million, at least one third—$70 million—appears to have benefitted Mr. Sargeant personally.

A lawyer for Sargeant and IOTC has not returned calls from NBC news seeking comment.

Full story at MSNBC...