Oil Execs Can't Always Have Unimpeachable Integrity

U.N. Secretary-General Kofi Annan said Friday he was "shocked" by an initial investigative report that found the man in charge of the U.N. oil-for-food program made illicit oil deals. Paul Volcker's report, released Thursday, said Benon Sevan "repeatedly solicited" several million barrels of oil worth about $1 million on behalf of a company named African Middle East Petroleum. The illicit deals "violated standards of integrity," the report said.

"We do not want this shadow to hang over the U.N. So we want to get to the bottom of it, get to the truth and take appropriate measures to deal with the gaps," he told reporters at U.N. headquarters in New York. (CNN)