Texas oilman Oscar Wyatt, 83, pleaded guilty to one count of wire fraud Monday for his role in the United Nations oil for food scandal. He could serve 18 to 24 months in prison — which could be reduced — and forfit approximately $11 million.
Mimi Swartz of Texas Monthly magazine says turning over $11 million will not be a big problem for the flamboyant businessman given his vast wealth.
Although Wyatt pleaded guilty to wire fraud, prosecutors were essentially accusing Wyatt of treason for conspiring with Iraqi President Saddam Hussein to buy oil before the war. Swartz says prosecutors had tape recording of conversations Wyatt had with Saddam in which the two men are avowing their friendship.
Swartz talks to Madeleine Brand about Wyatt and the guilty plea.