Word: markup
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...make full restitution to some 100,000 victims, who overpaid at least $13.7 million from 1978 through mid-1985. According to the Government's probe, which was first disclosed in January, Hertz paid wholesale prices for auto repairs but charged customers full retail price without advising them of the markup. In other cases, Hertz prepared phony repair appraisals and charged customers for work that was never done. Hertz says it has fired 20 employees who carried out the scam, including the company's accident-control manager...
Secord and Hakim benefited more from the arms sales than the contras did, according to the report. Of the $16 million in Iran arms profits, the contras received just $3.8 million. Secord, who testified that he sold weapons to the contras with a profit markup of 20%, actually took profits that averaged 38% and sometimes reached 56%. When Contra Leader Adolfo Calero discovered he could buy weapons far more cheaply through a European arms dealer, North made sure that none of the Iran arms proceeds went directly to Calero. Instead they went to Secord, who continued to sell to Calero...
...contras, threw some light on the origin of the idea of diverting Iranian arms-sales profits to the Nicaraguan rebels. In an interview with the Washington Post, Singlaub said he had suggested to two countries -- identified by the paper as Taiwan and South Korea -- that they pay a markup for weapons they were buying (such as torpedoes that Taiwan was purchasing from Israel) so that the extra funds could be diverted to Singlaub's contra-supply network. Further, said Singlaub, he had told North about this scheme in early 1985: "I said, 'Do you think this will work...
What remains a deep mystery, however, is what happened to the money Iran paid for its arms. Meese said last week that Israel sold Iran $12 million worth of weapons at a price that included a markup as high as 250%, or $42 million. The Israelis in turn, Meese said, paid back to the CIA the "exact amount" owed to the U.S. Government for the weapons plus the cost of transportation, an estimated $12 million. The CIA then repaid the Pentagon. According to Meese, the profits from the deal -- that is, the difference between the cost owed...
...determined the markup on the arms, and who set up the Swiss contra ! account? The Israelis contend they neither set the price for the weapons nor managed the accounts. According to Israeli sources, an Iranian straw company in Switzerland deposited its payment for the arms in an escrow account just before the shipment was made. After the delivery, the Iranians reimbursed the Israelis through a Swiss bank for the book value of the cargo, plus generous insurance and freight charges. The Israelis, in turn, used part of these funds to pay the U.S., depositing its payment into a Swiss account...