'60 Minutes': Arafat has $800 million in bank

'60 Minutes': Arafat has $800 million in bank
Folks, this story should come as no surprise.

Yasser Arafat has private bank accounts worth more than $800 million built up with funds designated as aid to the Palestinian Authority, according to a report.

From the appropriated money, he transfers $100,000 a month to his wife Suha, who lives in Paris with their daughter, according to the CBS News program "60 Minutes," which will air the report Sunday.

The investigation was assisted by PA Finance Minister Salam Fayad, who is trying to trace all of the money allocated to the PA that never reached its intended destination.

The CBS investigation confirms previous reports.

A recent International Monetary Fund audit revealed Arafat diverted $900 million from the PA budget into bank accounts under his control.

In 1998, the European Union discovered through an audit of its own that $20 million designated for low-income housing was used to build a luxury apartment complex for top PA officials and Arafat associates.

A former Arafat treasurer charged last year Arafat transferred more than $500 million in international aid to personal accounts.

An Israeli intelligence report calculated his assets to be $1.3 billion.

Click here to read "And a Thief, Too" by Rachel Ehrenfeld, National Review, to learn just how corrupt the PA is.