After graduating from college, he worked for a subsidiary of Armco Steel, developing a relationship with Armco boss and future US commerce secretary C. William Verity, Jr.[5] During the Cold War, Giffen was instrumental in setting up the multi-company American Trade Consortium (including large corporations such as RJR Nabisco, Chevron, Eastman Kodak, Johnson & Johnson and Archer Daniels Midland) to negotiate entry into the Soviet market with representatives of Soviet President Mikhail Gorbachev.
[6] In the Kazakhgate trial, Giffen asserted that he was acting with the approval of the Central Intelligence Agency, which refused to release secret papers relating to these activities.
[8] Giffen eventually pleaded guilty to a tax misdemeanor and paid $25; the other charges, which could have carried a penalty of several decades in prison, were dropped.
[7] The case concluded in November 2010; U.S. District Judge William Pauley, who said he had been able to refer to classified documents that had not been made public in the trial, ordered neither prison time nor a fine for Giffen.
[9] The character Danny Dalton from 2005 film Syriana, played by Tim Blake Nelson, was loosely based on James Giffen.