Wednesday, February 23, 2005
BBC: US Overlords Steal $9 Billion from Iraq
Thanks to WSWS for steering me to this BBC story:
Iraq reconstruction funds missing The missing $8.8bn is more than 40% of Iraq's oil revenues Almost $9bn (£4.7bn) of Iraqi oil revenue is missing from a fund set up to reconstruct the country. The BBC's File On 4 programme has learnt that out of over $20bn raised in oil revenues during US-led rule, the use of $8.8bn is unaccounted for. US government auditors criticise the Coalition Provisional Authority for failing to manage the money properly. In one case, auditors say the key to a safe holding millions of dollars was kept in an open backpack in an office. [...] Even allowing for the chaos in the aftermath of war, the auditors still believe the management of the money should have been a great deal tighter. An earlier auditors' report from last year revealed evidence of wholesale carelessness with large amounts of cash. On one occasion, $1.4bn had to be transported to a bank in three helicopters, as it weighed 14 tons, but no deposit slip was obtained when it was paid in. The CPA has also come under attack for failing to prevent widespread fraud. One US company is accused of massively inflating its profits by setting up sham companies to send fake invoices which the coalition paid. Others are alleged to have demanded dubious commissions which then came out of Iraqi funds. Even some Coalition officials are said to have openly demanded bribes of up to $300,000 in cash. File On 4 reporter Gerry Northam explained: "Many Iraqis are angry at the way the Coalition handled funds, particularly the money from their own oil, and especially where inexplicable amounts ended up in the hands of foreign businesses." [...]Gee, this is way more money than was probably involved in the "Oil-for-Food Scandal". I wonder why FOX News (or any other American TV network) hasn't been trumpeting this day and night? Heh. Do I really have to ask?
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