Posted by: Schuyler R. Thorpe | June 27, 2011

More Than $6B US Dollars Missing In Iraq

More than $6 billion in Iraq reconstruction funds lost

The Iraqi and U.S. governments have been unable to account for a substantial chunk of the billions of dollars in reconstruction aid the Bush administration literally airlifted into the country. If the cash proves to have been stolen, the heist could represent “the largest theft of funds in national history,” according to a report in the Los Angeles Times.

The Times’ description of how the billions of dollars entered the country is a must-read:

Pentagon officials determined that one giant C-130 Hercules cargo plane could carry $2.4 billion in shrink-wrapped bricks of $100 bills. They sent an initial full planeload of cash, followed by 20 other flights to Iraq by May 2004 in a $12-billion haul that U.S. officials believe to be the biggest international cash airlift of all time.

Special inspector general for Iraqi reconstruction Stuart Bowen told the paper the missing $6.6 billion may be “the largest theft of funds in national history.”

Iraqi officials say it was the U.S. government’s job to keep track of the funds, which were brought in as an emergency measure to keep basic infrastructure going after Saddam Hussein’s ouster. House Government Reform Committee investigators found in 2005 evidence of “substantial waste, fraud and abuse in the actual spending and disbursement of the Iraqi funds.”

Witnesses testified that millions of dollars were shoved into “gunnysacks” and disbursed to Iraqi contractors on pick-up trucks, with what seemed to be little financial controls or accounting on the part of the U.S. government.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Categories

The Jefferies Tube

Boldly Blogging Where Many Have Blogged Before...

Gypsy Nerds

Gett'n our travel on!

Dreams of Dark Angels

The blog of fantasy writer Storm Constantine

H.J. Bradley

The world of an aspiring indie author.

Q13 FOX News

Seattle and Western Washington's source for breaking news, weather, and sports. Home of Washington’s Most Wanted and the Seattle Seahawks.

blindoggbooks

Author Tim Baker shares his thoughts, hopes and dreams. (mostly his thoughts)

Monica Enderle Pierce

Stories that stay with you.

Kait Nolan

smart. sassy. southern

Guild Of Dreams

Build Your World and They Will Come

Trent Lewin

Fiction, and other made-up stories

Wildhorse33's Blog

freeing the creative spirit

Here's To Us

Nerdiness Encouraged

%d bloggers like this: