Thread: More Debacles

How the US sent $12bn in cash to Iraq. And watched it vanish

The US flew nearly $12bn in shrink-wrapped $100 bills into Iraq, then distributed the cash with no proper control over who was receiving it and how it was being spent. The staggering scale of the biggest transfer of cash in the history of the Federal Reserve has been graphically laid bare by a US congressional committee.

In the year after the invasion of Iraq in 2003 nearly 281 million notes, weighing 363 tonnes, were sent from New York to Baghdad for disbursement to Iraqi ministries and US contractors. Using C-130 planes, the deliveries took place once or twice a month with the biggest of $2,401,600,000 on June 22 2004, six days before the handover.


The memorandum concludes: "Many of the funds appear to have been lost to corruption and waste ... thousands of 'ghost employees' were receiving pay cheques from Iraqi ministries under the CPA's control. Some of the funds could have enriched both criminals and insurgents fighting the United States."


However, evidence before the committee suggests that senior American officials were unconcerned about the situation because the billions were not US taxpayers' money. Paul Bremer, the head of the CPA, reminded the committee that "the subject of today's hearing is the CPA's use and accounting for funds belonging to the Iraqi people held in the so-called Development Fund for Iraq. These are not appropriated American funds. They are Iraqi funds. I believe the CPA discharged its responsibilities to manage these Iraqi funds on behalf of the Iraqi people."

Bremer's financial adviser, retired Admiral David Oliver, is even more direct. The memorandum quotes an interview with the BBC World Service. Asked what had happened to the $8.8bn he replied: "I have no idea. I can't tell you whether or not the money went to the right things or didn't - nor do I actually think it's important."
Q: "But the fact is billions of dollars have disappeared without trace."
Oliver: "Of their money. Billions of dollars of their money, yeah I understand. I'm saying what difference does it make?"



Full article: How the US sent $12bn in cash to Iraq. And watched it vanish | Iraq | Guardian Unlimited
Source: The Guardian 8-2-07
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Can't we do anything right in Iraq?

^ What's ironic about this is that all of the gung-ho GOP supporters of this conflict and the corruption involved are not commenting on it.

Are there any worse examples of corruption in the history of the U.S.?

Well, at least the money has been put into good use, that is financing the insurgents

This must be the greatest OWNAGE in modern history. I think Rome would be proud.

Heads are rolling now!

Bloom, an American citizen who ran construction and services companies under Global Business Group, has admitted to laundering at least $2 million that was stolen from reconstruction funds managed by the U.S.-led Coalition Provisional Authority in Iraq. He awaits sentencing.

McNulty said the five people indicted Wednesday stole or otherwise misused $3.6 million from the CPA fund.

Good to see people tracking down those missing millions when billions are missing!

Officials indict 5 in Iraq contract scam - Yahoo! News

humm, I wonder how the American public will react later when the mention of the Iraq war is brought into a conversation

Originally Posted by Milkman

Most do could not tell me some of the major differences in general of the differences between Sunni and Shiite Muslims.

Most of the Government don't know the difference either. I watched it on Jay Leno or someone like that as they were questioned on the differences between the two & none had a clue. It was hilarious.

Originally Posted by shehiredahitman

Originally Posted by Milkman

Most do could not tell me some of the major differences in general of the differences between Sunni and Shiite Muslims.

Most of the Government don't know the difference either. I watched it on Jay Leno or someone like that as they were questioned on the differences between the two & none had a clue. It was hilarious.

Yes, I've seen Jay Leno's street interviews at random in the U.S.

It's frightening really. I mean, "What the capital of Canada."

"What state is north of California?"

"Uh....I....Dunno....."


Just like Ambassador Peter Galbraith stating the President of the United States did not know about the differences - nor even the fact that they existed.

MM - I'm sure most of the population of the entire world couldn't answer the questions you pose above.

Originally Posted by Wallace

MM - I'm sure most of the population of the entire world couldn't answer the questions you pose above.

Agree.

But when a government is overthrown, and 7/10 of the American public supported they should know the difference between Sunni and Shiite, as well as the democgraphics.

As for the capital of Canada, the U.S. only has two neighbors. Canada and Mexico.

Not knowing the capital of Canada is pretty bad.

As well as not knowing where Chicago is, the Mississippi river, or basic tenets of say, the Constitution.

I remember that many Americans wouldn't even fly from LA to Dallas when the first Iraq war was taking place. And tourism in Europe plummeted with their idea that Europe was 'too close' to the action.