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How US lost billions in Wild West gamble to rebuild Iraq
Key Excerpts from Article on Website of London Times
Posted: February 7th, 2007
http://www.timesonline.co.uk/tol/news/world/iraq/article7202...
An audit of US reconstruction spending in Iraq has uncovered spectacular misuse of tens of millions of dollars in cash, including bundles of money stashed in filing cabinets, a US soldier who gambled away thousands, and stacks of newly minted notes distributed without receipts. The audit ... by the US Special Inspector General for Iraq Reconstruction describes a country in the months after the overthrow of Saddam Hussein awash with dollars, and a Wild West atmosphere where even multimillion-dollar contracts were paid for in cash. The findings come after a report last year by the inspector general which stated that nearly $9 billion (5 billion) of Iraqs oil revenue disbursed by the US-led Coalition Provisional Authority ... cannot be accounted for. The huge sums in cash were paid out with little or no supervision, and often without any paperwork. In one case, a US soldier gambled away more than $40,000 while accompanying the Iraqi Olympic boxing team to the Philippines. In others, one contracting officer kept approximately $2 million in cash in a safe in his office bathroom, the report says, while a paying agent kept approximately $678,000 in cash in an unlocked footlocker. More than 160 vehicles worth about $3.3 million could not be traced because there was no proper documentation. Another project, a $473,000 contract to install an internet service in Ramadi, was cancelled because officials could not oversee it. But the contractor had already been paid.
Note: With all of the computers the military and contractors brought into Iraq, shouldn't it be possible to track these monies? Shouldn't we as taxpayers demand accountability?
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