As a 501(c)(3) nonprofit, we depend almost entirely on donations from people like you.
We really need your help to continue this work! Please consider making a donation.
Subscribe here and join over 13,000 subscribers to our free weekly newsletter

How US lost billions in Wild West gamble to rebuild Iraq
Key Excerpts from Article on Website of London Times

London Times, January 26, 2007
Posted: February 7th, 2007

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?

Latest News

Key News Articles from Years Past