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 Iraq's 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.
Latest
Latest News
Each news summary is created according to strict standards. Here's how we do it.
Each summary is created using a consistent editorial procedure. The target length is approximately 16 lines of 11-point Arial text in a 650-pixel-wide column. Up to 25% of a summary may be set in bold to emphasize the most important ideas. Summaries are composed of verbatim excerpts presented in the same sequence as they appear in the original news source, with very minor editorial additions. Where material has been omitted between excerpts, the omission is indicated with ellipses (...). Any words added by an editor for clarity or context appear in [brackets]. Our original news editor was Fred Burks. Tod Fletcher edited most summaries from 2007 through 2014, and Mark Bailey has served as news editor since 2014.