WAR: Audit: $9 Billion Unaccounted for in Iraq, page 1

posted on Jan, 30 2005 @ 03:18 PM

link

Nearly $9 billion dollars in money transfered to various Iraqi ministries is unaccounted for, according to an official report released today. The recent audit highlights the lack of financial controls, communication, and adequate staff in those ministers. Paul Bremer III, leader of the Coalition Provisional Authority, took exception to the report. He stated that Western style accounting practices could not be quickly implemented in the middle of a war.

story.news.yahoo.com
WASHINGTON - The U.S. occupation authority in Iraq was unable to keep track of nearly $9 billion it transferred to government ministries, which lacked financial controls, security, communications and adequate staff, an inspector general has found.

The U.S. officials relied on Iraqi audit agencies to account for the funds but those offices were not even functioning when the funds were transferred between October 2003 and June 2004, according to an audit by a special U.S. inspector general.

The findings were released Sunday by Stuart Bowen Jr., special inspector general for Iraq reconstruction. Bowen issued several reports on the Coalition Provisional Authority (CPA), the U.S. occupation government that ruled Iraq from June 2003 to June 2004.

Please visit the link provided for the complete story.

I think that after the insurgency, corruption will be the biggest battle here. If the money does not get to help the Iraqi people directly, then the insurgency will have some measure of support. However, if conditions improve, then the insurgency may wither. No matter what, a strict accounting system needs to be in place to avoid debacles like the oil for food scandal and others. Some corruption and missing funds is to be expected, but $9 billion?

[edit on 30-1-2005 by Banshee]

MemoryShock

posted on Jan, 30 2005 @ 03:41 PM

link

Originally posted by FredT
Nearly $9 billion dollars in money transfered to various Iraqi ministries is unaccounted for.

I'm sure it's accounted for by the people who possess the money currently..............goes to show that war is big business...............But, hey, all we really care about is instituting a democratic process highlighting a free population risen from the ashes of a brutal dictatorship.......does anyone here even know the candidates in Iraq and their political positions?

AceOfBase

posted on Jan, 30 2005 @ 03:50 PM

link

$9 billion dollars in 8 months went missing under the CPA vs. about $11 billion in 6 years under Oil FOr Food and I'll bet Fox News doesn't give this anywhere near as much attention as they gave to the Oil For Food scandal.

jsobecky

posted on Jan, 30 2005 @ 04:00 PM

link

Actually, it was more like $21.3B scammed in the Oil For Food fiasco.

Hopefully, many of these funds will be accounted for in the long run, but it is true, they certainly were not using accepted accounting methods and financial controls.

Let's just hope that some of this money isn't being used to fund the terrorists.

Valhall

posted on Jan, 30 2005 @ 04:03 PM

link

Reported here:

www.abovetopsecret.com...

Banshee

posted on Jan, 30 2005 @ 04:11 PM

link

Originally posted by Valhall
Reported here:

www.abovetopsecret.com...

This is regarding the official report released today about the missing money.

FLYIN HIGH

posted on Jan, 30 2005 @ 06:54 PM

link

I bet old tricky Dick (Cheney) and his unafileation with the Haliburtan crowd have socked it away off-shore somewhere for him and his wife to enjoy when he decides to leave the public areana if his ticker does not fail between now and then. Heck, maybe Dubw and his Mrs. have one set up for them.