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Unnacounted spending of $100 million by US in war

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posted on May, 5 2005 @ 09:34 AM
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This burns me up. Sure, when compared to the BILLIONS in spending the US has already gone through, $100 million seems like nothing. But, if any other orginization operated like that, they be in big trouble.



WASHINGTON (AP) U.S. government mismanagement of assets in Iraq, from the lack of proper documentation on nearly $100 million in cash to millions of dollars worth of unaccounted-for equipment, are setting back efforts to fight corruption in the fledgeling democracy, auditors and critics say.

Iraq became awash in billions of dollars in cash after the U.S. invasion two years ago, often with few or no controls over how that money was spent and accounted for. From the $8.8 billion provided to Iraq's interim government to millions provided to U.S. contractors, investigations have detailed a system ripe for abuse.

The latest indication of that came Wednesday when investigators released a report saying $96.6 million in cash could not be properly accounted for. The total included more than $7 million that was simply gone, according to the report from the Special Inspector General for Iraq Reconstruction.

It said $89.4 million in cash payments in south-central Iraq were made without the necessary supporting documentation, the investigation found. Indications of fraud and other wrongdoing are the subject of separate, continuing probes.

www.boston.com...:.shtml




posted on May, 5 2005 @ 11:15 AM
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Well, it seems that the U.S. was just dumping cash into Iraq without some sort of system to force the Iraqi Government to report how the money was being used. Without something like this, corruption is bound to occur - considering how poor most of the people in the country were prior to the U.S. invasion, I'm not surprised that people have been partaking in the 'undocumented' money being given to the Iraqi Government.



posted on May, 5 2005 @ 02:25 PM
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Originally posted by DCFusion
Well, it seems that the U.S. was just dumping cash into Iraq without some sort of system to force the Iraqi Government to report how the money was being used. Without something like this, corruption is bound to occur - considering how poor most of the people in the country were prior to the U.S. invasion, I'm not surprised that people have been partaking in the 'undocumented' money being given to the Iraqi Government.


Yeah blame it in the iraqis, how convenient. Hypocrism is one of the most irritating habbits of the american.



posted on May, 5 2005 @ 03:19 PM
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What annoys me the most about this is that the government enforces rules on publicly traded companies to ensure things like this don't happen. The company I work for spends hundreds of thousands annually to insure that NOTHING on the balance sheet is unaccounted for.

How can we pay taxes in good conscence? This is tantamount to you overdrawing your checking account by $100 million dollars. If my kids weren't responsible with their allowance, I'd stop giving them one.



posted on May, 5 2005 @ 03:47 PM
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I couldnt believe it myself. Surely our enemies are going to use this to fuel their fire.

www.abovetopsecret.com...

here is more about what I said about it.

I know that there are people who say so what we have a right to it, but I disagree. We may be helping them but we dont have a right to anything of theirs. Stealing money is not helping anyone.



posted on May, 5 2005 @ 04:04 PM
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Unfortunately I think $100 million is a vast underestimate of the unaccounted for losses of taxpayer funds. It is the tip of the iceberg, a nice attention getting (but very conservative) figure out of several allocations of $87 billion plus on the mismanaged "war" effort. Only cronies are laughing all the way to the bank.

I posted a few weeks ago about the contractor who had to collect his payment of $1 million in US folding currency in a gunnysack. While he was a security contractor, it still makes you wonder how secure any element of the allocation and payment cycle is.

What is the audit trail, and who is ultimately accountable?

mpeake, this organization is[/] in big trouble, but it may be happy to take taxpayers and the economy down with it to serve its purposes.




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