Sunday, February 12, 2006

Billions Wasted In Iraq?

Some $8.8 billion dispersed for reconstruction efforts in Iraq is unaccounted for, says the U.S. official in charge of tracing it.

Stuart Bowen, special inspector general for Iraq reconstruction, says $8.8 billion is unaccounted for because oversight on the part of the Coalition Provisional Authority, the entity governing Iraq after the war, "was relatively nonexistent."

The former No. 2 man at the Coalition's transportation ministry, Frank Willis, concurs. "I would describe (the accounting system) as nonexistent." Without a financial infrastructure, checks and money transfers were not possible, so the Coalition kept billions in cash to pay for its multitude of projects. "Fresh, new, crisp, unspent, just-printed $100 bills. It was the Wild West," says Willis.

Read more at the source.


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