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Headlines ooops! we misplaced $9B USD, sorry but...

gurlgonewild

Was machen Sie?
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Bremer can't account for $11.6 billion, audit shows

The US-led provisional government in charge of Iraq was unable to properly account for nearly $US9billion ($11.6 billion) in Iraqi funds it was charged with safeguarding, a scathing audit report reveals.

The Coalition Provisional Authority (CPA) may have paid salaries for thousands of non-existent "ghost employees" in Iraqi ministries, issued unauthorised multimillion-dollar contracts, and provided little oversight of spending in possibly corrupt ministries, according to the report by Stuart Bowen, the special inspector-general for Iraq reconstruction.

"While acknowledging the extraordinarily challenging threat environment that confronted the CPA throughout its existence and the number of actions taken by CPA to improve the [interim Iraqi government's] budgeting and financial management, we believe the CPA management of Iraq's national budget process and oversight of Iraqi funds was burdened by severe inefficiencies and poor management," concludes the report, which was released yesterday.

In a letter to Mr Bowen, the authority's former administrator, Paul Bremer, blasted findings of a draft copy of the report, saying it was filled with "misconceptions and inaccuracies".

Mr Bremer acknowledged that financial systems in Iraq were weak, but said Mr Bowen failed to take into account the US mandate to quickly turn over control to an Iraqi government.

The authority disbanded after handing over power to the interim Iraqi government last June.

A Pentagon spokesman also disagreed with the report, saying the authority had implemented reforms to improve accountability.

"The CPA was operating under extraordinary conditions from its inception until mission completion," said the spokesman, Bryan Whitman. "Throughout, the CPA strived earnestly for sound management, transparency, and oversight."

The audit report adds to a growing body of evidence that the US-led occupation government created a two-tier system of oversight that continues to severely hamper the rebuilding of Iraq. US taxpayer funds received relatively close scrutiny. Iraqi money stemming from oil revenues and assets seized from the regime of Saddam Hussein, however, were spent without controls designed to ensure accountability.

The report also found that at least 232 civilians had been killed while working on US-funded contracts in Iraq and the death toll was rising rapidly.

Los Angeles Times, Reuters

Source

...we funnelled the money elsewhere and don't want to have to account for our actions.
...so what? the american taxpayers footing the bill, they can afford it.
...our deficit is a half trillion bucks, $9B is a drop in the bucket.

utter crap.
 

voiceofreason

Seeker of Truth
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gurlgonewild said:
http://www.smh.com.au/news/After-Saddam/Bremer-cant-account-for-116-billion-audit-shows/2005/01/31/1107020330439.html?oneclick=true


...we funnelled the money elsewhere and don't want to have to account for our actions.
...so what? the american taxpayers footing the bill, they can afford it.
...our deficit is a half trillion bucks, $9B is a drop in the bucket.

utter crap.
This Administration has been allowed to continue with no accountability whatsoever.

Be prepared for another 4 years of reckless spending with a fuck-you-we'll-do-what-we-like attitude.

Unless of course, someone gets some balls....
 

Captain 151

Seeped in a dry Merlot
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They should check their pants pockets before putting them through the wash. I'm always leaving money in there that I forget about.
 

MaxPower

You're my number two
Staff
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We need a UN "WMD" (Where'd the Money Disappear to) Team to intervene.

Only problem is......they won't find it. ;)