The loss occurred when the United States controlled Iraq's oil profits
from May 2003 until June 2004.

The inspector general found insufficient managerial, financial, salary
and contract controls.

In one Iraqi ministry, 8,026 guards were officially on the payroll,
but the presence of only 602 guards could be validated.

The Ohio congressman asked a series of rhetorical questions:

"What might have this $9 billion gone towards? Personal corruption? A
money-laundering scheme? A back-door way of funding covert
operations?"

Could some of the money have used to pay for ballot stuffing in last
month's Iraqi election?

Franklin Willis -- former senior aviation official for Iraq's Ministry
of Transportation and Communication under the CPA -- said American
overseers treated Iraqi money more casually than they did U.S. funds.

Several contracts are now under criminal investigation, Willis said.

Some witnesses likened the atmosphere in Iraq to the Wild West, where
cash was handed out without proper accounting.


http://bellaciao.org/en/article.php3?id_article=5378

Friday 25th February 2005

$9B Goes Missing In Iraq-Huge Sum Disappears Without A Trace


Profiteering from the Iraq war is not a surprise, especially in light
of the Bush administration's pandering to the military-industrial
complex.

But some Democratic lawmakers are concerned that profiteering may have
achieved stratospheric dimensions in the case of the $9 billion that
is missing from the sale of Iraqi oil.

This money was to have been used for humanitarian aid and
reconstruction for Iraq.

It seems no one is watching the store.

The fund was transferred to Iraqi government ministries, which lacked
the proper financial controls, security and staff to keep close tabs
on the money flow.

Nevertheless, the Democrats would like to prod the Bush administration
to show its concern over the loss.

You can do a lot with $9 billion, but it's only a drop in the bucket
in terms of spending in Iraq.

The war there is costing the United States more than $50 billion a
year.

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It's only money, folks. Your money! Bush apparently enjoys burning it.

Harry