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Official: Billions Missing in Iraq May Be ‘largest Theft of Funds in National History’


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Missing $6.6B for Iraq may be stolen

Published: June 13, 2011 at 7:33 AM

WASHINGTON, June 13 (UPI) -- U.S. auditors suggest that some of an unaccounted-for $6.6 billion in cash meant to help Iraq rebuild after the American-led 2003 invasion may have been stolen.

The huge missing sum was part of a $12 billion cash airlift the administration of President George W. Bush authorized in 2003 and 2004.

The U.S. and Iraqi governments are closing the books on the program this month but after multiple audits and investigations the Pentagon can't say what happened to the $6.6 billion -- enough to run the Los Angeles or Chicago school systems for a year -- the Los Angeles Times reported Monday.

For the first time, federal auditors indicate that some or all of the missing money may have been stolen and cannot be explained away as an accounting error or being mislaid. The theft of such a huge sum might seem unlikely but U.S. officials say they aren't ruling out the possibility.

Stuart Bowen, special inspector general for Iraq reconstruction, said the missing $6.6 billion may be "the largest theft of funds in national history."

Iraqi officials argue that a 2004 agreement signed by the U.S. government with Iraq puts Washington on the hook for the cash. Abdul Basit Turki Saeed, Iraq's chief auditor and president of the Iraqi Board of Supreme Audit, has warned U.S. officials Iraq will take legal action to recoup the missing funds.

Congress has already paid $61 billion for similar reconstruction and development projects in Iraq, the Times said.

"Congress is not looking forward to having to spend billions of our money to make up for billions of their money that we can't account for and can't seem to find," said Rep. Henry Waxman, D-Calif., who conducted hearings on waste, fraud and abuse in Iraq when he led the House Government Reform Committee.

Read more: http://www.upi.com/Top_News/US/2011/06/13/Missing-66B-for-Iraq-may-be-stolen/UPI-86351307964795/#ixzz1PEoaNifI

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wow! what a shock. theft in iraq. billions even. my my...

And who do you think took it?

An Iraqi hospital administrator told The Guardian of England that, when he arrived to sign a contract, the army officer representing the C.P.A. had crossed out the original price and doubled it. "The American officer explained that the increase (more than $1 million) was his retirement package."

http://www.vanityfair.com/politics/features/2007/10/iraq_billions200710?currentPage=2

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And who do you think took it?

An Iraqi hospital administrator told The Guardian of England that, when he arrived to sign a contract, the army officer representing the C.P.A. had crossed out the original price and doubled it. "The American officer explained that the increase (more than $1 million) was his retirement package."

http://www.vanityfair.com/politics/features/2007/10/iraq_billions200710?currentPage=2

Maliki

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So is this part of the money for the DFI that's missing since they keep talking about reconstruction? If so, this is a good sign isn't it? Means they already started transferring the funds back over from the US banks like they talked about doing a few days ago and found this missing money in the process possibly?

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You know what many are over looking here?

Think about this, your moving $6.6 Billion and you manage to lose it. That is a LOT of money! One would have to imagine that security measures were set in place to prevent any issues. I would understand it to be possible if it was a smaller number, but, transporting these funds would not be easy unless done by a larger group. If it was heisted, it would have to have been done by a team with inside information, necessary tools, and ability to transport it.

So either both sides are corrupt or it was simply miscounted for in some way or another. A mistake, as if we gave them more money than we should have.

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