U.S. was big spender in days before Iraq handover ($20 billion)

[Barrett808]

U.S. was big spender in days before Iraq handover
By Sue Pleming

WASHINGTON (Reuters) - The United States handed out nearly $20 billion of Iraq's funds, with a rush to spend billions in the final days before transferring power to the Iraqis nearly a year ago, a report said on Tuesday.

A report by Democratic Rep. Henry Waxman of California, said in the week before the hand-over on June 28, 2004, the U.S.-led Coalition Provisional Authority ordered the urgent delivery of more than $4 billion in Iraqi funds from the U.S. Federal Reserve in New York.

One single shipment amounted to $2.4 billion -- the largest movement of cash in the bank's history, said Waxman.

Most of these funds came from frozen and seized assets and from the Development Fund for Iraq, which succeeded the U.N.'s oil-for-food program. After the U.S. invasion, the U.N. directed this money should be used by the CPA for the benefit of the Iraqi people.

Cash was loaded onto giant pallets for shipment by plane to Iraq, and paid out to contractors who carried it away in duffel bags.

...

"The disbursement of these funds was characterized by significant waste, fraud and abuse," said Waxman.

(more)

http://news.yahoo.com/news?tmpl=story&u=/nm/20050621/ts_nm/iraq_cash_dc

[sniffa]

1. but haLiburton NEEDED it

[lovuian]

2. all cash and No receipts!!! an interesting way to us US Govt funds

No accounting No trace where that money went just a 2.4 Billion robbery!!!

[oblivious]

3. No. Iraqi money given to American contractors. Pirates and carpetbaggers.

Most of these funds came from frozen and seized assets and from the Development Fund for Iraq, which succeeded the U.N.'s oil-for-food program.

Destroyed their country, killed and maimed its people, and stole their money.

Anything else?

[liberalcenter]

4. Oil for food

Good thing we shut down the corrupt oil for food program.