How has the US been spending other people's billions?

[kskiska]

Henry Waxman is an awkward customer. For 30 years, this California congressman has probed, badgered and embarrassed US administrations of every hue.

As the senior Democrat on the House of Representatives' government reform committee, Congress's principal standing investigative panel, he is a difficult man to ignore.

Right now, Mr Waxman has a question on Iraq. In fact, he has several - and in typically robust fashion, he is demanding answers. What he wants to know is whether the Bush administration has been fiddling with Iraq's oil revenues.

He wrote to the Republican chairman of the reform committee on July 9, suggesting there was a serious case to answer. Subpoenas should be issued, he said, "to investigate potential mismanagement of the Development Fund for Iraq (DFI) by the United States".

The DFI was set up after last year's invasion as the depository for Iraq's multi-billion-dollar oil revenues and was administered, until June 28, by the US-led Coalition Provisional Authority (CPA) - with notional UN oversight.

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http://www.guardian.co.uk/usa/story/0,12271,1264765,00.html