How US lost billions in Wild West gamble to rebuild Iraq (Times UK)

[kpete]

The Times January 26, 2006


How US lost billions in Wild West gamble to rebuild Iraq
From Tim Reid in Washington



AN AUDIT of US reconstruction spending in Iraq has uncovered spectacular misuse of tens of millions of dollars in cash, including bundles of money stashed in filing cabinets, a US soldier who gambled away thousands and stacks of newly minted notes distributed without receipts.
The audit, released yesterday by the US Special Inspector General for Iraq Reconstruction, describes a country in the months after the overthrow of Saddam Hussein awash with dollars, and a Wild West atmosphere where even multimillion-dollar contracts were paid for in cash.



The findings come after a report last year by the inspector general which stated that nearly $9 billion (£5 billion) of Iraq’s oil revenue disbursed by the US-led Coalition Provisional Authority (CPA), which governed Iraq until mid-2004, cannot be accounted for.

The huge sums in cash were paid out with little or no supervision, and often without any paperwork, yesterday’s audit found. The report found problems with nearly 2,000 contracts worth $88.1 million.


http://www.timesonline.co.uk/article/0,,7374-2010424,00.html

[papau]

1. Funny how the US Media is not putting this front and center - :-(

:-(

[corporate_mike]

2. US taxpayers are happy to pay for anything, anywhere in any amount :)