Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

$6.6 billion in lost Iraq cash now accounted for, inspector says

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Latest Breaking News Donate to DU
 
bloomington-lib Donating Member (513 posts) Send PM | Profile | Ignore Thu Oct-27-11 01:13 PM
Original message
$6.6 billion in lost Iraq cash now accounted for, inspector says
Edited on Thu Oct-27-11 01:14 PM by bloomington-lib
Source: Yahoo News

It's a rare day when positive news surfaces from the frontlines of Iraq's post-occupation government--or from its troubled economy. However, a U.S. Iraq inspector general report that concluded this week that $6.6 billion in shrink-wrapped cash the U.S. government previously feared had gone missing in the chaotic early days of the Iraq occupation has in fact been safely accounted for.

"The mystery of $6 billion that seemed to go missing in the early days of the Iraq war has been resolved, according to a new report," CNN national security producer Charles Keyes reported Wednesday. "New evidence shows most of that money, $6.6 billion, did not go astray in that chaotic period, but ended up where it was supposed to be, under the control of the Iraqi government, according to a report from the office of the Special Inspector General for Iraq Reconstruction or SIGIR."

Stuart Bowen, the special inspector general for Iraq reconstruction, had previously testified that as much as $6.6 billion of the $10 billion the United States shipped to Iraq had disappeared due to "weaknesses in financial and management controls," Keyes wrote, citing the bureaucratese from a previous SIGIR report.

------------------------
"While the bulk of the money was transferred to the Central Bank of Iraq, $217 million remained in a vault in a former presidential palace and was held by the U.S. Defense Department and most was doled out for a variety of projects and payrolls, the report says," Keyes reported. A February 2008 SIGIR audit found that $24.45 million of the $217 million stored at the palace vault remained, and was later turned over to Iraq.

Read more: http://news.yahoo.com/blogs/envoy/once-feared-lost-now-...



The American people still lost 6.6 billion and more.
Printer Friendly | Permalink |  | Top
Xipe Totec Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-27-11 01:16 PM
Response to Original message
1. So, we didn't lose it, we burnt it instead. n/t
Printer Friendly | Permalink |  | Top
 
Fumesucker Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-27-11 01:17 PM
Response to Original message
2. That's down in the rounding error anyway..
Yawn..
Printer Friendly | Permalink |  | Top
 
blackspade Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-27-11 01:21 PM
Response to Original message
3. Whitewash.
This is a CYA story.
Printer Friendly | Permalink |  | Top
 
RUMMYisFROSTED Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-27-11 01:26 PM
Response to Original message
4. "...but ended up where it was supposed to be..."
Well then nevermind.

Printer Friendly | Permalink |  | Top
 
Roy Rolling Donating Member (762 posts) Send PM | Profile | Ignore Thu Oct-27-11 01:27 PM
Response to Original message
5. exactly what Iraq?
I thought there was no government in Iraq after Saddam was ousted. So exactly who did they turn it over to?
Printer Friendly | Permalink |  | Top
 
SpiralHawk Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-27-11 01:30 PM
Response to Reply #5
6. "Smirk." - xCommander AWOL Bush (R)
Edited on Thu Oct-27-11 01:31 PM by SpiralHawk
Printer Friendly | Permalink |  | Top
 
No Elephants Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-27-11 01:34 PM
Response to Original message
7. Does that include the billion plus that was removed from Saddam's safe in the palace in Baghdad?
And went missing soon thereafter?
Printer Friendly | Permalink |  | Top
 
cloudbase Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-27-11 01:38 PM
Response to Original message
8. Everybody finally
turned in their expense reports and receipts. All good!
Printer Friendly | Permalink |  | Top
 
JackRiddler Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-27-11 01:40 PM
Response to Original message
9. That money wasn't American, it was always Iraqi...
The Federal Reserve was holding an account for Iraq under the UN oil-for-food provisions. They accumulated about $20 billion from sales of Iraqi oil and that's how much was shipped to Iraq in the form of cash bundles soon after the US-UK invasion. Seems to me that if 6.6 billion can be accounted for, then something like $14 billion cannot be accounted for.
Printer Friendly | Permalink |  | Top
 
Lone_Star_Dem Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-27-11 02:06 PM
Response to Reply #9
12. The initial amount airdropped by the US was $12bn
While I'm not sure where the other $5.4bn went, it's whereabouts appears to have been accounted for to the satisfaction of those involved though. It was the remaining $6.6bn that left the auditors scratching their heads.

You're correct in that this was not US tax payer generated money in the first place. It was always supposed to belong to the Iraqis. It was however possible that if this money didn't turn up the US would have been shelling out the missing funds to payback the Iraqi government.
Printer Friendly | Permalink |  | Top
 
JackRiddler Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-27-11 04:14 PM
Response to Reply #12
19. The USG owes Iraq a lot more than that in reparations for a war of aggression.
Printer Friendly | Permalink |  | Top
 
marasinghe Donating Member (754 posts) Send PM | Profile | Ignore Thu Oct-27-11 11:39 PM
Response to Reply #9
24. yea. most in the US willfully ignore the basic fact that this money belongs to the Iraqis.
the negative balance on the US account, is hitting the roof. gonna be one mother of a payback, one day.
alexander the psychopath had his empire go into the chipper in a couple of centuries. the sociopaths of Rome hung on a bit longer. while the murderous Mongolians slunk back to goat-herding in the Gobi, in under two centuries. the British raped the planet for 400 years. but none of them had the body-counts of the US empire. oh, well; kill a million .... steal a billion - what's a few numbers between friends?
Printer Friendly | Permalink |  | Top
 
nonoxy9 Donating Member (154 posts) Send PM | Profile | Ignore Thu Oct-27-11 01:45 PM
Response to Original message
10. "Most was doled out for projects and payrolls." WHO'S payroll? Halliburton?
Printer Friendly | Permalink |  | Top
 
OnyxCollie Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-27-11 01:46 PM
Response to Original message
11. K&R.
Printer Friendly | Permalink |  | Top
 
dixiegrrrrl Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Oct-29-11 06:13 PM
Response to Reply #11
30. and KBR.
Printer Friendly | Permalink |  | Top
 
truedelphi Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-27-11 02:44 PM
Response to Original message
13. The problem is - it was NINETEEN billions of dollars
that went missing.

How anyone thinking that six billion equals nineteen, I don't know. But it goes to show the math skills of the people in charge.
Printer Friendly | Permalink |  | Top
 
JackRiddler Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-27-11 04:15 PM
Response to Reply #13
20. It goes to show that they think a sucker's born every minute.
Printer Friendly | Permalink |  | Top
 
joe_c89101 Donating Member (1 posts) Send PM | Profile | Ignore Sat Oct-29-11 02:03 PM
Response to Reply #13
28. dickless cheney is a wallstreet thief
its all about stealing. and the looser regs are (regs are
boundaries) and the more the thieves are allowed to walk, the
bolder and commoner they get until - like other civilizations
- the good people take up arms to rid their country of the
thieves. its almost ineviteabe that this happens. almost.

so meanwhile dickless and his band of thieves steal
$13billion from the people of the u.s. i wonder what a piece
of shit like him would confess to at guantanamo.
Printer Friendly | Permalink |  | Top
 
BetsysGhost Donating Member (176 posts) Send PM | Profile | Ignore Thu Oct-27-11 03:00 PM
Response to Original message
14. now if they
could find those trillions rumsfeld lost...
Printer Friendly | Permalink |  | Top
 
ladywnch Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-27-11 03:13 PM
Response to Original message
15. so let me get this straight. they found $6.6B shrink wrapped US currency
SO SEND IT BACK!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

1) They've obviously gotten by without it just fine.

2) The 'missing' funds were probably already 'replaced'

3) We need the 6.6 FAR more than they do.



SHIP THE FREAKIN MONEY BACK HOME ALREADY'!
Printer Friendly | Permalink |  | Top
 
FailureToCommunicate Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-27-11 03:26 PM
Response to Original message
16. Oh, so the money we borrowed and our children and grandchildren are
on the hook for, went to some banks?!?

Well, that's okay. Whew, I feel better.


I hate Shrub.
Printer Friendly | Permalink |  | Top
 
Turbineguy Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-27-11 03:54 PM
Response to Original message
17. I wonder if this is related
to the announcement about Swiss banks disclosing customers' names....
Printer Friendly | Permalink |  | Top
 
Blue_Tires Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-27-11 04:11 PM
Response to Original message
18. and the rest of the mission billions??
Printer Friendly | Permalink |  | Top
 
LiberalLovinLug Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-27-11 04:44 PM
Response to Original message
21. CNN whitewash
So "$6.6 billion, did not go astray in that chaotic period, but ended up where it was supposed to be, under the control of the Iraqi government"

OOOOOOOOOOOOOkay
So $6.6 billion of American taxpayer money was handed over, obvioiusly without oversite, to the Iraqi government, which as another poster said, in the early days was an unelected puppet government under the thumb of Bremer and the neo-cons. Most went to the Central Bank of Iraq (and used for...?) and $217 million was used for "a variety of projects and payrolls"?

So again....

What happened to the 6.6 billion?
Printer Friendly | Permalink |  | Top
 
Dover Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-27-11 06:27 PM
Response to Original message
22. Ohhhhhh........wait..... HUH?
Well then, maybe NOW they'll let us stay?
Printer Friendly | Permalink |  | Top
 
go west young man Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-27-11 10:40 PM
Response to Original message
23. Something obviously stinks in Denmark with this one.
Edited on Thu Oct-27-11 10:41 PM by go west young man
It's shrink wrapped pallets of billions of dollars. It obviously came off the back of a U.S. transport plane.
Everything in the military is signed for yet not a single instance of whether this was signed for or changed
hands has been explained. We're all supposed to just go ok if CNN says so. Where's the U.S. military report
explaining the chain of custody of the money? This is another trust us on this one just like the killing of OBL.
The U.S. govt has no credibility these days.
Printer Friendly | Permalink |  | Top
 
Hotler Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Oct-28-11 07:56 AM
Response to Original message
25. I call bullshit. I smell cover up. eom.
Printer Friendly | Permalink |  | Top
 
melm00se Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Oct-28-11 01:19 PM
Response to Original message
26. let me guess
they found a wad of crumpled up receipts in some uniforms that just came out of the wash?
Printer Friendly | Permalink |  | Top
 
Solly Mack Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Oct-28-11 05:33 PM
Response to Original message
27. lololol
Printer Friendly | Permalink |  | Top
 
tabasco Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Oct-29-11 02:50 PM
Response to Original message
29. Yeah, that's the ticket!
We found it all and there was even an EXTRA BILLION $$ in there.

You betcha!

Printer Friendly | Permalink |  | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Wed Aug 27th 2014, 06:33 PM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » Latest Breaking News Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC