Reply #6: BBC: US 'failed to control' Iraq oil

[Up2Late]

Cheney SUCKS/ Kofi ROCKS!

<http://news.bbc.co.uk/2/hi/middle_east/4098729.stm>

(clip)Revenue 'lost'

The panel, which also includes representatives from the IMF and the World Bank, expressed particular concern about how large contracts paid out of Iraqi funds were given to US firms, such as the oil services group Halliburton, without competitive bidding.

Other problems identified included weaknesses in administration, inadequate accounting systems, poor record-keeping and a failure to follow procedures that had been agreed.

The panel's report says the US-led authorities also failed to deal with widespread smuggling of Iraqi oil out of the country immediately after the war. Nobody knows how much revenue for reconstruction was lost as a result...