Tuesday, July 27, 2010

Audit: U.S. can't account for $8.7 billion in Iraqi cash

Image: Iraqi workers at the Rumaila oil refinery

Oil funds were 'vulnerable to inappropriate uses and undetected loss'

“The report by the U.S. Special Investigator for Iraq Reconstruction offers a compelling look at continued laxness in how such funds are being spent in a country where people complain basic services like electricity and clean water are sharply lacking seven years after the U.S.-led invasion that toppled Saddam Hussein.”

Despite the conclusion that the whole system was easy to rip off, it also said: 

“The audit did not indicate that investigators believed there were any instances of fraud involved in the spending of these funds.”

Say what? All this money – a whopping $8.7 billion in cash – just disappears and the investigating agency says no fraud was found? In the real world billions of dollars do not evaporate like smoke – which someone in the U.S. Special Investigator’s office is now trying to blow up the public’s ass!

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