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Pentagon Can't Account for $8 Billion In Iraq, Audit Finds
Of the lost $8.7 billion, there are no records whatsoever for $2.6 billion in construction expenditure. The rest of the money is difficult to trace because it wasn't deposited in special accounts as required under Treasury Department rules, the Times reported.
The audit was performed by the Special Inspector General for Iraq Reconstruction, which is responsible for monitoring U.S. spending in Iraq since 2004.
The Times said there is no apparent evidence of fraud, just bad accounting."The breakdown in controls left the funds vulnerable to inappropriate uses and undetected loss," notes the audit report.
Investigators looked at oil proceeds earmarked for reconstruction as part of the Development Fund for Iraq. The money was given over to the Defense Department in 2004, when Iraq did not have a fully functioning government.
It's not the first time that a huge amount of Iraqi money could not be accounted for. There are no records related to $8.8 billion in oil revenue spent by the U.S.-led Coalition Provisional Authority in 2003 and 2004.
In response to the audit findings, the Pentagon agreed with recommendations that it adhere to stricter rules for managing such funds.
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9.1 billion lost, 12 pallets of $100 dollar bills flown to Iraq and never heard from again. Billions of bonds sent to China to pay for two warsNo bid contracts to Haliburton for the war effort undisclosed amount. Do you reall miss GW Bush?
July 29 2010 at 2:41 PM Report abuse Permalink rate up rate down ReplyTry this for justification when the IRS gets a form from your bank saying they paid you $53.78 in interest over the last year and you forget to report it on your income tax........ "I'm using the new military accounting system. If it's less than 20 billion I just ignore it and you should too", but don't expect to be sharing a jail cell with any generals or military contractors.
July 28 2010 at 1:40 AM Report abuse Permalink +1 rate up rate down ReplyEight billion dollars are missing? Nah, not really. Check Haliburton's other set of books and then look in Cheney's offshore accounts.
July 27 2010 at 11:17 PM Report abuse Permalink +3 rate up rate down ReplySometimes I'm a few billion dollars off when I am balancing my checkbook
July 27 2010 at 9:39 PM Report abuse Permalink +7 rate up rate down ReplyWhy are we protecting the borders of Iraq and Afghamistan when our borders are a joke. We have killings on a daily basis with a government in Mexico that is so damn corrupt that it isn't funny. Oh, that's right, Obama is sending a few troops to the border of Mexico to do what? It's okay to be an illegal and shaft this country, but be assured you can't go to Mexico and invade their nation. America is so messed up, when we don't top criminals in that bring nothing more than drugs and death to America.
July 27 2010 at 9:18 PM Report abuse Permalink rate up rate down ReplyAnd we're surprised??????
July 27 2010 at 8:36 PM Report abuse Permalink +5 rate up rate down ReplyGood old fashioned military efficency...
July 27 2010 at 6:33 PM Report abuse Permalink +4 rate up rate down ReplyProbably gave it to Halliburton, and they gave it to some mercenaries. Untraceable.
July 27 2010 at 7:46 PM Report abuse Permalink rate up rate down ReplyHow about an audit on the $787 billion job stimulus? Nah, don't want to do that. Not enough empty jail cells.
July 27 2010 at 6:30 PM Report abuse Permalink +3 rate up rate down ReplyCan anyone account for the 700 billion Obama spent on the "stimulus"?
Kind of makes the 8 billion look like pocket change!
The stimulus plan was to help America recover from the disaster known as the Bush administration, and worked and is still working. The Bush recession , the worst since the Great Depression, caused a massive financial mess and if not for Obama, there would be MILLIONS more unemployed (probably including you)with the rate up to 30 or 40 percent, with MILLIONS more losing thei homes. The stimulus money, given to maty states in d sperate need of funds, is saving jobs for teachers (who teach our children), police (who protect us, our firemen (who protect our lives and property),saving libraries mueums, parks, schools and on and on
The BILLIONS missing in Iraq were part of the illegal, no-bid contracts given to the firm Hallibuton, which is where Dick Cheney was CEO before he became the WORST vice-president in our history . Cheney knows where all our tax money went
Try to get your facts straight
PLEASE, don't anyone say they are surprised...
July 27 2010 at 6:21 PM Report abuse Permalink +9 rate up rate down Reply
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