U.S. cannot account for spending of nearly $100 million in Iraq

[NNN0LHI]

http://www.boston.com/dailynews/125/wash/U_S_cannot_account_for_spendin:.shtml

WASHINGTON (AP) U.S. government mismanagement of assets in Iraq, from the lack of proper documentation on nearly $100 million in cash to millions of dollars worth of unaccounted-for equipment, are setting back efforts to fight corruption in the fledgeling democracy, auditors and critics say.

Iraq became awash in billions of dollars in cash after the U.S. invasion two years ago, often with few or no controls over how that money was spent and accounted for. From the $8.8 billion provided to Iraq's interim government to millions provided to U.S. contractors, investigations have detailed a system ripe for abuse.

The latest indication of that came Wednesday when investigators released a report saying $96.6 million in cash could not be properly accounted for. The total included more than $7 million that was simply gone, according to the report from the Special Inspector General for Iraq Reconstruction.

It said $89.4 million in cash payments in south-central Iraq were made without the necessary supporting documentation, the investigation found. Indications of fraud and other wrongdoing are the subject of separate, continuing probes.

[gratuitous]

1. Ya don't suppose somebody stole it?

This is, of course, on top of the billions in overruns, double billings and just plain theft by the likes of Halliburton and Bechtel that the GAO can account for.

But Congress will write Chimpy another $80 billion check in June or July while Chimpy tells us that the money to back government bonds that guarantee your social security benefits is just, well, gone. Nobody knows where.

[taleast]

2. Should Also Be Mentioned

The audits found "no assurance that fraud, waste and abuse did not occur".

According to the Sigir, of nearly $120m in cash paid out in south-central Iraq more than $7m is unaccounted for and payments worth $89m do not have the proper paperwork.

It refers to significant problems, accusing managers of "simply washing accounts" to try to make the books balance.

Examples of failures include:


More than 600 transfers of more than $23m using the wrong form

A contractor being paid twice for the same job

Ten payments of more than $300,000 submitted for canceled contracts

Two payment officers leaving Iraq with balances of more than $700,000 without clearance.

[izzie]

3. Look for it in off-shore banks under a nice WASP 's name or Number

--

[NVMojo]

4. Disgusting!

[Maestro]

5. See also

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=1444891&mesg_id=1444891

[tuvor]

6. Only a hundred million? n/t

[Norquist Nemesis]

7. Kofi Annan should be calling for immediate reform!

[malmapus]

8. Well gee lets check Bush, Cheney, Rumsfeld, Rice, Wolfiwitz

and the rest of em's bank accounts...hell even Delay

[jazzjunkysue]

9. Pirates with gold fillings and platinum watches.

And we're surprised by this because?

I'll bet half of the men killed over there were in on the take, and had to be silenced. It's real hard to prove some crazed insurgent didn't kidnap and kill them.

If it weren't for my duaghter, I'd move to canada.

[jazzjunkysue]

10. "Faith-Based Pirates." Aarrrggggggg!