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US 'fails to account' for Iraq reconstruction billions

PeteEU

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BBC News - US 'fails to account' for Iraq reconstruction billions

A US federal watchdog has criticised the US military for failing to account properly for billions of dollars it received to help rebuild Iraq.

The Special Inspector General for Iraq Reconstruction says the US Department of Defence is unable to account properly for 96% of the money.

And this is not the first time we hear of miss-management.. do they never learn?

Considering the billions.. well trillions the US has spent on getting rid of Saddam.. the 6 to 12 billion he skimmed off the oil for food program seem a freaking bargain now.
 

justabubba

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Audit: US can't account for $8.7B in Iraqi funds

Audit: US can't account for $8.7B in Iraqi funds - Boston.com
The U.S. Defense Department is unable to properly account for over 95 percent of $9.1 billion in Iraqi oil money tapped by the U.S. for rebuilding the war ravaged nation, according to an audit released Tuesday.
... The audit found that shoddy record keeping by the Defense Department left the Pentagon unable to fully account for $8.7 billion it withdrew between 2004 and 2007 from a special fund set up by the U.N. Security Council. Of that amount, Pentagon "could not provide documentation to substantiate how it spent $2.6 billion."
... The audit cited a number of factors that contributed to the inability to account for most of the money withdrawn by the Pentagon from the Development Fund for Iraq. It said most of the Defense Department organizations that received DFI money failed to set up Treasury Department accounts, as required.

In addition, it said no Defense Department organization was designated as the main body to oversee how the funds were accounted for or spent.

"The breakdown in controls left the funds vulnerable to inappropriate uses and undetected loss," the report said. ...
[bold emphasis added by bubba]

no one was in charge. which means no one is responsible or accountable for this fundamental responsibility to monitor the use of iraqi money
the report cites there was no evidence of fraud. that is comforting, [insert sarcasm icon] since they have no clue about how the money was used, whether it was stolen or not
anybody really wonder what happened when those who were authorized access to these monies realized that there was no oversight and no accounting trail
 

Aunt Spiker

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BBC News - US 'fails to account' for Iraq reconstruction billions



And this is not the first time we hear of miss-management.. do they never learn?

Considering the billions.. well trillions the US has spent on getting rid of Saddam.. the 6 to 12 billion he skimmed off the oil for food program seem a freaking bargain now.

No - the government never learns.

There's misplaced money all over, in every little nook and cranny - I bet you they're stuffing it in their seat cushions :) Might even be padding a bra or two!
 

PeteEU

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No - the government never learns.

There's misplaced money all over, in every little nook and cranny - I bet you they're stuffing it in their seat cushions :) Might even be padding a bra or two!

Considering a lot of it if not most was handled by private contractors most likely, then well hehe.
 

Aunt Spiker

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Considering a lot of it if not most was handled by private contractors most likely, then well hehe.

Doesn't seem to matter, really - directly by the Treasurer or by proxy . . . *wooot* :kitty:<--- see, she's a saucy lass tossing monetti.
 

Middleground

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Ya know, call me crazy, but I would think the Tea Partiers would be fuming over this. I bet on Fox News, it's wall-to-wall coverage.
 

NolaMan

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Gipper

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That's actually a rather small amount when you consider the amount that has changed hands or bank accounts in the whole thing. You could call the GAO right now and, on the record, they'd tell you this is a travesty and that all the debits must equal the credits, while trying to divert you with beancounter-speak.

Off the record, they'd probably say "oh that's all? whew...". Believe it or not, the U.S. government doesn't have to answer to too many people. I bet you just fell off your seat reading that statement.
 

jujuman13

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Ya know, call me crazy, but I would think the Tea Partiers would be fuming over this. I bet on Fox News, it's wall-to-wall coverage.

The missing unacounted for cash or the story of the missing unaccounted for cash?
 

apdst

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Rightwingnutjob

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Typical Govt. Get them all out. Hobo's on the street could do a better job. Hell, the liberals would probably like that and the homeless would jobs...

Just kidding of course.
 

apdst

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Ya know, call me crazy, but I would think the Tea Partiers would be fuming over this. I bet on Fox News, it's wall-to-wall coverage.

Are you claiming that Fox is covering for Obama's blowing of $9 billion?
 

Middleground

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Are you claiming that Fox is covering for Obama's blowing of $9 billion?

Do yourself a big favour next time and read the article before you add your 2 cents. This happened under Bush.
 

upsideguy

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Ya know, call me crazy, but I would think the Tea Partiers would be fuming over this. I bet on Fox News, it's wall-to-wall coverage.

You are crazy.... the parties you cite are nothing but hypocrites.

As you well pointed out, if they were true to their convictions, they would be all over this as well as whatever else gets their panties in a bunch.
 

Rightwingnutjob

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You are crazy.... the parties you cite are nothing but hypocrites.

As you well pointed out, if they were true to their convictions, they would be all over this as well as whatever else gets their panties in a bunch.

You're painting witha rather broad brush... Keep your stereotypes to yourself.
 

jujuman13

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Are you claiming that Fox is covering for Obama's blowing of $9 billion?

How can you possibly insinuate that it might have been Obama and his merry bunch of sanctimonius thieves, to my way of understanding, considering the timeline in which this money was available for Iraqi reconstruction, I believe it would come down to Bush/Cheney and his merry bunch of santimonius thieves.
 

Chappy

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Excerpted from “US 'fails to account' for Iraq reconstruction billions,” BBC, 27 July 2010 Last updated at 11:57 ET
[size="+2"]A[/size]ccording to the report, the Pentagon is unable to fully account for $8.7bn of funds it withdrew between 2004 and 2007, and of that amount it "could not provide documentation to substantiate how it spent $2.6bn".

Added emphasis.
 

upsideguy

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You're painting witha rather broad brush... Keep your stereotypes to yourself.

It seems to me that anyone that is honest about fiscal responsibility would be outraged about $9B just disappearing, especially those that had any objection to the $80B auto bailout, for which there is at least an accounting and likely a full recovery.
 
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zimmer

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BBC News - US 'fails to account' for Iraq reconstruction billions



And this is not the first time we hear of miss-management.. do they never learn?

Considering the billions.. well trillions the US has spent on getting rid of Saddam.. the 6 to 12 billion he skimmed off the oil for food program seem a freaking bargain now.

Problem is the money from the oil-for-food program, that specific bit of massive corruption very well could have had Saddam thinking he had allies that would have prevented war.

So, you can add the cost of American lives and all the treasure associated due to UN Oil-for-Food Corruption.

The UN is awash in the blood of our men because they failed to do the job the place was set up for.

BTW... Something you glossed over...
The US military said the funds were not necessarily missing, but that spending records might have been archived.
...but let's say it's gone; the above still applies... and...

... Just wait until Obi-Kare is on the same level of corruption and incompetence as the EU socialist medical schemes... or our Social Security, or Medicare or Medicaid...

To use your words...

...this is not the first time we hear of miss-management.. do they never learn?

But it's not about learning is it? It's about power and control, not the greatest good for the greatest number.

.
 
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