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  • Thursday, June 23, 2005

    US rushed to spend billions before "transferring power" to Iraqis

    According to this article, from the Washington Post, in the run up to the official date for the hand over of power to the Iraqis, the US ordered an urgent delivery of more than $4 billion in Iraqi funds:

    Cash was loaded onto giant pallets for shipment by plane to Iraq, and paid out to contractors who carried it away in duffel bags. The report, released at a House of Representatives committee hearing, said despite the huge amount of money, there was little U.S. scrutiny in how these assets were managed. "The disbursement of these funds was characterized by significant waste, fraud and abuse," said Waxman. An audit by the U.S. Special Inspector General for Iraq Reconstruction said U.S. auditors could not account for nearly $8.8 billion in Iraqi funds and the United States had not provided adequate controls for this money.
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