Magazine article Multinational Monitor

Iraq Funds Gone Missing

Magazine article Multinational Monitor

Iraq Funds Gone Missing

Article excerpt

U.S. FEDERAL AUDITORS have referred more than a hundred contracts, involving billions of dollars paid to U.S. personnel and corporations in Iraq, for investigation and possible criminal prosecution.

They have also discovered that $8.8 billion that passed through the new Iraqi government ministries in Baghdad while Paul Bremer was in charge of the Coalition Provisional Authority (CPA), is unaccounted for, with little prospect of finding out where it went.

That's according to a July report by Ed Harriman in the London Review of Books. The rip-off is of Iraqi monies.

"Congress, it's true, voted to spend $18.4 billion of U.S. taxpayers' money on the redevelopment of Iraq," Harriman writes. "But by June 28 last year, when Bremer left Baghdad two days early to avoid possible attack on the way to the airport, his CPA had spent up to $20 billion of Iraqi money, compared to $300 million of U. …

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