Thursday, June 16, 2011

Occupation and theft: they go together (II)

"Just how much of the missing money was pocketed either by US contractors or Iraqis is not clear, nor is it likely that a full picture of what happened will ever be painted. Even so, Stuart Bowen, who runs the monitoring office, says that the errant billions may represent the "largest theft of  funds in national history".   What does seem clear is that, in its rush to get cash into Iraq to help persuade the population that economic and social order could be re-established quickly, the US did not ensure the proper level of financial controls. The US was sending C-130 Hercules transport planes from Maryland to Baghdad stuffed to the gunnels with $100 bills. A single plane was capable of carrying as much as $2.4bn. " "The money was mostly drawn from Iraqi oil revenues and the UN Oil-for-Food fund. " (thanks Redouane)