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Ear to the Ground

$8.7 Billion More Disappears in Iraq

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Posted on Jul 27, 2010
U.S. Army / Spc. Christopher Wellner

An Army private provides security at the construction site of a new prison in Basra, Iraq.

The special inspector general for Iraq reconstruction says the Pentagon cannot account for $8.7 billion of Iraq’s money. The Department of Defense was supposed to spend the funds, which came from the sale of oil and other assets, on reconstruction, and it may have—it just doesn’t know for sure.

BBC:

The money was in a special fund administered by the US Department of Defense, the Development Fund for Iraq (DFI), and was earmarked for reconstruction projects.

But the report says that a lack of proper accounting and poor oversight makes it impossible to say exactly what happened to most of it.

According 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”.

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By seangalvin, July 31, 2010 at 9:53 pm Link to this comment
(Unregistered commenter)

As to PatrickHenry’s comment, the money would do more good in the U.S: Where do you think it went? Iraq doesn’t control its oil revenues, nor the money you and I send there; it’s controlled -as it has been since we got there - by outside elements whose financial dealings you and I (nor any gov’t)will ever know about. Squeaky Jones is on the right track. Money’s been disappearing in Iraq all along; that’s why ‘they’ are there. If you think the USA is there for any benefit to the American public, well… think again! The reasons given for the ramp-up to war there were based on lies. As always, their prime motive is hidden. And guess what it is. By God, you got it! Money. Same as it always is!

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By ardee, July 28, 2010 at 3:12 am Link to this comment

How does one lose 8.7 billion dollars? Easily, by having a populace poorly represented by its government, callously indifferent to reality and hopelessly mired in a refusal to believe they can change things for the better.

And the govt. of Afghanistan and its people are not very much better.

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By zaphodity, July 28, 2010 at 12:45 am Link to this comment
(Unregistered commenter)

NOTE TO SELF:

If the U.S. ever invades another country be sure to invest in contractor companies that get involved, i’ll be a multi-millionaire in no time.

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By ofersince72, July 28, 2010 at 12:01 am Link to this comment

Well at least this time it was Iraqi money they lost.

  We don’t need anymore here,  for what?

  We are the land of milk and honey, we already have
  everything.

  To quote SHADOW DANCER again

Life is good! What and experience! It is always best to
                          forgive…

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By Big Daddy, July 27, 2010 at 10:27 pm Link to this comment
(Unregistered commenter)

$8.7 billion. Hah! Who cares? I scoff at that. I have more money in my petty cash box.

Sincerely,

Lloyd Blankfein

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By ocjim, July 27, 2010 at 10:01 pm Link to this comment

In spite of all the money wasted on an unnecessary war and the fraud and thievery before, it is still disgusting that we threw away more money while ignoring American needs.

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By richard, July 27, 2010 at 9:43 pm Link to this comment
(Unregistered commenter)

Maybe there was a hole in their pocket.

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By squeaky jones, July 27, 2010 at 5:39 pm Link to this comment
(Unregistered commenter)

Like I keep saying, the reason the multi-national corporations, aka the U.S.of A. government, are still in Iraq is cause they have not finished stealing from the Iraqi people. Just to mention one reason.

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PatrickHenry's avatar

By PatrickHenry, July 27, 2010 at 4:46 pm Link to this comment

$8.7 billion could have done a shit load more good in the U.S. than that god forsaken place.

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