Audit shows $8.8 billion in Iraq funds missing - Believe Bush on Anything?

[cthrumatrix]

Audit shows $8.8 billion in Iraq funds missing
Coalition official cites body for lax ‘stewardship’

Updated: 6:06 p.m. ET Aug. 19, 2004WASHINGTON - At least $8.8 billion in Iraqi funds that was given to Iraqi ministries by the former U.S.-led authority there cannot be accounted for, according to a draft U.S. audit set for release soon.

The audit by the Coalition Provisional Authority’s own inspector general blasts the CPA for “not providing adequate stewardship” of at least $8.8 billion from the Development Fund for Iraq that was given to Iraqi ministries.

The audit was first reported on a Web site earlier this month by David Hackworth, a journalist and retired colonel. A U.S. official confirmed that the contents of the leaked audit cited by Hackworth were accurate.

snip

http://www.msnbc.msn.com/id/5763483/

I find it amusing that the "news networks" / repugs find no reason to open "investigations" into corruption.

And NEVER holding that asshole accountable.

[cthrumatrix]

1. another article shows Democratic Senators asking Dumsfeld

"Three Democratic senators -- Ron Wyden of Oregon, Tom Harkin from Iowa and Byron Dorgan of North Dakota -- demanded an explanation from Defense Secretary Donald Rumsfeld over the use of the funds by the CPA, which handed over authority to the Iraqis in June."

snip


One of the main benefactors of the Iraq funds was Texas-based firm Halliburton, which was paid more than a billion dollars out of those funds to bring in fuel for Iraqi civilians.

The monitoring board said despite repeated requests it had not been given access to U.S. audits of contracts held by Halliburton, which was once run by Vice President Dick Cheney, and other firms that used the development funds.

http://www.abcnews.go.com/wire/Politics/reuters20040819_478.html

$8 Billion unaccounted for NOT including Halliburton becuase they are NOT given access top contracts????????????????????


WTF is going on?

[htuttle]

2. What's going on?

I'll tell you what's going on: we're getting robbed blind in broad daylight.

Stop! Thief!

[liberalmuse]

3. If I were investigating this...

I'd be looking at Halliburton's deposit slips.

[LynnTheDem]

4. Hi Hack!!!

Love you! :)

[bigtree]

5. $8.8 seems low

Where did the rest of the appropriations go?

[cthrumatrix]

6. that's just the part missing so far...not including Haliburton contracts..

KPMG Audit Faults U.S. Accounting for Iraqi Oil Funds

WASHINGTON -- U.S. officials who ran Iraq until last month used a system open to fraud and error to track about $20 billion in Iraqi funds spent during the occupation, accounting firm KPMG said in a report made public recently reports Reuters.

The U.S.-led Coalition Provisional Authority's underlying record- keeping "greatly diminishes the transparency of the expenditures made," the interim study said. It also left the Development Fund for Iraq, a United Nations-established means of shepherding Iraqi oil revenues during the U.S. occupation, "open to fraudulent acts," the report said.

KPMG said it had been unable to get information about Halliburton and other firms that received noncompetitive contracts from President Bush's administration funded by Iraqi oil proceeds.

The audit was carried out at the request of the International Advisory and Monitoring Board, a U.N.-mandated watchdog.

-- NYSSCPA.org News Staff

http://www.nysscpa.org/home/2004/704/3week/article26.htm