Missing Iraq money may have been stolen, auditors say

Paul Richter,
LA Times
June 14, 2011

U.S. Defense officials still cannot say what happened to $6.6 billion, sent by the planeload in cash and intended for Iraq’s reconstruction after the start of the war.

After the U.S.-led invasion of Iraq in March 2003, the George W. Bush administration flooded the conquered country with so much cash to pay for reconstruction and other projects in the first year that a new unit of measurement was born.

Pentagon officials determined that one giant C-130 Hercules cargo plane could carry $2.4 billion in shrink-wrapped bricks of $100 bills. They sent an initial full planeload of cash, followed by 20 other flights to Iraq by May 2004 in a $12-billion haul that U.S. officials believe to be the biggest international cash airlift of all time.

This month, the Pentagon and the Iraqi government are finally closing the books on the program that handled all those Benjamins. But despite years of audits and investigations, U.S. Defense officials still cannot say what happened to $6.6 billion in cash — enough to run the Los Angeles Unified School District or the Chicago Public Schools for a year, among many other things.

Full article here

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This article was posted: Tuesday, June 14, 2011 at 8:12 am

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