Failure to account for Iraqi cash

[Guest INXS]

BBC news story

 

Iraqi money cannot be accounted for by occupying forces responsible for the funds, according to two new reports.

Discrepancies are highlighted in the handling of $20bn (£11bn) generated from Iraq's oil and other sources since war ended last year.

 

The Coalition Provisional Authority was given responsibility for the country's finances by the United Nations.

 

The UN stressed that money in the Development Fund for Iraq must be shown to be used in Iraq's best interests.

 

 

It was understood that all revenues would be paid into a central fund.

 

Criticism

 

But both the charity Christian Aid and the Liberal Democrats are now criticising the CPA, saying no audit of how the money was used had been carried out until April of this year - two months before the handover of power.

 

Christian Aid described the information regarding the allocation of money as "woefully inadequate".

 

On 29 May, the CPA revealed $19.4bn (£10.7bn) had been paid into the DFI and spent on a wheat purchase programme, electricity and oil infrastructure programmes and equipment for Iraqi security forces, among other purchases.

 

Shortfall

 

The Coalition said $10bn (£5.5bn) of the total sum came from oil revenues.

 

But, according to the Lib Dems, there is a shortfall of up to $3.7bn (£2.03bn) between the amount of oil revenue earned and the money paid into the DFI by the CPA.

 

Iraq's oil resources generate billions of dollars each year and both studies insist it is not known how that money has been spent.

 

Helen Collinson, from Christian Aid, said: "For the entire year that the CPA has been in power in Iraq it has been impossible to tell with any accuracy what the CPA has been doing with Iraq's money."

 

In a separate study, the Liberal Democrats said the CPA was obliged to pay all oil revenues into the DFI, but there appears to be a significant disparity.

 

According to CPA figures, the DFI had received $10.8bn (£5.9bn) for oil revenue by 21 June this year.

 

But research by the Lib Dems suggests oil revenues stand between $12.2bn (£6.7bn) and $14.5bn (£7.96bn).

 

Christian Aid put the figure at $13bn (£7.1bn).

 

Liberal Democrat foreign affairs spokesman, Sir Menzies Campbell, said: "This apparent discrepancy requires full investigation."

 

Power transfer

 

"Without concrete accounts from the CPA and the Iraqi transitional administration, questions will remain about how much has actually been earned and how much should rightfully be in the DFI."

 

The two studies will be published to coincide with the transfer of power on Wednesday.

 

Both investigations call on the CPA to reveal full details of expenditure and urge the British Government to exert some influence over the issue.

 

They also demand that a transparent system of financial accountability is put in place by the new Iraqi Government.

 

I've been keeping an eye on this story for a while. So much for re-buulding Iraq when we're stealing their oil money. Billions unaccounted for. It makes me sick.

[Guest Cerebus]

How did "we" steal it? Why would we steal it? 1-4 Billion ain't chump change but it would hardly put a dent into our big ass Iraq bill. Most likely it was some thugs in the CPA (not surprising)

 

And as someone who has "kept his eye on this story" I wonder if you're optimistic about the UN launching a full investigation into this oil embezzelment scandal. Judging by their quick action on another oil embezzelment scandal I wouldn't put my money on it.

 

By all means, Congress should open an investigation and send in the GAO to see what the fuck happened though. Just don't leap to conclusions it was "us."

[Guest INXS]

Yes, it is "us". By that I mean the American government. The money is unaccounted for. That's clear isn't it? Sure, it might still be sat somewhere and an honest error has occured ..

[Guest MikeSC]

Yes, it is "us". By that I mean the American government. The money is unaccounted for. That's clear isn't it? Sure, it might still be sat somewhere and an honest error has occured ..

We are spending HUNDREDS OF BILLIONS on rebuilding Iraq. Hundreds of billions.

 

Stealing $1-4B is just ridiculous. There is no way we're doing that. It's not enough money to be worth the effort.

-=Mike

[Guest INXS]

Sure it is. 4 BILLION dollars is a LOT of money.

[Guest MikeSC]

Sure it is. 4 BILLION dollars is a LOT of money.

It is a MINUTE fraction of what we're spending. It is statistically insignificant. Do you think the Bush administration is saying "Yeah, steal it --- never mind that we're spending many, many times more than that on this whole thing"?

 

Hell, I think this is the UN trying to cloud up THEIR problems by claiming that we're just as bad.

-=Mike

[Guest INXS]

Conspiracy theory ~! Yes, the UN are making this up to discredit the US!

 

On the point of all the money we're putting in to Iraq..this WAS money supposed to be going in to a wheat purchase programme, electricity and oil infrastructure programmes and equipment for Iraqi security forces.

 

A total of 19bn of which 3.4bn is gone..vanished..uaccounted for. 3.4 out of 19 is a pretty large sum.

[Guest MikeSC]

Conspiracy theory ~! Yes, the UN are making this up to discredit the US!

 

On the point of all the money we're putting in to Iraq..this WAS money supposed to be going in to a wheat purchase programme, electricity and oil infrastructure programmes and equipment for Iraqi security forces.

 

A total of 19bn of which 3.4bn is gone..vanished..uaccounted for. 3.4 out of 19 is a pretty large sum.

Somebody spending SEVERAL HUNDRED BILLION isn't going to waste the effort to steal 3.4.

-=Mike

[Guest INXS]

You're not understanding...it's 3.4 out of a total of 19 in this case.

[Guest MikeSC]

You're not understanding...it's 3.4 out of a total of 19 in this case.

And you're not understanding that we're spending HUNDREDS OF BILLIONS there. "Stealing" 3.4 is not going to do us any good whatsoever.

-=Mike

...It'd be like turning off your sink because you hear a flood is heading your way...

[2GOLD 0]

You're not understanding...it's 3.4 out of a total of 19 in this case.

And you're not understanding that we're spending HUNDREDS OF BILLIONS there. "Stealing" 3.4 is not going to do us any good whatsoever.

-=Mike

...It'd be like turning off your sink because you hear a flood is heading your way...

 

Apparently he believes we all think like Martha Stewart.

 

Come on Mike, give it time. Next he'll claim Cheney stole it to build a beach house the size of Rhode Island. Then again...where WAS Cheney when this money vanished? And has he ordered the building of anything recently?

 

Maybe we did steal it but we plan on using it for something important like health care. Then I won't care, steal from them all day. They owe us some cash for services rendered.

[Guest MikeSC]

You're not understanding...it's 3.4 out of a total of 19 in this case.

And you're not understanding that we're spending HUNDREDS OF BILLIONS there. "Stealing" 3.4 is not going to do us any good whatsoever.

-=Mike

...It'd be like turning off your sink because you hear a flood is heading your way...

 

Apparently he believes we all think like Martha Stewart.

 

Come on Mike, give it time. Next he'll claim Cheney stole it to build a beach house the size of Rhode Island. Then again...where WAS Cheney when this money vanished? And has he ordered the building of anything recently?

 

Maybe we did steal it but we plan on using it for something important like health care. Then I won't care, steal from them all day. They owe us some cash for services rendered.

*feels wallet*

 

HOLY SHIT, I'M MISSING $20!

 

*looks out window.*

*Notices Air Force Two is parked on my street*

 

Damned Cheney!

-=Mike

[Justice 0]

Conspiracy theory ~! Yes, the UN are making this up to discredit the US!

 

On the point of all the money we're putting in to Iraq..this WAS money supposed to be going in to a wheat purchase programme, electricity and oil infrastructure programmes and equipment for Iraqi security forces.

 

A total of 19bn of which 3.4bn is gone..vanished..uaccounted for. 3.4 out of 19 is a pretty large sum.

Hey, question: Does anyone remember how much Kofi Annan's son stole from the Food-For-Oil program?

[Styles 0]

Guys, this is huge. Did you know that Dick Cheney, are current Vice President, used to be CEO of Haliburton? The SAME Haliburton handling the contracts in Iraq RIGHT NOW. And now billions of dollars go missing. This is scary stuff, and it has become abundantly clear that we only went into Iraq so Haliburton can steal money, funnel it to the man on the inside, Cheney, who uses it to build George W. a bigger ranch.

INXS, you genius!

[Guest MikeSC]

Guys, this is huge. Did you know that Dick Cheney, are current Vice President, used to be CEO of Haliburton? The SAME Haliburton handling the contracts in Iraq RIGHT NOW. And now billions of dollars go missing. This is scary stuff, and it has become abundantly clear that we only went into Iraq so Haliburton can steal money, funnel it to the man on the inside, Cheney, who uses it to build George W. a bigger ranch.

INXS, you genius!

Hell, let's hit it full force:

 

Cheney was hounded by the press to sell his shares of stock in Halliburton in 2000.

 

He did so.

 

The stock dropped like a rock not long after.

 

THE PRESS KILLED HALLIBURTON STOCK BY TELLING CHENEY TO SELL!

 

AIIIIIIEEEEE!

-=Mike

[Vyce 0]

Conspiracy theory ~! Yes, the UN are making this up to discredit the US!

 

On the point of all the money we're putting in to Iraq..this WAS money supposed to be going in to a wheat purchase programme, electricity and oil infrastructure programmes and equipment for Iraqi security forces.

 

A total of 19bn of which 3.4bn is gone..vanished..uaccounted for. 3.4 out of 19 is a pretty large sum.

Hey, question: Does anyone remember how much Kofi Annan's son stole from the Food-For-Oil program?

No, I in fact, do not.

 

But I do know where it all went.

 

Yep, you guessed it.

 

*points to Bush's pockets*

[Guest MikeSC]

Conspiracy theory ~! Yes, the UN are making this up to discredit the US!

 

On the point of all the money we're putting in to Iraq..this WAS money supposed to be going in to a wheat purchase programme, electricity and oil infrastructure programmes and equipment for Iraqi security forces.

 

A total of 19bn of which 3.4bn is gone..vanished..uaccounted for. 3.4 out of 19 is a pretty large sum.

Hey, question: Does anyone remember how much Kofi Annan's son stole from the Food-For-Oil program?

No, I in fact, do not.

 

But I do know where it all went.

 

Yep, you guessed it.

 

*points to Bush's pockets*

That diabolical bastard!

-=Mike

[Art Sandusky 0]

Ignore that it's a serious situation regardless of where the money went and go into a bunch of masturbatory "we're so right, whee" "satirical" posts.

 

Seconded on what Cerebus said, this needs to be looked into A.S.A.P., and by our own people if the UN won't do it.

[Guest MikeSC]

Ignore that it's a serious situation regardless of where the money went and go into a bunch of masturbatory "we're so right, whee" "satirical" posts.

 

Seconded on what Cerebus said, this needs to be looked into A.S.A.P., and by our own people if the UN won't do it.

Ignore the lack of any logic behind assuming the US stole the money. We, again, are only spending a couple of hundred billion dollars on this --- stealing about 4B is not really going to make a hell of a lot of sense.

 

If WE investigate it and come up with a conclusion OTHER than the President stole it personally, the world will gripe --- never mind, again, that us stealing the money makes absolutely, positively no sense. WE sure as hell don't want the UN having ANY part of ANYTHING dealing with money considering the bang-up, peachy-keen job they did with that Oil-For-Food debacle.

 

This is a rextbook definition of "nothing story". We treat it with jokes because this ISN'T a big deal.

 

And hearing a HD regular gripe about "satirical", "mastrubatory" posts is QUITE ironic.

 

Don't you think?

-=Mike

[Guest INXS]

That's right..turn it into a joke. Joke about stuff I never claimed.

 

I don't care who stole the money, even if it IS stolen..it might be, it might just be very poor accounting...the bigger picture is that this money needs to be accounted for. What message is this sending to the people of Iraq? We're here to re-build your country but taking a few billion every now and then for our effort?

[Art Sandusky 0]

This is CE, where such things shouldn't be happening. Stop flamebaiting.

 

And I didn't assume we took it, that's the other liberal guy. We're different people, you know. I just said it needs to be investigated.

[Dr. Tom 0]

I don't care who stole the money...

Yet you're eager to blame the US, and you said it "makes [you] sick?"

 

Your methods of not caring differ greatly from mine.

[Guest INXS]

By that I mean, I don't WANT it to be us....i'n happy if it isn't...even happier if no money has been stolen at all.

[kkktookmybabyaway 0]

This is CE, where such things shouldn't be happening. Stop flamebaiting.

 

And I didn't assume we took it, that's the other liberal guy. We're different people, you know. I just said it needs to be investigated.

So Mike's posts here qualify as flame-baiting now? Jesus Christ.

 

Oh, and I second cereb's notion, but I must applaud the satire that's been going on. Personally, I think it's aimed more at INXS than the actualy topic itself.

 

And I wasn't going to view this thread because INXS started it -- glad I changed my mind...

[Jingus 0]

So, can we all agree on two things?

 

1. The missing $however many,000,000,000 dollars definitely needs to be investigated and accounted for;

 

and

 

2. There's no way the U.S. government or George W. Bush would steal such a relatively paltry sum from a country they've poured hundreds of times that much money into.

 

So are we done here now?

[Guest INXS]

I agree entirely on point #1.

 

#2 - I agree with but it's possible that "we" as in someone somewhere in the accounting process may have stolen the money.

[Art Sandusky 0]

So Mike's posts here qualify as flame-baiting now? Jesus Christ.

When he brings up things that have nothing to do with the topic for a reaction like that I post in HD and that it means I have no grounds for saying that someone else is posting crap, it is.

[Guest SP-1]

I agree entirely on point #1.

 

#2 - I agree with but it's possible that "we" as in someone somewhere in the accounting process may have stolen the money.

There's a possibility that I might go get another Dr. Pepper from my brother's stash. Doesn't mean I have a reason to do it.

 

The hole in your accusation is a motivation. That's what people have been saying here, INXS. The US has no motive to jack such an insignificant sum of money. 4 Billion is alot of money if you're a drug dealer. When you're a world superpower pouring hundred of times that into another country, it's pretty worthless and not worth the effort. There's not a whole ot of motivation.

 

It does need to be looked into. I don't doubt a couple of thugs somewhere in the paperwork process may have swiped a couple billion for themselves. But the US Government? Laughable.

[kkktookmybabyaway 0]

So, can we all agree on ... there's no way the U.S. government or George W. Bush would steal such a relatively paltry sum from a country they've poured hundreds of times that much money into.

Uh, no.

 

*hides personal stash of recently "found" money under bed...*

[Guest MikeSC]

So, can we all agree on ... there's no way the U.S. government or George W. Bush would steal such a relatively paltry sum from a country they've poured hundreds of times that much money into.

Uh, no.

 

*hides personal stash of recently "found" money under bed...*

*finds kkk's house*

*steals stash*

*increase personal "found" money stash*

*invests in Halliburton*

-=Mike