no7rosman 0 #1 February 8, 2007 http://www.guardian.co.uk/Iraq/Story/0,,2008189,00.html Special flights brought in tonnes of banknotes which disappeared into the war zone David Pallister Thursday February 8, 2007 The Guardian The US flew nearly $12bn in shrink-wrapped $100 bills into Iraq, then distributed the cash with no proper control over who was receiving it and how it was being spent. The staggering scale of the biggest transfer of cash in the history of the Federal Reserve has been graphically laid bare by a US congressional committee. In the year after the invasion of Iraq in 2003 nearly 281 million notes, weighing 363 tonnes, were sent from New York to Baghdad for disbursement to Iraqi ministries and US contractors. Using C-130 planes, the deliveries took place once or twice a month with the biggest of $2,401,600,000 on June 22 2004, six days before the handover. Details of the shipments have emerged in a memorandum prepared for the meeting of the House committee on oversight and government reform which is examining Iraqi reconstruction. Its chairman, Henry Waxman, a fierce critic of the war, said the way the cash had been handled was mind-boggling. "The numbers are so large that it doesn't seem possible that they're true. Who in their right mind would send 363 tonnes of cash into a war zone?" The memorandum details the casual manner in which the US-led Coalition Provisional Authority disbursed the money, which came from Iraqi oil sales, surplus funds from the UN oil-for-food programme and seized Iraqi assets. "One CPA official described an environment awash in $100 bills," the memorandum says. "One contractor received a $2m payment in a duffel bag stuffed with shrink-wrapped bundles of currency. Auditors discovered that the key to a vault was kept in an unsecured backpack. "They also found that $774,300 in cash had been stolen from one division's vault. Cash payments were made from the back of a pickup truck, and cash was stored in unguarded sacks in Iraqi ministry offices. One official was given $6.75m in cash, and was ordered to spend it in one week before the interim Iraqi government took control of Iraqi funds." The minutes from a May 2004 CPA meeting reveal "a single disbursement of $500m in security funding labelled merely 'TBD', meaning 'to be determined'." The memorandum concludes: "Many of the funds appear to have been lost to corruption and waste ... thousands of 'ghost employees' were receiving pay cheques from Iraqi ministries under the CPA's control. Some of the funds could have enriched both criminals and insurgents fighting the United States." According to Stuart Bowen, the special inspector general for Iraq reconstruction, the $8.8bn funds to Iraqi ministries were disbursed "without assurance the monies were properly used or accounted for". But, according to the memorandum, "he now believes that the lack of accountability and transparency extended to the entire $20bn expended by the CPA". To oversee the expenditure the CPA was supposed to appoint an independent certified public accounting firm. "Instead the CPA hired an obscure consulting firm called North Star Consultants Inc. The firm was so small that it reportedly operates out of a private home in San Diego." Mr Bowen found that the company "did not perform a review of internal controls as required by the contract". However, evidence before the committee suggests that senior American officials were unconcerned about the situation because the billions were not US taxpayers' money. Paul Bremer, the head of the CPA, reminded the committee that "the subject of today's hearing is the CPA's use and accounting for funds belonging to the Iraqi people held in the so-called Development Fund for Iraq. These are not appropriated American funds. They are Iraqi funds. I believe the CPA discharged its responsibilities to manage these Iraqi funds on behalf of the Iraqi people." Bremer's financial adviser, retired Admiral David Oliver, is even more direct. The memorandum quotes an interview with the BBC World Service. Asked what had happened to the $8.8bn he replied: "I have no idea. I can't tell you whether or not the money went to the right things or didn't - nor do I actually think it's important." Q: "But the fact is billions of dollars have disappeared without trace." Oliver: "Of their money. Billions of dollars of their money, yeah I understand. I'm saying what difference does it make?" Mr Bremer, whose disbanding of the Iraqi armed forces and de-Ba'athification programme have been blamed as contributing to the present chaos, told the committee: "I acknowledge that I made mistakes and that with the benefit of hindsight, I would have made some decisions differently. Our top priority was to get the economy moving again. The first step was to get money into the hands of the Iraqi people as quickly as possible." Millions of civil service families had not received salaries or pensions for months and there was no effective banking system. "It was not a perfect solution," he said. "Delay might well have exacerbated the nascent insurgency and thereby increased the danger to Americans." Quote Share this post Link to post Share on other sites
kallend 1,672 #2 February 8, 2007 Another link www.bloomberg.com/apps/news?pid=20601103&sid=aRfRyhT0yHzU&refer=us Gee, that could have paid for an awful lot of C32 flights for the Speaker of the House. No wonder the GOP is so upset about Pelosi.... The only sure way to survive a canopy collision is not to have one. Quote Share this post Link to post Share on other sites
freethefly 6 #3 February 8, 2007 12bn that would had been better spent helping Americans. To hell with the Iraqis. If they do not care to do the job on their own, to hell with all of them. Anyone who cares to flame me for my attitude towards those people, flame away. I am sick and tired of seeing my tax dollars go to people who freaking hate us. MY TAX DOLLAR would be better spent right here in America, helping Americans. Flame away!"...And once you're gone, you can't come back When you're out of the blue and into the black." Neil Young Quote Share this post Link to post Share on other sites
dorbie 0 #4 February 8, 2007 Quote MY TAX DOLLAR would be better spent right here in America, helping Americans. Flame away! It was Iraqi money. Quote Share this post Link to post Share on other sites
no7rosman 0 #5 February 8, 2007 It is definitely our tax dollars being pissed away, but I am not sure it is the Iraqis taking it. My guess is the crooked politicians have their hands in it. Quote Share this post Link to post Share on other sites
akarunway 1 #6 February 8, 2007 Quote12bn that would had been better spent helping Americans. To hell with the Iraqis. If they do not care to do the job on their own, to hell with all of them. Anyone who cares to flame me for my attitude towards those people, flame away. I am sick and tired of seeing my tax dollars go to people who freaking hate us. MY TAX DOLLAR would be better spent right here in America, helping Americans. Flame away! IT WAS NOT YOUR TAX DOLLARS. That was frozen Iraqi assets mostly I usually agree w/ you but it wasn't my money. Yes there should have been way more oversight. Paul B. fucked up. Now. If you wanna talk about OUR tax dollars spent on this nitemare of a war that's a different storyI hold it true, whate'er befall; I feel it, when I sorrow most; 'Tis better to have loved and lost Than never to have loved at all. Quote Share this post Link to post Share on other sites
no7rosman 0 #7 February 8, 2007 The staggering scale of the biggest transfer of cash in the history of the Federal Reserve has been graphically laid bare by a US congressional committee. ------------------------------------------------- If it came from the Federal Reserve, doesn't that mean was our money? Quote Share this post Link to post Share on other sites
no7rosman 0 #8 February 8, 2007 However, evidence before the committee suggests that senior American officials were unconcerned about the situation because the billions were not US taxpayers' money. Paul Bremer, the head of the CPA, reminded the committee that "the subject of today's hearing is the CPA's use and accounting for funds belonging to the Iraqi people held in the so-called Development Fund for Iraq. These are not appropriated American funds. They are Iraqi funds. I believe the CPA discharged its responsibilities to manage these Iraqi funds on behalf of the Iraqi people." -------------------------------------------- Here is where it says it isn't our money, (I didn't see that the first time) but why would we print up 12 bln in cash for them?...and where did the funds originally come from? Quote Share this post Link to post Share on other sites
akarunway 1 #9 February 8, 2007 QuoteHowever, evidence before the committee suggests that senior American officials were unconcerned about the situation because the billions were not US taxpayers' money. Paul Bremer, the head of the CPA, reminded the committee that "the subject of today's hearing is the CPA's use and accounting for funds belonging to the Iraqi people held in the so-called Development Fund for Iraq. These are not appropriated American funds. They are Iraqi funds. I believe the CPA discharged its responsibilities to manage these Iraqi funds on behalf of the Iraqi people." -------------------------------------------- Here is where it says it isn't our money, (I didn't see that the first time) but why would we print up 12 bln in cash for them?...and where did the funds originally come from? Jeez. Do you people read or watch congressional hearings?> "The memorandum details the casual manner in which the US-led Coalition Provisional Authority disbursed the money, which came from Iraqi oil sales, surplus funds from the UN oil-for-food programme and seized Iraqi assets."I hold it true, whate'er befall; I feel it, when I sorrow most; 'Tis better to have loved and lost Than never to have loved at all. Quote Share this post Link to post Share on other sites
no7rosman 0 #10 February 8, 2007 No. I missed that...but thanks Quote Share this post Link to post Share on other sites
Beerlight 0 #11 February 8, 2007 Yes it was Iraqi money that was stolen. However, the US replaced that stolen money. So, my tax dollars did go over there, again. Quote Share this post Link to post Share on other sites
kallend 1,672 #12 February 8, 2007 Quote12bn that would had been better spent helping Americans. To hell with the Iraqis. If they do not care to do the job on their own, to hell with all of them. Anyone who cares to flame me for my attitude towards those people, flame away. I am sick and tired of seeing my tax dollars go to people who freaking hate us. MY TAX DOLLAR would be better spent right here in America, helping Americans. Flame away! Where are NCclimber, mnealtx, Gawain, and other Bush supporters when you need them to complain about REAL government waste? Oh yes, too busy worrying what jet the Speaker of the House will get to use.... The only sure way to survive a canopy collision is not to have one. Quote Share this post Link to post Share on other sites
SkyDekker 1,150 #13 February 8, 2007 I have a hard time believing that quite a few Americans didn't get very, very, very rich during this debacle. To me it also shows that senior government officials don't give a damn about the wellbeing of Iraq or the Iraqis. It almost completely quells any credibility to the reasoning of being there to provide a better place for Iraqis to live. Quote Share this post Link to post Share on other sites
NCclimber 0 #14 February 8, 2007 Quote Another link www.bloomberg.com/apps/news?pid=20601103&sid=aRfRyhT0yHzU&refer=us Gee, that could have paid for an awful lot of C32 flights for the Speaker of the House. No wonder the GOP is so upset about Pelosi. We should use Iraqi money to fly our members of congress around the country? Sterling idea. Really top notch. Quote Share this post Link to post Share on other sites
SkyDekker 1,150 #15 February 8, 2007 QuoteWe should use Iraqi money to fly our members of congress around the country? Nope you should use Iraqi money to make both Americans and Iraqis very rich, without any regard for actually helping the country you destroyed. That is a much better use for $12 billion. Quote Share this post Link to post Share on other sites
NCclimber 0 #16 February 8, 2007 QuoteQuoteWe should use Iraqi money to fly our members of congress around the country? Nope you should use Iraqi money to make both Americans and Iraqis very rich, without any regard for actually helping the country you destroyed. That is a much better use for $12 billion. Another sterling idea. Good to see everyone brought their A game, today. This specific story is old news. Didn't Stuart Bowen report on this two years ago? As far as rooting out corruption, eliminating waste and pork spending goes... I'm all for it. If Henry Waxman is leading the charge and he isn't obviously partisan about it, I'm behind him all the way. Give 'em hell, Henry! Quote Share this post Link to post Share on other sites
SkyDekker 1,150 #17 February 8, 2007 QuoteThis specific story is old news. Ohh okay, well no sense discussing it then...we'll just act like nothing happened.... Quote Share this post Link to post Share on other sites
NCclimber 0 #18 February 8, 2007 QuoteQuoteThis specific story is old news. Ohh okay, well no sense discussing it then...we'll just act like nothing happened.... Did you hear - Clinton got a blowjob..... and lied to a grand jury about it? Quote Share this post Link to post Share on other sites
freethefly 6 #19 February 8, 2007 QuoteQuoteQuoteThis specific story is old news. Ohh okay, well no sense discussing it then...we'll just act like nothing happened.... Did you hear - Clinton got a blowjob..... and lied to a grand jury about it? Skydekker, you'll get nothing from this kid but, one line smartass remarks."...And once you're gone, you can't come back When you're out of the blue and into the black." Neil Young Quote Share this post Link to post Share on other sites
NCclimber 0 #20 February 8, 2007 QuoteQuoteQuoteQuoteThis specific story is old news. Ohh okay, well no sense discussing it then...we'll just act like nothing happened.... Did you hear - Clinton got a blowjob..... and lied to a grand jury about it? Skydekker, you'll get nothing from this kid but, one line smartass remarks. You mean like QuoteAs far as rooting out corruption, eliminating waste and pork spending goes... I'm all for it. If Henry Waxman is leading the charge and he isn't obviously partisan about it, I'm behind him all the way. Give 'em hell, Henry! What's wrong with that? Quote Share this post Link to post Share on other sites
SkyDekker 1,150 #21 February 8, 2007 QuoteDid you hear - Clinton got a blowjob..... and lied to a grand jury about it? yeah, heard about that, made the US the laughing stock of the world... Quote Share this post Link to post Share on other sites
narcimund 0 #22 February 8, 2007 QuoteYou mean like QuoteAs far as rooting out corruption, eliminating waste and pork spending goes... I'm all for it. If Henry Waxman is leading the charge and he isn't obviously partisan about it, I'm behind him all the way. Give 'em hell, Henry! What's wrong with that? You know, for a person with such world class intentionally missing the point skills, it's astounding how quickly you respond coherently when you actually have an answer to something. First Class Citizen Twice Over Quote Share this post Link to post Share on other sites
NCclimber 0 #23 February 8, 2007 QuoteYou know, for a person with such world class intentionally missing the point skills. I'm guessing that asking you to provide some actual examples of the above would be an absurd request. You seem to be more inclined to offer up sniping character attacks, than actually proving them to be true. We are who we are. Quote Share this post Link to post Share on other sites
narcimund 0 #24 February 8, 2007 QuoteI'm guessing that asking you to provide some actual examples of the above would be an absurd request. Coming from you, yes. First Class Citizen Twice Over Quote Share this post Link to post Share on other sites
kallend 1,672 #25 February 8, 2007 QuoteQuoteI'm guessing that asking you to provide some actual examples of the above would be an absurd request. Coming from you, yes. Take no notice, it's just his modus operandi when he has no actual contribution to make.... The only sure way to survive a canopy collision is not to have one. Quote Share this post Link to post Share on other sites
