Pentagon Lost Track of $8.7 Billion of Iraq’s Money
July 27, 2010
(Chattahbox) The Defense Department admitted that it can only properly account for $.4 billion out of the $9.1 billion in oil revenue they were supposed to be taking care of for Iraq.
There were no records at all for the reconstruction spending (estimated $2.6 billion), and the rest was not handled correctly, making tracking it all very difficult. Officials are understandably upset over the carelessness, since this sort of mismanagement could easily lead to “undetected losses.”
At least $34.3 million should have gone back to Iraq’s government in 2007, after the government took control of their finances again. That money is sitting in the Department of Defense’s accounts right now, “at risk” of being spent. It is highly unlikely any new funds well be put towards “reconstruction” in Iraq, especially before this mess is sorted out.
No one is currently suspected of fraud, but Iraq’s Prime Minister has made it plain that they are unhappy about the situation and will try to get the money back. U.S. Central Command is hopeful the missing money will all be tracked down eventually.