8.7 Billion Dollars missing from US Department of Defense Iraq Reconstruction Fund

The US Department of Defense (DoD) cannot account for $8.7 billion of the $9.1 billion development fund allotted for reconstruction in Iraq. To some this is incomprehensible, but for others it speaks volumes at how inflated and irresponsible the ruling elite have become. It has been discovered by the Special Inspector General for Iraq Reconstruction (SIGIR), that this happened due to no DoD organization being assigned as the executive agent for fund management.

The SIGIR found that only one Defense organization had actually set up the required accounts as deemed necessary by the United States Treasury. SIGIR stated that the lack of control allowed inappropriate use and undetectable loss of the funds. The study recommends that the Secretary of Defense create new procedures for accounting and reporting to avoid a repeat of this costly mistake. It is also recommended that an executive agent be assigned to oversee progress, establish measurable methods of fund usage, and to determine if any other organizations are in possession of development funds. Development funds are acquired from export sales of petroleum, petroleum products, and natural gas from Iraq. As well as from extra funds from the UN Oil-for-Food Program and frozen Iraqi assets.

Some are already questioning the study reports definition of what happened. Did the money really pull a disappearing stunt due to poor accounting? Or, was it being “skimmed off the top” by someone? This isn’t the first time the US government has “lost” funds.

In September of 2001, Rumsfield announced that the Pentagon had “lost” 2.3 trillion dollars! It would be safely assumed that something to prevent it from happening again would have been put in place then. This latest report of “lost” money blows that assumption out of the water. Will anything be done to keep funds from wandering off again? It remains to be seen.

Misty Marie

TheTruthSyndicate

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