Billions in US Funds Missing in Iraq

$9B lost to fraud and mismanagement by coalition authority
By Jonas Oransky,  Newser Staff
Posted Sep 9, 2007 5:22 AM CDT
Coalition Provisional Authority Administrator, Ambassador L. Paul Bremer meets with prominant women of Iraq, December 4, 2003, in Baghdad, Iraq. The discussions in the meeting are to help open up comm   (KRT Photos)
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(Newser) – Following the invasion of Iraq, the US shipped $12 billion in “walking-around” money to Iraq's transitional government, the American-led Coalition Provisional Authority. An astonishing $9 billion has gone missing. Funds "entered a free-for-all where anyone with fingers could take it" as the "Coalition of the Willing turned into the Coalition of the Billing," reports Vanity Fair in a lengthy exposé. 

The firm out of San Diego hired to track the money was a shell corporation without a certified accountant. Of  8,000 “guards” on CPA's payroll, only 602 likely existed. No one has been prosecuted for the missing funds. Much of the money came from Iraqi assets in America and revenue from oil operations turned over to the US by the United Nations.