How the US sent $12bn in cash to Iraq, then watch it vanish
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.
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
However, evidence before the committee suggests that senior American officials were unconcerned about the situation because the billions were not US taxpayers’ money. They are Iraqi funds.