Audit: U.S. can’t account for $8.7 billion of Iraq’s money (Reuters) - The U.S. Department of Defense was unable to account properly for $8.7 billion of Iraqi oil and gas money meant for humanitarian needs and reconstruction after the 2003 invasion, according to an audit released on Tuesday [July 27, 2010]. The figure is nearly 96 percent of the $9.1 billion funneled to the Pentagon from the Development Fund for Iraq (DFI), said the audit report from the U.S. Special Inspector General for Iraq Reconstruction (SIGIR). The report described lax management of some of the billions of dollars designated for rebuilding war-shattered Iraq, where residents routinely complain about lack of electricity and other basic services more than seven years after the invasion. The DFI was established by the Coalition Provisional Authority, the U.S.-run body that took charge of Iraq following the invasion.

Audit: U.S. can’t account for $8.7 billion of Iraq’s money

(Reuters) - The U.S. Department of Defense was unable to account properly for $8.7 billion of Iraqi oil and gas money meant for humanitarian needs and reconstruction after the 2003 invasion, according to an audit released on Tuesday [July 27, 2010].

The figure is nearly 96 percent of the $9.1 billion funneled to the Pentagon from the Development Fund for Iraq (DFI), said the audit report from the U.S. Special Inspector General for Iraq Reconstruction (SIGIR).

The report described lax management of some of the billions of dollars designated for rebuilding war-shattered Iraq, where residents routinely complain about lack of electricity and other basic services more than seven years after the invasion.

The DFI was established by the Coalition Provisional Authority, the U.S.-run body that took charge of Iraq following the invasion.

(via markellison)