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Politics : GOPwinger Lies/Distortions/Omissions/Perversions of Truth
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From: geode005/4/2005 2:14:55 PM
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Bush: loses $8.8 BILLION IN IRAQ. Republican: incompetents, idiots, frauds.
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Audits find flaws in U.S. handling of Iraq funds

51 minutes ago

The United States has carelessly, and possibly fraudulently, handled some Iraqi money used for reconstruction, according to U.S. audits released on Wednesday which found nearly $100 million in cash unaccounted for in one area of Iraq alone.

Two audits by the U.S. Special Inspector General for Iraq Reconstruction found flaws in how U.S. government and military officials ran contracts paid for by the Development Fund for Iraq (DFI) -- Iraqi money entrusted to the United States after the 2003 invasion.

Incompetence included contractors sometimes paid twice, files misplaced, cash payments unaccounted for and scant evidence that goods and services were provided.

"There was no assurance that fraud, waste and abuse did not occur in the management and administration of contracts funded by DFI," said the auditors.

The development fund is made up of proceeds from Iraqi oil sales, frozen assets from foreign governments and surplus from the U.N. Oil for Food program. Handling of the fund has already come under fire by previous U.S. as well as U.N. mandated audits....http://news.yahoo.com/s/nm/20050504/pl_nm/iraq_contracts_dc&printer=1
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