Sunday, July 04, 2004
From American Free Press June 28, 2004:U.S. Treasury officials have billions of dollars of Iraqi oil revenues stashed away in secondary “slush funds” and U.S. Treasury bills.
President George W. Bush has repeatedly said that Iraqi oil revenues are to be used solely for the benefit of the Iraqi people. ...
In May, as oil prices soared and Iraqi oil production reached 2.4 million barrels per day, nearly $70 million per day flowed into the coffers of the Development Fund for Iraq (DFI). The DFI funds, administered until June 30 by L. Paul Bremer III and the U.S.-led Coalition Provisional Authority (CPA), are managed in accounts at the Federal Reserve Bank of New York.
With the approach of the June 30 handover, however, reports suggest that Iraq’s oil revenues have been mismanaged and that untold millions have been siphoned off into unregulated "slush funds."
According to CPA accounting, a total cash inflow of more than $20.24 billion filled the DFI since it was created on May 28, 2003. Although nearly all of the "development" funds came from Iraqi oil exports, the Central Bank of Iraq had only $216 million in its DFI account on June 20.
A simple spread sheet of 35 rows lists how more than $11.3 billion of the fund had been disbursed by the CPA. The sheet reveals that the “Commanders Emergency Response Program” received $391 million of Iraqi money, the U.S. Army Corps of Engineers got another $367 million, and the CPA Front Office got $2.8 million etc. Details, dates and specifics are not provided.
[...]
A member of the former Iraqi Governing Council told The Financial Times, "If the auditors don’t finish by June 30, they never will, because the CPA staff are going home."... .....---
.....| Posted at 11:41 | PERMA-LINK |
|
FEED
TOTAL411 PODCAST
SELECTED VIDEO ]