How do you loose 8.7 BILLION dollars?
By lilwonders
@lilwonders456 (8214)
United States
July 27, 2010 6:22pm CST
Well our government has managed to do it. The Pentagon has lost 8.7 Billion (with a B) that as suppost to spend in Iraq.
The report by the Special Inspector General for Iraq Reconstruction accused the Defense Department of lax oversight and weak controls, though not fraud.
"The breakdown in controls left the funds vulnerable to inappropriate uses and undetected loss," the audit said.
The Iraq government is threatening to take legal action against us for it. They never got the money which was suppost to be used to help rebuild the country.
The money in question came from the Development Fund for Iraq, which was set up by the U.N. Security Council in 2003. The DFI includes revenues from Iraq's oil and gas exports, as well as frozen Iraqi assets and surplus funds from the defunct, Saddam Hussein-era U.N. oil-for-food program.
Iraq had given the U.S. authorization to tap into the fund, which is held in New York, for humanitarian and reconstruction efforts, withdrawing that approval in December 2007.
http://news.yahoo.com/s/ap/ml_iraq;_ylt=AosASBATFBwccaCdrcbGV4us0NUE;_ylu=X3oDMTM4ZDJiZmJhBGFzc2V0A2FwLzIwMTAwNzI3L21sX2lyYXEEY2NvZGUDbW9zdHBvcHVsYXIEY3BvcwMzBHBvcwMxMQRwdANob21lX2Nva2UEc2VjA3luX3RvcF9zdG9yeQRzbGsDYXVkaXR1c2Nhbm5v
Well at least it was not tax payer money...but still our government LOST 8.7 Billion of Iraq's money...and they PROBLY will come after us for it. Which will cost us tax payers big time.
So what should be done about this? How does this happen? Anyone else wondering how much money is "lost" within our government? You know Iraq can't be only ones they have "lost" things with....like tax payer money.
5 responses
@peavey (16936)
• United States
28 Jul 10
That's kind of scary. All we need now is to be sued by Iraq. Now that we're so deep in debt we'll never get out and our government is printing money to pay bills... sure, sue us. We'll print more money and devalue our dollars even more. "Would you like that in hundred dollar bills or thousand dollar bills?"
Sarcasm aside, it really is scary. Our government is made up of selfish, boneheaded, immature financial idiots. That's about all there is to it.
1 person likes this
@lilwonders456 (8214)
• United States
28 Jul 10
you and me both. LOL. that much money...I also want time with their mattresses...they can't fit it all in the sofa.
@Adoniah (7513)
• United States
28 Jul 10
Do you really believe that the money is lost? Have you ever heard of the word misappropriated? That sounds a lot more likely. Folks can find a lot of things to spend money on that were not the origional purpose intended. The US is paying people off right and left and I am sure they are looking everywhere for spare cash to pay them with. What are "friends" for anyway?
Shalom~Adoniah
@3SnuggleBunnies (16374)
• United States
12 Nov 10
Not enough safeguards. I hope they don't go after us but that is alot of cash to loose. How bout they go after the goofballs in particular who authroized the withdrawls. I'm sure if you get enough politicians together you could come up with a billion or two, their RICH let them share their wealth for a change instead of my hard earned almost minimum wage.
@Gazlovespizza (18)
• United States
28 Jul 10
Wow, the government is really irresponsible, like a reckless teenager.
@lilwonders456 (8214)
• United States
28 Jul 10
It was bad enough when it was our tax payer dollars...but now they are doing it to Iraq's money. Which belongs to them and NOT us.