Missing Billions

Billions Of Dollars Shipped Straight From The Federal Reserve To Iraq Missing

Uploaded on Oct 26, 2011
Uploaded on Oct 26, 2011
Billions Of Dollars Shipped Straight From The Federal Reserve To Iraq Missing!.mp4

Iraq to pay $400 million for Saddam's mistreatment of Americans

By Jane Arraf, Correspondent SEPTEMBER 9, 2010
BAGHDAD — Iraq has quietly agreed to pay $400 million in claims to American citizens who say they were tortured or traumatized by Saddam Hussein’s regime after his 1990 invasion of Kuwait.
The controversial settlement ends years of legal battles and could help Iraq emerge from United Nations sanctions put in place two decades ago – a step Iraqi leaders see as a prerequisite to becoming fully sovereign.
The Iraqi foreign ministry said the $400 million settlement, signed last week with James Jeffrey, the new US ambassador to Iraq, resolves legal claims inherited from the former regime and was in line with negotiations to end the sanctions.

DoD’s lost $8.7 Billion: What About The Pentagon’s Missing Trillions? Read more at http://www.liveleak.com/view?i=186_1280445353#bDfzKHeYlAdB0MYk.99

The Defense Department is unable to account for $8.7 billion of the $9.1 billion in Development Fund for Iraq monies it received for reconstruction in Iraq, reports Federal News Radio today.
The Special Inspector General for Iraq Reconstruction (SIGIR) issued a report today that claims a “weakness” in the DoD’s “financial and management controls left it unable to properly account for $8.7 billion of the $9.1 billion in DFI funds.” The money vanished “because most DoD organizations receiving DFI funds did not establish the required Department of the Treasury accounts and no DoD organization was designated as the executive agent for managing the use of DFI funds,” explains the Inspector General. “The breakdown in controls left the funds vulnerable to inappropriate uses and undetected loss.”
DFI revenue is generated from export sales of petroleum, petroleum products, and natural gas from Iraq, and surplus funds from the United Nations Oil-for-Food Program as well as frozen Iraqi assets, according to SIGIR.

Iraq hunting $17 billion missing after U.S. invasion

BAGHDAD | BY WALEED IBRAHIM

Iraq's parliament is chasing about $17 billion of Iraqi oil money it says was stolen after the 2003 U.S.-led invasion and has asked the United Nations for help to track it down.
The missing money was shipped to Iraq from the United States to help with reconstruction after the ouster of Saddam Hussein.
In a letter to the U.N. office in Baghdad last month, parliament's Integrity Committee asked for help to find and recover the oil money taken from the Development Fund of Iraq (DFI) in 2004 and lost in the chaos that followed the invasion.
"All indications are that the institutions of the United States of America committed financial corruption by stealing the money of the Iraqi people, which was allocated to develop Iraq, (and) that it was about $17 billion," said the letter sent to the U.N. with a 50-page report.
The committee called the disappearance of the money a "financial crime" but said U.N. Security Council resolutions prevent Iraq from making a claim against the United States.
"Our committee decided to send this issue to you ... to look into it and restore the stolen money," said the letter, a copy of which was obtained by Reuters.
U.N. officials were not immediately available for comment.
SALARIES, PENSIONS
The DFI was established in 2003 at the request of the Coalition Provisional Authority (CPA), the U.S. body headed by Paul Bremer that governed Iraq after the invasion. The fund was to be used to pay the salaries and pensions of Iraqi government workers and for reconstruction projects.
In 2004, the administration of former U.S. President George W. Bush flew billions of dollars in cash into Iraq. The money came from the sale of Iraqi oil, surplus funds from the U.N. oil-for-food program and seized Iraqi assets.


 

So, Mr Bremer, where did all the money go?

Thursday 7 July 2005

At the end of the Iraq war, vast sums of money were made available to the US-led provisional authorities, headed by Paul Bremer, to spend on rebuilding the country. By the time Bremer left the post eight months later, $8.8bn of that money had disappeared. Ed Harriman on the extraordinary scandal of Iraq's missing billions

When Paul Bremer, the American pro consul in Baghdad until June last year, arrived in Iraq soon after the official end of hostilities, there was $6bn left over from the UN Oil for Food Programme, as well as sequestered and frozen assets, and at least $10bn from resumed Iraqi oil exports. Under Security Council Resolution 1483, passed on May 22 2003, all these funds were transferred into a new account held at the Federal Reserve Bank in New York, called the Development Fund for Iraq (DFI), and intended to be spent by the Coalition Provisional Authority (CPA) "in a transparent manner ... for the benefit of the Iraqi people".

حوار عراقي - جنجر كروز - 2-3-2016

 

برنامج حوار عراقي بتاريخ 2-3-201
ضيف الحلقة: جنجر كروز Ginger Cruz | نائب مفتش عام برنامج اعمار العراق 
تقديم: نجم الرببعي
 

Iraq's stolen billions, the FED and the BAHAMAS 1)

,,,,,,Uploaded on Oct 10, 2007

DONALD BARLETT: This is really important, Juan. And maybe a little historical perspective: if you go back through the 1990s, there was a mutual fund, so to speak, in the Bahamas called Evergreen Security, which was selling its certificates around the world, especially in the US. A Chicago schoolteacher emptied out her retirement fund and invested the entire amount. Well, Evergreen Security had been run for the most part by Patrick Thomson, a resident of the Bahamas, for a long time. And it was nothing more than a Ponzi scheme, and in the end more than $200 million disappeared. Well, it was to Mr. Thomson that this very mysterious Thomas Howell in La Jolla, California, turned to create a company for him called NorthStar. And a few years later, lo and behold, NorthStar is retained by the Pentagon to make sure the money in Iraq, the $12 billion, and billions more, does not go missing, which, of course, it did go missing.

Iraq to chase missing billions

20 Jun 2011

Iraq's parliament has asked the United Nations for help to track down about $18bn of Iraqi oil money it says was stolen after the 2003 US-led invasion
In a letter to the UN office in Baghdad last month, parliament's Integrity Committee asked for help to find and
recover the oil money taken from the Development Fund of Iraq (DFI) in 2004 and lost in the chaos that followed the invasion
In 2004, the Bush administration flew billions of dollars in cash into Iraq. The money came from the sale of Iraqi oil, surplus funds from the UN oil-for-food programme and seized Iraqi assets.
The DFI was established in 2003 at the request of the Coalition Provisional Authority (CPA), the US body headed by Paul Bremer that governed Iraq after the invasion.
The fund was to be used to pay the salaries and pensions of Iraqi government workers and for reconstruction projects.
"All indications are that the institutions of the United States of America committed financial corruption by stealing the money of the Iraqi people, which was allocated to develop Iraq," said the letter sent to the UN with a 50-page report.
The committee called the disappearance of the money a "financial crime" but said UN Security Council resolutions prevent Iraq from making a claim against the US.
Far higher figure
Osama al-Nujaifi, the Iraqi parliament speaker, has told Al Jazeera that the amount of Iraqi money unaccounted for by the US is $18.7bn - three times more than the reported $6.6bn.
US diplomat defends Iraq's case
Al-Nujaifi is scheduled to visit the US soon and discuss the missing Iraqi billions.
He said that he received a report this week based on information from US and Iraqi auditors that the amount of money withdrawn from a fund from Iraqi oil proceeds, but unaccounted for, is much more than the $6.6bn reported missing last week.
"There is a lot of money missing during the first American administration of Iraqi money in the first year of occupation.
"Iraq's development fund has lost around $18bn of Iraqi money in these operations - their location is unknown. Also missing are the documents of expenditure
I think it will be discussed soon. There should be an answer to where has Iraqi money gone."
The appeal to the United Nations could help Iraq recover its money by putting its case before the international community, Bahaa al-Araji, the head of the parliamentary Integrity Committee, said.
"We cannot sue the Americans. Laws do not allow us to do that. All we want is to get this issue to the UN," he said. "If this works, it will ope

NY Fed's $40 Billion Iraqi Money Trail

Eamon Javers
Tuesday, 25 Oct 2011 
It has been called the largest airborne transfer of currency in the history of the world. But finding out what happened to all the money involved has become one of the biggest financial mysteries of all time.
US troops get ready to unload cash transported inside Iraq by helicopter.
Source: CNBC Sources
US troops get ready to unload cash transported inside Iraq by helicopter.
Beginning in the very earliest days of the war in Iraq, the New York Federal Reserve shipped billions of dollars in physical cash to Baghdad to pay for the reopening of the government and restoration of basic services.
The money was packed onto pallets inside a heavily guarded New York Federal Reserve compound in East Rutherford, New Jersey, trucked to Andrews Air Force Base outside of Washington, and flown by military aircraft to Baghdad International Airport.
By one account, the New York Fed shipped about $40 billion in cash between 2003 and 2008. In just the first two years, the shipments included more than 281 million individual bills weighing a total of 363 tons. But soon after the money arrived in the chaos of war-torn Baghdad, the paper trail documenting who controlled it all began to go cold.
Since then, investigators have spent years trying to trace what happened to the enormous amount of money shipped in the frantic days of the occupation of Iraq. Although there have been hundreds of pages of reports, Congressional hearings, and inquiries from Washington to Baghdad, no one in Congress, a special inspector general’s office, the Department of Defense or the Iraqi government itself can say with certainty what exactly happened to all of that money.
Much of it may have been spent on the things it was intended for—but billions of dollars may have simply been stolen. The thefts likely ranged from complicated contracting schemes to brazen appropriations of billions in cash still in their New York Fed plastic wrappers.

How the US sent $12bn in cash to Iraq. And watched it vanish

David Pallister
Thursday 8 February 2007 02.50 
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.
In the year after the invasion of Iraq in 2003 nearly 281 million notes, weighing 363 tonnes, were sent from New York to Baghdad for disbursement to Iraqi ministries and US contractors. Using C-130 planes, the deliveries took place once or twice a month with the biggest of $2,401,600,000 on June 22 2004, six days before the handover.
Details of the shipments have emerged in a memorandum prepared for the meeting of the House committee on oversight and government reform which is examining Iraqi reconstruction. Its chairman, Henry Waxman, a fierce critic of the war, said the way the cash had been handled was mind-boggling. "The numbers are so large that it doesn't seem possible that they're true. Who in their right mind would send 363 tonnes of cash into a war zone?"
The memorandum details the casual manner in which the US-led Coalition Provisional Authority disbursed the money, which came from Iraqi oil sales, surplus funds from the UN oil-for-food programme and seized Iraqi assets.
"One CPA official described an environment awash in $100 bills," the memorandum says. "One contractor received a $2m payment in a duffel bag stuffed with shrink-wrapped bundles of currency. Auditors discovered that the key to a vault was kept in an unsecured backpack.
"They also found that $774,300 in cash had been stolen from one division's vault. Cash payments were made from the back of a pickup truck, and cash was stored in unguarded sacks in Iraqi ministry offices. One official was given $6.75m in cash, and was ordered to spend it in one week before the interim Iraqi government took control of Iraqi funds."