The criminal investigation by US authorities into the alleged role of senior military officers in the misuse of $125bn allocated for the reconstruction of Iraq, could turn out to be the biggest fraud case in US history. Inside Iraq discusses this case.

Iraq's parliament says more than $18bn have gone missing from government coffers.
The US facilitated the release of $20bn to Baghdad after the 2003 invasion -- money derived from Iraq's previously frozen assets and oil revenues, which had been withheld from the Iraqi government because of international sanctions.
Now Iraqi officials say the US needs to provide answers about where the money has gone.

Osama al-Najai, 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.
The Bush administration flew in a total of $20bn in cash into the country in 2004. This was money that had come from Iraqi oil sales, surplus funds from the UN oil-for-food programme and seized Iraqi assets.

The US defence department is unable to account for billions meant for Iraq's reconstruction. The Pentagon has blamed poor record-keeping and lax oversight. They have pledged to undergo what they call a process of archival accounting to track missing funds. Iraqi officials say they know nothing about the 

The Foreign Affairs Committee holds a hearing: "Iraq: Is Reconstruction Failing?" Stuart W. Bowen, Jr., Special Inspector General for Iraq Reconstruction, will testify.

The Committee on Oversight and Government Reform holds its second hearing on Iraq Reconstruction. Here Rep. Braley questions a government auditor about the building of duplicate Olympic size swimming pools.

The Committee on Oversight and Government Reform holds its second hearing on Iraq Reconstruction. Here Rep. Lynch describes how a contractor apparently made $8 million with no value added by subcontracting.

New Member Bruce Braley (D-IA) discusses lessons learned, or not learned, from Paul Bremer's experience.

Chairman Henry Waxman of the Committee on Oversight and Government Reform gives his opening statement at the hearing on management of U.S. funds in Iraq.