Disappearing Act: $8.7 Billion of Iraq Development Money Missing

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.

If you believe the money was simply lost through shoddy accounting practices, you may also be interested in a bridge I have for sale in Brooklyn. Simply put, the money was pilfered.'

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That's 95% folks!!!