CNBC
The Pentagon doesn’t know what happened to more than $100 million in cash held at Saddam Hussein’s palace in Baghdad during the Iraq war, according to a new report by the Special Inspector General for Iraq Reconstruction.
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What’s more, the Pentagon can’t find documents to explain what it spent as much as $1.7 billion on from funds held on behalf of the Iraqi government by the New York Federal Reserve, the report says.
The missing records raise new questions about how the US government handled billions of dollars in Iraqi funds during the war.
The new report, the latest in a multi-year investigation by the inspector general into missing money in Iraq, paints a picture of Pentagon officials digging through boxes of hard copy records looking for missing paper copies of Excel spreadsheets, monthly reports and other paper documents that should have been kept detailing what the money was spent on and why those expenditures were necessary. Apparently, there are no electronic records to back up the spending.
The Inspector General’s report concludes that the problem is simply one of “records management.” But the report explains the missing records make it impossible to conduct a complete accounting of what happened to the funds...[Full Article]
