by InvestorPlace Staff | January 30, 2012 9:22 am
Our troops may have finally pulled out of Iraq, but that doesn’t mean the end of our troubles in the nation. Audits from the Special Inspector General for Iraq Reconstruction, an agency created to oversee rebuilding in Iraq, states that the U.S. Defense Department can’t account for $2 billion given to Iraq projects and that they have not provided Iraq with a complete list of projects funded by the U.S.
However, it’s not likely that the missing funds have been misplaced or stolen. The audits indicate that records tracking payments and expenses went missing, particularly during the start of the Iraq war, when government was understandably unstable and less concerned with records.
The inspector general also lays blame for discrepancies on the U.S. government, who only reported projects to Iraq that cost more than $250,000. Designed to help focus the country’s limited resources on key U.S.-backed projects, the inspector general stated that it made Iraq’s reconstruction planning more complicated and ignored less expensive projects that might still be more important to the country.
For more information on this issue, check out this CNN article.
— Benjamin Nanamaker, InvestorPlace Money & Politics Editor
The opinions contained in this column are solely those of the writer.
Want to share your own views on money, politics and the 2012 elections? Drop us a line at firstname.lastname@example.org and we might reprint your views in our InvestorPolitics blog! Please include your name, city and state of residence. All letters submitted to this address will be considered for publication.
Source URL: http://investorplace.com/investorpolitics/audit-defense-dept-cant-account-for-2-billion-of-iraq-funds/
Short URL: http://investorplace.com/?p=125815
Copyright ©2015 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.