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New York Fed Refuses To Disclose Data On "The Largest Theft Of Funds In National History" Which Could Be Three Times Larger Than Expected
A week ago we reported on the case of the "The Largest Theft Of Funds In National History" or the missing $6.6 billion in Iraq war reconstruction funding, which was literally composed of "shrink-wrapped bricks of $100 bills", which was part of a $20 billion total in "Marshall Plan" investment meant to stimulate the post-war economy. When discussing this so far undisclosed cash loss, "Stuart Bowen, special inspector general for Iraq reconstruction, an office created by Congress, said the missing $6.6 billion may be "the largest theft of funds in national history." Two new developments have emerged in this fascinating story. The first, as CNBCs Eamon Javers reports is that "The New York Fed is refusing to tell investigators how many billions of dollars it shipped to Iraq during the early days of the US invasion there." Javers adds: "The Fed's lack of disclosure is making it difficult for the inspector general to follow the paper trail of billions of dollars that went missing in the chaotic rush to finance the Iraq occupation, and to determine how much of that money was stolen." Well, for what it's worth, we may have an estimate of this largest war theft ever: talking to Al Jazeera, "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." If indeed the total theft amounts to virtually the entire amount of reconstruction spending that could possibly explain why the Fed is so coy in discussing this issue. Alas, just like the Fed's multitrillion bailout of the financial system, it is unlikely it will be able to keep the topic from reemerging, and that very soon - al-Nujaifi adds: "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." Who will be the next Mark Pittman to sue the New York Fed to get the required information on how much cash the FRBNY was complicit in "disappearing" - we can't wait to find out.
From Al-Jazeera:
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.
Officials in Iraq were supposed to give out the money to Iraqi ministries and US contractors, intended for the reconstruction of the country.
The Los Angeles Times reported last week that Iraqi officials argue that the US government was supposed to safeguard the stash under a 2004 legal agreement it signed with Iraq, hence making Washington responsible for the cash that has disappeared.
Pentagon officials have contended for the last six years that they could account for the money if given enough time to track down the records.
The US has audited the money three times, but has still not been able to say exactly where it went.
Al Jazeera's Iraq correspondent, Jane Arraf, reporting from Baghdad, said: "It's an absolutely astonishing figure - this goes back to 2003 and 2004.
"There is going to be a fairly wide net cast - some of them [involved in mishandling of this money] are thought to be US officials, but many here believe that it is the Iraqis who have filled their pockets.
"Safeguarding the money was up to the Americans ... after the invasion, provisional authority here was run by the American military.
"Piles and piles of shrink-wrapped US dollars came here, but the cash coming in is not the important part - it is what happened to it after [it got here].
"There are no documents to indicate who got it, where it was spent and what was ever built from it."
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Government, 3,000+ years of successive failing.
I believe the Bank of Iraq and JPM Chase are the same thing.
Close, think bigger, alot bigger.
"Truth, Justice and the American way"
Just words with no meaning anymore
"Faster than a speeding bullet, more powerful than a locomotive, able to leap tall buildings in a single bound.
Look, up in the sky! It's a bird. It's a plane. No, it's Superman.
Yes, it's Superman, strange visitor from another planet who came to Earth with powers and abilities far beyond those of mortal men, superman, who can change the course of mighty rivers, bend steel in his bare hands and who, disguised as Clark Kent, mild mannered reporter for a great metropolitan newspaper, fights a never ending battle for truth, justice and the American way."
That was always just a fairy tale suitable for the entertainment of children after school.
It’s not much talked about but the Administration of the FED but particularly the Pentagon is a fubar (=beyond repair) mess . Trillions dissapeared also in black projects and no one is held accountable or maybe is even accountable in the bureacratic spaghetti. And what we know is only the top of the iceberg. Come to think of it , it’s a wonder that the US came this far but not much further I think.
9/10/2001: Rumsfeld says $2.3 TRILLION Missing from Pentagon http://www.youtube.com/watch?v=xU4GdHLUHwU
Did anyone check under Bush's old credenza? It's probably sitting there right next to the missing WMD's and Dick Cheney's lost email.
I was a Captain in Iraq from 2007-2009. We helped dole out millions in cash. Unfortunately, the fraud and corruption of this "war" is worse than the average american thinks. Much was used for bribes and payoffs towards the insurgency. I was directly involved in overseeing payouts for contracts that my colonel knew were fake. I found this out soon after, as I put 2 and 2 together. Speaking out was discouraged, as those who questioned this are forced out.
I left the army as fast as I could, and devote my time to educating people about the true tragedy, that is Iraq. I don't know how we recover as a nation, until we try the criminals who ran this war.
I was a Captain in Iraq from 2007-2009. We helped dole out millions in cash. Unfortunately, the fraud and corruption of this "war" is worse than the average american thinks. Much was used for bribes and payoffs towards the insurgency. I was directly involved in overseeing payouts for contracts that my colonel knew were fake. I found this out soon after, as I put 2 and 2 together. Speaking out was discouraged, as those who questioned this are forced out of
I left the army as fast as I could, and devote my time to educating people about the true tragedy, that is Iraq. I don't know how we recover as a nation, until we try the criminals who ran this war.
I was a Captain in Iraq from 2007-2009. We helped dole out millions in cash. Unfortunately, the fraud and corruption of this "war" is worse than the average american thinks. Much was used for bribes and payoffs towards the insurgency. I was directly involved in overseeing payouts for contracts that my colonel knew were fake. I found this out soon after, as I put 2 and 2 together. Speaking out was discouraged, as those who questioned this are forced out
I left the army as fast as I could, and devote my time to educating people about the true tragedy, that is Iraq. I don't know how we recover as a nation, until we try the criminals who ran this war.
I was a Captain in Iraq from 2007-2009. We helped dole out millions in cash. Unfortunately, the fraud and corruption of this "war" is worse than the average american thinks. Much was used for bribes and payoffs towards the insurgency. I was directly involved in overseeing payouts for contracts that my colonel knew were fake. I found this out soon after, as I put 2 and 2 together. Speaking out was discouraged, as those who questioned this are forced out of the
I left the army as fast as I could, and devote my time to educating people about the true tragedy, that is Iraq. I don't know how we recover as a nation, until we try the criminals who ran this war.
Dig the Tyson's Punch Out ref & thx for serving and working to spread the truth.
Soda Popinski
Ah, the good ol' days. Great handle.
Thanks for your post.
It reminds me of a purge at the NSA back during the Bush years, where a number of mid-level people were found "pyschologically unfit" and lost their clearances. Afterward the illegal monitoring of American citizens by the NSA was revealed. No connection, I'm sure . . .
Whoever junked you has no idea of the pain behind your words.
So true. So true.
The only thing worse than what happened is that so many over here
don't wish to know.
fml
As the world burns.
Anybody check the couch?
Napolitano thought you said "crotch"
Do you all remember the helicopters flying from Sadam's mansions with $1 billion bales of US dollars hanging from a rope. Where did Sadam's money go to? CIA and Army black operations that congress cannot investigate.
lonerangersilver.wordpress.com
Uh, maybe Americans should read their history. During the American Civil War, counterfeting was encouraged to add liquidity to the system and later, by the other side, to destabilize the system.
One war is like another including the inability to learn from history apparently.
So Iraq under Saddam was trying to dethrone the buck as the currency oil is priced in and for that he himself got dethroned. If you are the ones that sent in the troops (BushCo) and you wanted to make sure that the new Iraqi puppets, or their follow on theocratic government did not try to do the same thing what would you do?
I would take their economy to zero via a war and occupation in which the dinar was utterly without worth, then flood the country with just enough dollars that it became the de facto legal tender, even if in a few years the government makes a serious stab at reissuing dinars it will be a two tiered money system dependent upon dollars, in that case they have to price oil in dollars no matter how they might try to change things because any other pricing system would be ultimately and inevitably exchanged for dollars.
Cargo planes filled with bricks of currency flown into Iraq that magically disappears into their economy has made them dependent on dollars so the outcome was just what Cheney had in mind. Cheney being Chairman and CEO of BushCo in spite of the name on the company front door.
This entire goddamn smorgasbord of shit defines the American bureacracy. How in the gd fuck do you allow BILLIONS in cash to be fucking stolen?
America deserves just what it will inevitably get. Somewhere in the next 4-10 years.
Inside job. Likely that money went right where it was intended to go.
The story will be covered by 20/20 in the year 2020. Dateline NBC will send their best junior intern, who is blind and deaf, to cover the story. Good America will discuss this when the show is televised live from Beijing and called "Good Morning What's Left of America." Chris Mathew will sell this as great news in that less than $100B was missing.
18b is chump change.....i want to know about the 1t donald rumsfeld was lying about just a day before 9/11....that is another reason the busch crime syndicate blew up the wtc....
Yeah, nice timing for that little disclosure, wasn't it?
Well, the bottom line is that anyone who would actually transport $18B in cold, hard cash, dump it into a country that only a few weeks before basically had one bank with one account holder (Sadam), doesn't intend for it to be traceable. I mean, the Iraqis after 'Shock and Awe' couldn't keep track of a milk cow!
It is the mafia and prostitutes who deal in cash. Take cash to most brokerage firms and they won't/can't take it. I guess the best place to launder money is directly through our government.
sorry, double post
We all know where the money went. Some when to everyone tasked with handling it, distributing it, certifying it, and "building infrastructure" with it. They are all thieves, from the administration to the military to the contractors to cooperative Iraqi insiders. Probably 90% was stolen by americans though. That's how it always works.
predators DBA government
predators DBA corporations
predators DBA central banks
This was all 100% intentional. Probably the entire $20 billion was pre-arranged payoffs for cooperating in the obviously criminal war in Iraq. Even a 10 year old can implement a system wherein everyone who transfers cash to another gets a signed receipt and immediately reports the transfer to a central recording agency. None of this can possibly be a mistake. Not even remotely possible.
roger tht.
we KNOW who was behind the illegal ___-esque invasion of Iraq - they proudly put their signatures to their "INVADE and REGIME CHANGE IRAQ, NOW!" plans http://newamericancentury.org/iraqclintonletter.htm
...5 full years before Cheney, Wolfowitz, and Libby, (and Rumsfeld & Bush-II) were in position to make it happen. And, wouldn't ya know it - 3 out of 4 of those signatures are on the document(s)!! http://newamericancentury.org/statementofprinciples.htm
(And, (irony/sad lol ), in 1997/1998 it looked like Jebby, 'the smarter Bush', might make it to the White House first - and his signature IS on the list!)
PS: " i. lewis 'scooter' libby - ONLY the "washington 'super-lawyer'" CHIEF OF STAFF of MOST POWERFUL Vice President IN U.S. HISTORY - was CONVICTED of PERJURY and OBSTRUCTION OF JUSTICE in a case - the "outing" of entire CIA undercover counter-terror networks - at the heart of the nation's national security, a case that would have been considered TREASON for any perpetrator without the backing of the AIPAC war lobby to sweep the case under the rug.) Martha Stewart SENT TO PRISON for "lying to federal investigators" about selling ("dumping") a lousy $55,000 of ImClone stock SHE HAD EVERY RIGHT TO SELL, at ANY time, on ANY 'tip', from ANY ONE... Libby WALKS, after LYING UNDER OATH on an issue of premeditated sabotage of undercover CIA assets, to try to smear a government whistleblower.