Tuesday, November 30, 2004


how Iraq's oil money was essentially given to us to manage by the U.N.

Well, um, we screwed that up big time:

After the U.S. invasion of Iraq, the United States took control of all of the Iraqi government’s bank accounts, including the income from oil sales. The United Nations approved the financial takeover, and President Bush vowed to spend Iraq’s money wisely. But now critics are raising serious questions about how well the United States handled billions of dollars in Iraqi oil funds.


Now, Frank Willis, a former senior American official in Iraq, tells NBC News the United States failed to safeguard the oil money known as the Development Fund for Iraq.


In one example of insufficient controls, the United States stored hundreds of millions of oil dollars in a vault in a Baghdad palace. Government auditors found that the key to the vault was kept “unsecured” — in a U.S. official’s backpack.

Iraq’s U.S. administrator, Paul Bremer, pledged last year to hire a certified public accounting firm to ensure proper controls. But the United States gave the contract not to an accounting firm but to a tiny consulting company, Northstar — which NBC News found is headquartered at a private home near San Diego.


But NBC News has learned that a draft government audit faults the United States for “inadequate stewardship” of up to $8.8 billion in oil money, handed over to Iraq’s ministries but never fully accounted for.
(via MSNBC)
We apparently lost $8.8 B.

Holy cow.

Just who the heck works for North Star Consultants, Inc.? I've googled it and I can't find any info.

Can anybody help me out here?

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