What happened to Iraq’s oil money?
From NBC Nightly News
Excerpt: Iraq's oil resources generate billions of dollars — money the United States promised to protect after overthrowing Saddam Hussein. 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. "There was, in my mind, pervasive leakage in assets of Iraq, and to some extent, those assets were squandered," says Willis. ...
...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...
More

Labels: contractors, iraq, oil, reconstruction