Sunday, March 09, 2008

Where is Iraq's Oil Money Going?

According to CNN that's what two United States Senators, Carl Levin, (D-MI) and John Warner, (R-VA), want to find out. Back in 2003, Americans were told that the Iraqis would be able to pay for the cost of their own reconstruction. So far, though, American taxpayers have paid 47 billion for the reconstruction of Iraq. Senator Levin said on Friday that he believes that the Iraqis have billions in non-Iraqi banks worldwide, billions that could be used to help finance Iraq's reconstruction.

Here is a quote from the CNN article:

Carl Levin, D-Michigan, and John Warner, R-Virginia, said in their Friday letter to the Government Accountability Office that Iraq has "tremendous resources" in banks worldwide but is doing little to improve security and reconstruction efforts.

Iraqi officials did not immediately respond to the senators' allegations.

"We believe that it has been overwhelmingly U.S. taxpayer money that has funded Iraq reconstruction over the last five years, despite Iraq earning billions of dollars in oil revenue over that time period that have ended up in non-Iraqi banks," wrote the senators, who are their party's top members on the Armed Services Committee.

One of the ongoing themes of the last seven years of the Bush Administration has been how the rich and well connected are sticking ordinary Americans with the bills. It has happened with Bush's tax cuts, it has happened with the sub-prime mortgage business, and it is happening now with Iraqi reconstruction.

1 comment:

Anonymous said...

Irag has the 2nd largest oil fields in the world. Yet, oil has managed to keep going up with no accounting "in the media" of all this oil & $$$ since we started "this agenda". It will be very interesting if this investigation actually goes anywhere to see the familiar faces and companies we always see profiting through lies, deception and manipulation.