Stonewalling the UN
Almost two weeks ago, the AP reported that the US had spent about 2% of the $18.4 billion allocated by Congress for Iraqi reconstruction. At the same time, as much as $19 billion in Iraqi oil revenue was spent, much of it in a hurried splurge before the 6/28 sovereignty handover (more than $2 billion on May 15th, 2004 alone according to the Financial Times article linked below). UN sanctioned auditors, working as the International Advisory and Monitoring Board (IAMB), are trying to figure out how this money was spent.
Some of that oil revenue may have been used to pay no-bid contracts awarded to Halliburton and other corporations working in Iraq, and there were serious accountability problems, according to a KPMG audit. Our government has audited some of these no-bid contracts, including three Halliburton contracts worth over $1.4 billion. Yet the Bush administration refuses to turn these audits over to the IAMB. No explanation for the refusal, just excuses.
More at Iraq Revenue Watch and at the House Committee on Government Reform Minority Office.