Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
That is right, though I cannot confirm your number.  The latest of relevance I could find was this (from January):
Audit: U.S. lost track of $9 billion in Iraq funds
Pentagon, Bremer dispute inspector general's report

WASHINGTON (CNN) -- Nearly $9 billion of money spent on Iraqi reconstruction is unaccounted for because of inefficiencies and bad management, according to a watchdog report published Sunday.
An inspector general's report said the U.S.-led administration that ran Iraq until June 2004 is unable to account for the funds.

But there may be fresher info out there (beyond my googling-capacities, which are quite limited).  I know I have seen more recent reports, but cannot recall the figures or find the articles.

Given the chaos under the CPA, I find it likely that most of the losses were due to embezzlement.  Pure and simple.

by ask on Fri Dec 2nd, 2005 at 08:18:12 PM EST
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Check this webpage from Global Policy Forum for various links to media reports on oil-for-food program investigations.  I certainly haven't had time to go through this material myself, but there might be something useful there.

(Also, for anyone who's interested in the status of the criminal case that was brought against several individuals and companies (Bayoil and others) for their allegedly illegal activities during the oil-for-food program, see this comment over at BMT.)

by The Maven on Fri Dec 2nd, 2005 at 08:32:34 PM EST
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No, no newer info, having looked it up, I must say I trusted my and Ritter's memory too much - and counted the same sum twice, a sum that included both OFF money and seized funds (and post-invasion oil sales too).

However, there is earlier info that remains relevant the Christian Aid report [pdf!] from June 2004, which estimated unaccounted for Iraqi money at $13 billion. Note that unlike the US audit report, this includes money misappropiated even before paying into the Development Fund for Iraq (DFI): oil sales totals don't add up, nor seized assets. Some numbers:

  • OFF money paid by the UN into the DFI: $8.1 billion
  • post-invasion oil sales until May, Christian Aid estimate: $13 billion
  • post-invasion oil sales paid to the DFI by May 2004: $10 billion (CPA claim)
  • the regime's seized assets & funds: $2.5 billion
  • money from seized assets/funds paid into the DFI: less than $1 billion accounted for by the CPA)

*Lunatic*, n.
One whose delusions are out of fashion.
by DoDo on Sat Dec 3rd, 2005 at 11:23:33 AM EST
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