Federal Reserve gives $40 Billion to Iraq ( and looses a lot of it?)
As part of the U.S. effort to help stabalize Iraq after the U.S. invasion, the New York Federal Reserve transfered over $40 billion dollars to the Iraqi Central Bank between 2003 and 2008. Since then various investigators have spent years trying to track down the cash including Congress and a special inspector general. No one seems to know for sure where all of the money went. The invasion of Iraq was unconstitutional, based on lies and counter-productive and to add insult to injury, a waste of even more money than we thought. There is no excuse for the U.S. government and the NY Federal Reserve not to be able to account for most of the money especially after all of these years.
Eamon Javers, a CNBC Washington Correspondant has a good article on the issue entitled " NY Fed's $40 Billion Iraqi Money Trail"