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The case of the missing billions. At least $4 billion of funding for Iraqi reconstruction is missing in action (Christian Aid, UK):

A staggering US$4 billion in oil revenues and other Iraqi funds earmarked for the reconstruction of the country has disappeared into opaque bank accounts administered by the Coalition Provisional Authority (CPA), the US-controlled body that rules Iraq. By the end of the year, if nothing changes in the way this cash is accounted for, that figure will double.

The financial black hole, uncovered by a Christian Aid investigation, is revealed as delegates gather for the donors' conference in Madrid. Before pledging money from their own countries' coffers to boost the reconstruction efforts, as requested by the US and UK governments, these delegates should first demand: 'What has happened to the missing billions?'

It is expected that a separate fund, managed by the UN and the World Bank, will be announced at the conference for donors' money, to allay fears of how this cash will be spent. But this should not stop donors from pushing for accountability of the original, massive reconstruction fund - most of it Iraqi oil money.

Which banks hold these "opaque" accounts? Are they foreign banks, or Americans banks that have financially supported Bush-Cheney 2004?

Link via an excellent overview in the Christian Science Monitor.

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