Sisyphus Shrugged - in fairness, they're not just careless with our money
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in fairness, they're not just careless with our money
Mr. Waxman's holding hearings
The US flew nearly $12bn in shrink-wrapped $100 bills into Iraq, then distributed the cash with no proper control over who was receiving it and how it was being spent.

The staggering scale of the biggest transfer of cash in the history of the Federal Reserve has been graphically laid bare by a US congressional committee.

In the year after the invasion of Iraq in 2003 nearly 281 million notes, weighing 363 tonnes, were sent from New York to Baghdad for disbursement to Iraqi ministries and US contractors. Using C-130 planes, the deliveries took place once or twice a month with the biggest of $2,401,600,000 on June 22 2004, six days before the handover.

That one real big delivery? The timing wasn't entirely a coincidence

It weighed 28 tons and took up as much room as 74 washing machines. It was $2.4 billion in $100 bills, and Baghdad needed it ASAP.

The initial request from U.S. officials in charge of Iraq required the Federal Reserve Bank of New York to decide whether it could open its vault on a Sunday, a day banks aren't usually open.

"Just when you think you've seen it all," read one e-mail from an exasperated Fed official.

"Pocket change," said another e-mail.

Then, when the shipment date changed, officials had to scramble to line up U.S. Air Force C-130 cargo planes to hold the money. They did, and the $2,401,600,000 was delivered to Baghdad on June 22, 2004.

It was the largest one-time cash transfer in the history of the New York Fed.

the lack of oversight wasn't entirely a coincidence either. Neither was the incompetence.

Actually, incompetence is far too kind a word for it.

I guess it works different when the invisible hand is holding a gun.
Comments
spiderfarmer From: spiderfarmer Date: February 12th, 2007 04:17 pm (UTC) (linkie thing)
In.freaking.sane!
From: (Anonymous) Date: February 12th, 2007 10:18 pm (UTC) (linkie thing)

Good for Waxman.

Is it too much to hope that this will put a nail in that "republicans are good with money" crap for good? I suppose it probably is. But given the mess the schools and mass transit systems are in, and how bad health care is in this country, I'd rather be a Tax And Spend Democrat than a Tax And Shovel It At Criminals Republican. Just 'cause we ain't got the tax bill yet doesn't mean the money's free, after all. Unless you're a war profiteer, I guess.

Glad you're back, btw.

D. Sidhe
ahhhs. -- hmmm?
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Sisyphus Shrugged
User: jmhm
Name: Sisyphus Shrugged
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