WASHINGTON, March 9, 2008
Senators Demand Audit Of Iraq Oil Revenue
After U.S. Invests Billions In Reconstruction, GAO Asked To Investigate Where Revenues Have Gone
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An Iraqi worker operates a valve at the oil pipeline near Basra, Iraq in 2005. The GAO is being asked to investigate the Iraqi government's expenditures, given discrepancies between what Iraq and the Bush administration have reported. (AP)
"We believe that it has been overwhelmingly U.S. taxpayer money that has funded Iraq reconstruction over the last five years, despite Iraq earnings billions of dollars in oil revenue over that time period that have ended up in non-Iraqi banks," Sens. Carl Levin, a Democrat, and John Warner, a Republican, said Friday in a letter to the head of the U.S. Government Accountability Office.
"At the same time, our conversations with both Iraqis and Americans during our frequent visits to Iraq, as well as official government and unofficial media reports, have convinced us that the Iraqi government is not doing nearly enough to provide essential services and improve the quality of life of its citizens," they said.
The senators estimated that Iraq will realize "at least $100 billion in oil revenues in 2007 and 2008."
They asked specifically that the GAO determine:
- Estimated oil revenues from 2003-2007.
- How much the U.S. and Iraq each have spent annually during that period on training, equipping and supporting Iraqi security forces as well as reconstruction, governance and economic development.
- Projected oil revenue and spending for 2008.
- The amount of unspent revenue from 2003 to 2007 and the expected estimate at the end of 2008.
- How much money the Iraqi government has deposited and in which banks.
- Why the Iraq government has not spent more of its oil revenue on its own country.
The study focused specifically on whether Iraqis were spending money for infrastructure needed to boost the country's lagging economic growth and to improve poor public services.
The administration reported in September that Iraq's central government ministries had spent 24 percent of their 2007 capital projects budget as of July 15, 2007. "This report is not consistent with Iraq's official expenditure reports," which show that the central ministries had spent only 4.4 percent of their investment budget as of August, the GAO said. It said capital projects are 90 percent of Iraq's investment budget.
The benchmark report submitted by the administration was ordered by Congress to measure Baghdad's progress in 18 areas including political and economic activities. It was aimed at judging whether Iraqis were working hard enough at reconciliation and other issues to warrant continued American support.
Iraqis have been slow to execute their capital budgets partly because violence and sectarian strife have reduced the number of contractors willing to bid on projects, the GAO said in January. Also, their procurement and accounting systems are weak and many professionals and skilled workers have fled the country, the GAO report noted.
The January report recommended that the Treasury Department work to improve its "ability to report accurate and reliable expenditure data from the ministries and provinces" in Iraq.
© MMVIII The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.
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- A simple majority (50% plus one vote) is all that is needed to impeach in the house of representavives. However in the Senate a two-thirds vote is needed in the Senate to convict.
- Reply to this comment
- I''m guessing a good bit has gone to finance terrorist groups that attack us.
The rest to American oil corporations. - Reply to this comment
- GOP does not believe in government oversight. Reason why is to avoid being caught stealing, lying and otherwise breaking the law whenever it is to their $$ advantage.
- Reply to this comment
- Please do not impreach Bush. If successful, we all get Cheney who is 10 times worst. However, if Cheney is the president, the Democrats will have a Super-Super majority in Congress in Nov-2008.
- Reply to this comment
- Who''''''''''''''''s the moron lib?
Posted by hillaryin08 at 12:26 PM : Mar 10, 2008
You are of course. Try using real words to express your ''''thoughts''''. Perpatratorst?....Anyone? Hahahaha!
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Posted by leftyintexas at 01:29 PM : Mar 10, 2008
yea, and your the one who thinks the President can Veto his own Impeachment. Right Lib, Riiiigggghhhht. - Reply to this comment
- Bush(WHACKER) sending Cheney to Middle East is Like ADDING FUEL to already too hot fire. What the _uck, does he have any idea that he is a MOron? He still thinks he has a mandate. LOSERS only apply!
- Reply to this comment
- Wow, I am going to Iraq to get a little piece of this easy pie. Please do not ask Bush if there is massive corruptions with the Oil Revenue yet until I come back to a happy retirement.
- Reply to this comment
- Who''''''''s the moron lib?
Posted by hillaryin08 at 12:26 PM : Mar 10, 2008
You are of course. Try using real words to express your ''thoughts''. Perpatratorst?....Anyone? Hahahaha! - Reply to this comment
- "We are not leaving Iraq libs."
We ARE leaving Iraq neocons!! - Reply to this comment
- In 2004, while supporting the Democratic presidential nominee, John F. Kerry, Obama endorsed Kerry''s view that the United States had too much at stake in Iraq to withdraw at that time. Since joining the Senate in 2005, Obama has taken incrementally tougher positions on Iraq, even as he sought to hear from a wide variety of voices about what should be done there, according to aides, advisers, and transcripts of his speeches.
But this week, Obama adviser Samantha Power caused a stir when she told BBC''s "Hard Talk" that Obama "will revisit" the plan when he becomes president.
"You can''t make a commitment in March of 2008 about what circumstances are going to be like in January 2009," said Power, who resigned from the campaign yesterday over separate comments insulting Clinton. "He will, of course, not rely upon some plan that he has crafted as a presidential candidate or a US senator. He will rely upon an operational plan that he pulls together in consultation with people on the ground."
We are not leaving Iraq libs. - Reply to this comment
- WASHINGTON - In July of 2004, the day after his speech at the Democratic convention catapulted him into the national spotlight, Barack Obama told a group of reporters in Boston that the United States had an "absolute obligation" to remain in Iraq long enough to make it a success.
"The failure of the Iraqi state would be a disaster," he said at a lunch sponsored by the Christian Science Monitor, according to an audiotape of the session. "It would dishonor the 900-plus men and women who have already died. . . . It would be a betrayal of the promise that we made to the Iraqi people, and it would be hugely destabilizing from a national security perspective."
Who is lying to who libs? - Reply to this comment
- YUP! I bet you''''re just another deranged Bush/Cheney hater.
Posted by jowand
Not deranged like you but I''m a Bush hater!!!!!!!! - Reply to this comment
- It leads to a bank account in Dubai under the name of Richard Bruce Cheney.
Posted by SgtRDS
Actually that is Richard Head Cheney! - Reply to this comment
- Posted by leftyintexas at 12:14 PM : Mar 10, 2008
You dont need 2/3 Majority to Impeach. Just a simple majority by one vote. Just in case you didnt know, you cant Veto an Impeachment. But you knew that right lib?
Who''''s the moron lib? - Reply to this comment
- And yet your National Socialist Controlled Congress does nothing. No Inditements, No Impeachments, No Hearings, Nothing.
They have had over a year now and still nothing. Not a word. Perhaps these so called perpetrators have done nothing wrong? Perhaps this is all hype to scare up votes? As we speek the Clintonistas are going to steal the election and still not a word.
Seig Heil Hillary? - Reply to this comment
- You bushie morons sound like a broken record. Over and over again you mis-state the fact that the Democrats control congress when in reality they don''''t have the necessary 2/3 majority to over ride a bush veto... AND YOU KNOW FULLY WELL I''''M RIGHT. Say Fool, what is a ''''perpatratorst''''? I think you brain is fried. What are you going to do when your fascist government falls in November...go hid under a bed? Ha!Ha!Ha!
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Posted by leftyintexas at 12:14 PM : Mar 10, 2008
You dont need 2/3 Majority to Impeach. Just a simple majority by one vote. Just in case you didnt know, you cant Veto an Impeachment.
Who''s the moron now lib? - Reply to this comment
- And yet your National Socialist Controlled Congress does nothing. No Inditements, No Impeachments, No Hearings, Nothing. They have had over a year now and nothing. Not a word. Perhaps these so called perpatratorst did nothing wrong and its all hype to scare up votes? and the Clintonistas are going to steal the election and not a word. Seig Heil Hillary?
Posted by hillaryin08 at 09:17 AM : Mar 10, 2008
You bushie morons sound like a broken record. Over and over again you mis-state the fact that the Democrats control congress when in reality they don''t have the necessary 2/3 majority to over ride a bush veto... AND YOU KNOW FULLY WELL I''M RIGHT. Say Fool, what is a ''perpatratorst''? I think you brain is fried. What are you going to do when your fascist government falls in November...go hid under a bed? Ha!Ha!Ha! - Reply to this comment
- Follow the money! Wanna bet it ends up at Haliburton?
Posted by briannorwood at 11:28 AM : Mar 10, 2008
It leads to a bank account in Dubai under the name of Richard Bruce Cheney. - Reply to this comment
- Carlyle Capital had leveraged $670 million in equity 32 times to finance a $21.7 billion portfolio of highly rated mortgage-backed securities issued by U.S. housing agencies Freddie Mac and Fannie Mae.
The company, to establish financing for the deals, entered into repurchase agreements with banks in which it would post the mortgage securities as collateral in exchange for cash.
If the value of the security held as collateral falls, the lender has the right to ask for more collateral -- a "margin call" -- to secure the loan.
If the borrower does not meet the margin call by putting up more collateral, the lender may sell the security.
so all the banks used the inflated houseing prices to get large sums of cash, our mortages that they lied in the first place saying a home is valued at 400000 or 500000 and it was really worth 200000, then go to investers and say look we have so much equity that if they go bad we still make billions..OOPS THE VALUES HAVE COME DOWN TO WHAT THE HOMES ARE REALLY WORTH, OOPS, WHAT DO WE DO?????? LETS JUST RIGHT IT OFF...NO MATTER THE GOVERNEMNT WONT LET US GO DOWN..
GREAT JOB..CONGRESS HOW ABOUT SAVEING US AMERICANS INSTEAD OF THE ONES THAT LIED AND CHEATED US... - Reply to this comment
- Follow the money! Wanna bet it ends up at Haliburton?
Posted by briannorwood at 11:28 AM : Mar 10, 2008
YUP! I bet you''re just another deranged Bush/Cheney hater. - Reply to this comment
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