What happened to Iraq’s oil money?

[villagechild]

NBC News Updated: 7:21 p.m. ET Nov. 30, 2004

Iraq's oil resources generate billions of dollars — money the United States promised to protect after overthrowing Saddam Hussein. Now, Frank Willis, a former senior American official in Iraq, tells NBC News the United States failed to safeguard the oil money known as the Development Fund for Iraq. "There was, in my mind, pervasive leakage in assets of Iraq, and to some extent, those assets were squandered," says Willis.

Willis helped run Iraq’s Transportation Ministry. He says government agencies and private contractors had to be paid in cash because Iraq’s banking system was decimated. In one photograph, Willis and colleagues showed off a $2 million payment to a security contractor.
"It was time for payment," he remembers. "We told them to come in and bring in a bag. It reminded me of the Wild West." http://www.msnbc.msn.com/id/6621523/

[Sannum]

1. Bush spent it on Arcade games.

[Hard Attack]

8. LOL === Great Answer!

[genieroze]

20. Let me guess?

Killzone

[imenja]

2. It's called Halliburtin

and other Bush corporate cronies. That's always what happens to natural resources during US "liberations."

[Liberty Belle]

3. seized to use as payola for rigged elections?

[Old and In the Way]

4. I'd ask Dick Cheney.......maybe he knows someone at KBR, Bechtal,

or Halliburton.

If he doesn't know, I'm sure these guys might-

New Bridge Strategies, LLC.

[Moonbeam_Starlight]

5. Let me see if I have this straight:

we failed to safeguard the financial assets--namely oil money.

We failed to safeguard a huge ammo dump.

We failed to put enough troops on the ground to secure and stabilize the country.

We failed to provide the troops with the armor they needed.

We failed to stop swarms of terrorists from other countries from coming in and attacking Iraqis AND US troops.

Well.

"We" sure have fucked up a lot. "We" being the bush administration.

[natrat]

19. we failed to safeguard nuclear weapons materials

we failed to safeguard some of the oldest art on the planet

[Stephanie]

6. Enronomics

First, loot all the assets.

[melnjones]

7. Geez...

I don't understand how SO many things can go wrong and half our country doesn't bat an eye...

[imenja]

10. amazing isn't it

You'd think the laws of probability would require that they get something right, just once. Bush continues to defy expectations.

[faithnotgreed]

11. thats the truth! there is not even one thing they get right

yet ... never mind.

i seriously think they are so disconnected from emotion and humanity that its not possible for them to get anything right. every single aspect of their lives is truly a facade and one day this country will wake up and realize it.

[bhikkhu]

9. Uhhhh, we spent it?

the receipts must be around here somewhere....

[Birthmark]

12. I thought *you* had it!

Maybe that was Halliburton?

[Erika]

13. We're sending Iraq 5.8 billion a month

Now where could that be ending up at? Remember Wolfie's lie when he said this would cost us $300 mil and it would be recouped from oil sales? The fools still voted for Bush. Unbelieveable.

[ilovenicepeople]

14. How much does it cost to build

14 military bases?

[livvy]

15. Executive Order Nov. 29

My first post...hope I do this right!
http://www.whitehouse.gov/news/releases/2004/11/20041129-12.html
Modifying the Protection Granted to the Development Fund for Iraq and Certain Property in Which Iraq Has An Interest and Protecting the Central Bank of Iraq
Executive Order

"...I, GEORGE W. BUSH, President of the United States of America, hereby modify the scope of the national emergency declared in Executive Order 13303 of May 22, 2003, and expanded in Executive Order 13315 of August 28, 2003, and further modified in Executive Order 13350 of July 29, 2004, to address the unusual and extraordinary threat to the national security and foreign policy of the United States posed by obstacles to the orderly reconstruction of Iraq, the restoration and maintenance of peace and security in that country, and the development of political, administrative, and economic institutions in Iraq. I find that the threat of attachment or other judicial process against the Central Bank of Iraq constitutes one of these obstacles..."

The remainder can be found at the link above.
Without knowing what the other Ex Orders were, it's hard to determine what this one is intended to do. I just assume it's in the best interest of B&Co, and not in the best interest of the Iraqi's. Does anyone have any other info, or a take on this?

[UpInArms]

16. Welcome to DU, livvy!

Glad you are here :)

:hi:

Here's a couple more EO's for you

http://www.fas.org/irp/offdocs/eo/eo-13290.htm

http://www.whitehouse.gov/news/releases/2003/08/20030829-1.html

[livvy]

17. Thanks....

for the welcome and the links! It's nice to be here. There are so many interesting posts and links, I could make it a full-time job reading and researching. Nice to be among like-minded people, too! Thanks again.

[struggle4progress]

18. kick kick kick

:kick: :kick: :kick:

[Just Me]

21. Prolly laundering it for investment purposes by BFEE & Co.

:bounce:

[RPM]

22. looted n/t

[Floogeldy]

23. Nobody knows where it is going

Remember the bill in congress providing that Iraq oil revenues would pay for the war that was not passed?