Skip to main content

Impossible to believe. A 'fraud' bigger than Madoff

Hard to believe, but the country which prides itself on its free-enterprise - and now paying the price for it! - has evidently seen a fraud which dwarfs even that of Bernard Madoff and his US$50 billion Ponzi scheme.

The Independent reports:

"In what could turn out to be the greatest fraud in US history, American authorities have started to investigate the alleged role of senior military officers in the misuse of $125bn (£88bn) in a US -directed effort to reconstruct Iraq after the fall of Saddam Hussein. The exact sum missing may never be clear, but a report by the US Special Inspector General for Iraq Reconstruction (SIGIR) suggests it may exceed $50bn, making it an even bigger theft than Bernard Madoff's notorious Ponzi scheme.

"I believe the real looting of Iraq after the invasion was by US officials and contractors, and not by people from the slums of Baghdad," said one US businessman active in Iraq since 2003.

In one case, auditors working for SIGIR discovered that $57.8m was sent in "pallet upon pallet of hundred-dollar bills" to the US comptroller for south-central Iraq, Robert J Stein Jr, who had himself photographed standing with the mound of money. He is among the few US officials who were in Iraq to be convicted of fraud and money-laundering."

Comments

Popular posts from this blog

Reading the Chilcot Inquiry Report more closely

Most commentary on the Chilcot Inquiry Report of and associated with the Iraq War, has been "lifted" from the Executive Summary.   The Intercept has actually gone and dug into the Report, with these revelations : "THE CHILCOT REPORT, the U.K.’s official inquiry into its participation in the Iraq War, has finally been released after seven years of investigation. Its executive summary certainly makes former Prime Minister Tony Blair, who led the British push for war, look terrible. According to the report, Blair made statements about Iraq’s nonexistent chemical, biological, and nuclear programs based on “what Mr. Blair believed” rather than the intelligence he had been given. The U.K. went to war despite the fact that “diplomatic options had not been exhausted.” Blair was warned by British intelligence that terrorism would “increase in the event of war, reflecting intensified anti-US/anti-Western sentiment in the Muslim world, including among Muslim communities in the

An unpalatable truth!

Quinoa has for the last years been the "new" food on the block for foodies. Known for its health properties, foodies the world over have taken to it. Many restaurants have added it to their menu. But, as this piece " Can vegans stomach the unpalatable truth about quinoa? " from The Guardian so clearly details, the cost to Bolivians and Peruvians - from where quinoa hails - has been substantial. "Not long ago, quinoa was just an obscure Peruvian grain you could only buy in wholefood shops. We struggled to pronounce it (it's keen-wa, not qui-no-a), yet it was feted by food lovers as a novel addition to the familiar ranks of couscous and rice. Dieticians clucked over quinoa approvingly because it ticked the low-fat box and fitted in with government healthy eating advice to "base your meals on starchy foods". Adventurous eaters liked its slightly bitter taste and the little white curls that formed around the grains. Vegans embraced quinoa as

Climate change: Well-organised hoax?

There are still some - all too sadly people with a voice who are listened to - who assert that climate change is a hoax. Try telling that to the people of Colorado who recently experienced horrendous bushfires, or the people of Croatia suffering with endless days of temps of 40 degrees (and not much less than 30 at night time) some 8-10 degrees above the norm. Bill McKibben, take up the issue of whether climate change is a hoax, on The Daily Beast : Please don’t sweat the 2,132 new high temperature marks in June—remember, climate change is a hoax. The first to figure this out was Oklahoma Senator James Inhofe, who in fact called it “the greatest hoax ever perpetrated on the American people,” apparently topping even the staged moon landing. But others have been catching on. Speaker of the House John Boehner pointed out that the idea that carbon dioxide is “harmful to the environment is almost comical.” The always cautious Mitt Romney scoffed at any damage too: “Scientists will fig