Billions over Baghdad

By Donald L. Barlett and James B. Steele

Between April 2003 and June 2004, $12 billion in U.S. currency-much of it belonging to the Iraqi people-was shipped from the Federal Reserve to Baghdad, where it was dispensed by the Coalition Provisional Authority. Some of the cash went to pay for projects and keep ministries afloat, but, incredibly, at least $9 billion has gone missing, unaccounted for, in a frenzy of mismanagement and greed.

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