CNN.com - Audit: U.S. lost track of $9 billion in Iraq funds - Jan 30, 2005

CNN.com - Audit: U.S. lost track of $9 billion in Iraq funds - Jan 30, 2005: "An inspector general's report said the U.S.-led administration that ran Iraq until June 2004 is unable to account for the funds.
'Severe inefficiencies and poor management' by the Coalition Provisional Authority has left auditors with no guarantee the money was properly used,' the report said.
'The CPA did not establish or implement sufficient managerial, financial and contractual controls to ensure that [Development Fund for Iraq] funds were used in a transparent manner,' said Stuart W. Bowen Jr., director of the Office of the Special Inspector General for Iraq Reconstruction.
The $8.8 billion was reported to have been spent on salaries, operating and capital expenditures, and reconstruction projects between October 2003 and June 2004, Bowen's report concluded."

Almost 9 billion dollars down the memory hole. You can bet some graduate student 20 years form now will be spending a lot of time trying to figure how that happened. And he will come to the conclusion, as over 75% of Americans have, that George W. Bush was the most incompetent President in our history.