The Blogiston Post

Politics, money, and war.

Sunday, December 7

it's not just us

Others feel the same way bpost does about the lack of transparency on the money flowing into Iraq thru contracts. Read Iraq Could Produce Another Enron by Nomi Prins in Newsday.
Although the amount of public money circling Iraq is staggering, there is no way to even trace it. Therefore, whether it's being spent wisely and methodically, whether projected revenues are on target or realistic, and whether cash is leaking out around the edges remain a total mystery.

During the stock market boom, fraudulent corporations hid losses and boosted earnings by playing complex financial shell games designed to withhold information from regulators and the public. Enron perfected this technique with the establishment of ghost subsidiaries. But the murkiness of Iraq finances goes beyond a mere jiggering of the books. In the case of Iraq, there are no obvious books.


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