Remember those seized funds?
Worries Raised on Handling of Funds in Iraq
It weighed 28 tons and took up as much room as 74 washing machines. It was $2.4 billion in $100 bills, and Baghdad needed it ASAP.Same $2.4 Billion dollars?
The initial request from U.S. officials in charge of Iraq required the Federal Reserve Bank of New York to decide whether it could open its vault on a Sunday, a day banks aren't usually open.
"Just when you think you've seen it all," read one e-mail from an exasperated Fed official.
"Pocket change," said another e-mail.
Then, when the shipment date changed, officials had to scramble to line up U.S. Air Force C-130 cargo planes to hold the money. They did, and the $2,401,600,000 was delivered to Baghdad on June 22, 2004.
It was the largest one-time cash transfer in the history of the New York Fed.
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