NEWS FLASH

Missing $6.6 Billion Found In Central Bank Of Iraq | A mystery over the disappearance of $6.6 billion of U.S.-controlled Iraq reconstruction funds has been solved after a Pentagon audit concluded the money was transferred to the Central Bank of Iraq and not, as some had feared, lost or stolen. The money was flown into Iraq as part of a $12 billion airlift following the U.S.-led invasion, but since 2010, U.S. Defense officials have been unable to explain what happened to $6.6 billion in cash designated for reconstruction projects and operating costs for the Coalition Provisional Authority. The inability to account for the money led to speculations that the funds had been stolen but Inspector General Stuart Bowen says the funds are now properly accounted for. “This report answers the question about the $6.6 billion. We conclude it properly was accounted for by the Federal Reserve Board Bank of New York and Central Bank of Iraq,” he said.