US wasted up to $8 bln on Iraq reconstruction

Billions of taxpayer dollars are vanishing in Iraq as the government fails to properly monitor its spending. The U.S. has wasted an estimated $6 to $8 billion in its reconstruction effort in Iraq, largely due to poor reviews of contractor invoices.

In its final audit report, the Office of the Special Inspector General for Iraq Reconstruction Funds (SIGUR) said that of the $51 billion effort to reconstruct Iraq,“the precise amount lost to fraud and waste can never be known,”largely due to poor record keeping by the Pentagon and the Department of State.

Inspector general Stuart Bowen, whose office spent more than $200 million tracking the reconstruction funds and producing reports, said a significant sum was wasted on inaccurate or inefficient service costs charged by contractors.