Contracting Fraud in Iraq

Surprising right? Or not so much. One of the biggest misfortunes of this war was how it was managed, defiantly in regard to contractors (no bid contracts, no accountability). In this clip, Bill Moyers takes a look at wasted money in Iraq.
Here is the link to the video.
Excerpt from Transcript below:

Let's take a look now at the clip file of stories we have been collecting on the cost and conduct of the war in Iraq. You heard John Bogle talk about how those costs could soar beyond a trillion dollars.

By one estimate, we are now spending half a million dollars on the war every minute. And now President Bush is asking Congress for another $200 billion dollars for next year. That would make 2008 the most expensive year of the war yet.

It's not just the cost that boggles the mind; it's the fact that no one in Washington, from the President on down, really knows where that money is going.

The government is required by law to have outside auditors review the federal books. But this month, when the Associated Press took its own look at the audits of 15 executive departments, it found that the Defense Department and the Department of Homeland Security hadn't passed their audits and didn't even meet basic accounting requirements. They were given "Disclaimers" - that is their fiscal records are so disorganized and inconsistent, they can't be fully assessed. By these departments' own admission, this makes them vulnerable to waste and fraud. For example, the Defense Department, with a $460 billion budget this fiscal year alone - is easy pickin's for every Jesse James wannabe with an empty sack to fill.

If more money is needed in Iraq, accountability needs to take place.

Where I found this story/video:
Crooks and Liars