Minister of Science and Chief Protector of the Faith

Tuesday, October 24, 2006

The invisible hand of the marketplace...

The invisible hand of the marketplace...The Mother Of All Heists
More than half a billion dollars earmarked to fight the insurgency in Iraq was stolen by people the U.S. had entrusted to run the country's Ministry of Defense before the 2005 elections, according to Iraqi investigators.

Iraq's former minister of finance says coalition members like the U.S. and Britain are doing little to help recover the money or catch suspects, most of whom fled the country. The 60 Minutes investigation also turned up audio recordings of a suspect who seems to be discussing the transfer of $45 million to the account of a top political adviser to the interim defense minister.

Correspondent Steve Kroft reports on this mother of all heists.

"We have not been given any serious, official support from either the United States or the U.K. or any of the surrounding Arab countries,”" says Ali Allawi, who was confronted with the missing funds when he took over as Iraq’s finance minister last year. CBS News

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