Contractor Waste In Iraq Led To Loss Of Billions, Report Says

Law360, New York (July 16, 2012, 3:26 PM EDT) -- U.S. government auditors on Friday said that a substantial portion of the $51.4 billion in funds allotted for Iraq reconstruction has been lost to fraud and waste, blaming minimal oversight of government contractors and insufficient price competition.

In its final forensic audit report, the Special Inspector General for Iraq Reconstruction decried "serious weaknesses" in the U.S. government's controls over the funds. The government watchdog said that while the precise amount waste can never be known, the number likely represents a "significant" amount of the $51.4 billion...
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