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Treasury Finds $1B Likely From Iraqi Bank
AP/Yahoo ^ | 5-15-2003 | Martin Crutsinger

Posted on 05/15/2003 11:19:21 AM PDT by blam

Treasury Finds $1B Likely From Iraqi Bank

By MARTIN CRUTSINGER, AP Economics Writer

WASHINGTON - U.S. authorities have growing confidence that the nearly $1 billion that was ordered removed from Iraq 's central bank by Saddam Hussein has been located in various hiding spots around Baghdad, a top Treasury Department official said Thursday.

"We are getting more and more confirmation that the large bulk of those funds have been identified," said Treasury Undersecretary John Taylor.

He said authorities were beginning the process of verifying that the money — estimated to be $850 million in U.S. bills and $100 million in euros — was authentic and not counterfeit.

Other Treasury officials said that the money had been found in more than 200 boxes in various palaces around Baghdad. The boxes contained certificates describing the contents that employees of Iraq's central bank said they had included in each of the boxes before they were sealed.

Bank employees have been quoted as saying that shortly before the start of the U.S. bombing campaign the money was ordered removed from the central bank by Saddam, who sent his younger son Qusai to supervise the loading of the money into three large tractor-trailer trucks.

"We are making good progress in finding funds and a lot of that is most likely related to what was reported as being taken," Taylor told reporters during a briefing on weekend discussions among the world's seven richest industrial countries and Russia in Deauville, France.

Taylor said that reconstruction of Iraq and effort to boost global economic growth would be top topics at those discussions, which will be attended by Treasury Secretary John Snow and his counterparts from Japan, Germany, France, Britain, Italy, Canada and Russia. The meeting is being held to help prepare the agenda for discussions between the leaders of those eight nations in Evian, France, on June 1-3.

In a statement, Snow said he would be pushing the other countries to move ahead on dealing with Iraq's large foreign debt burden.

"I believe that no one should expect Iraq to begin to make debt payments for some time," Snow said in a statement.


TOPICS: Front Page News
KEYWORDS: 1b; bank; finds; iraq; iraqcentralbank; treasury; turass

1 posted on 05/15/2003 11:19:22 AM PDT by blam
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To: blam
Apparently it's easier to find money than WMD...
2 posted on 05/15/2003 11:40:18 AM PDT by Stone Mountain
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To: blam
Bank employees have been quoted as saying that shortly before the start of the U.S. bombing campaign the money was ordered removed from the central bank by Saddam, who sent his younger son Qusai to supervise the loading of the money into three large tractor-trailer trucks.

If true, then Qusai got the money, and stashed it locally. Either Qusai and Dadai thought the regime would survive, or else they had other plans and events moved too quickly (as in, they got killed).

3 posted on 05/15/2003 11:55:47 AM PDT by xJones
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To: Stone Mountain
Apparently it's easier to find money than WMD...

The money was planted...

4 posted on 05/15/2003 12:16:27 PM PDT by bruin66
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To: blam
bump
5 posted on 05/15/2003 12:22:48 PM PDT by VOA
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To: blam
Shucks I was hoping to make a killing on running these millions through my personal bank account just like that nice e-mail from Mr. Uday said I could. </satire>
6 posted on 05/15/2003 12:32:38 PM PDT by The Great RJ
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To: blam
Find it, burn it. Increase the value of the dollar back home. Use the Euros to purchase oil and refill our Stratigic inventory.
7 posted on 05/15/2003 12:32:45 PM PDT by American in Israel (Right beats wrong)
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To: American in Israel
Use the Euros to purchase oil and refill our Stratigic inventory.

I doubt that $100 million in euros would take you very far down that road.

8 posted on 05/15/2003 12:46:33 PM PDT by Chuckster
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To: Chuckster
True, but it sure feels good for the French and Germans to "get" to pay for a free tank of gas.

Some things just reek of justice -grin-
9 posted on 05/15/2003 12:48:47 PM PDT by American in Israel (Right beats wrong)
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To: Stone Mountain
Excuse me ... who says we WILL NOT EVER find WMD's. We've been there how many days ... 46 ... and you want everything to be solved and over ... dream on!!! Not very realistic.
10 posted on 05/15/2003 12:56:29 PM PDT by CyberAnt ( America - You Are The Greatest!!)
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To: blam
$850 million in U.S. bills

Good.

Then the Iraqi treasury can cover the Haliburton contract w/o any US taxpayer assistance.

11 posted on 05/15/2003 12:58:20 PM PDT by Freebird Forever
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To: blam
This is great! I have been wondering if the boxes of money was related to the $1 bil Saddam took. I still say - Saddam really didn't believe we would invade him ... and even if we did, it would take us weeks or months to get to Baghdad.

This is what happens to people who surround themselves with "yes men". They are deceived and don't know what's really going on. Of course, this really benefitted the USA.
12 posted on 05/15/2003 1:03:48 PM PDT by CyberAnt ( America - You Are The Greatest!!)
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To: American in Israel
It'd make a nice bonfire but in context with the entire US economy, it ain't spit!
13 posted on 05/15/2003 1:23:27 PM PDT by montomike
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To: CyberAnt
I didn't say we wouldn't find them - and I'm hoping we do soon before someone else gets a hold of them. Finding those WMDs should be a top priority, but we have withdrawn our weapons inspections team already. The Iraq Survey Group which is now supposed to look for weapons will have a smaller staff and be less funded than the original weapons inspections team. Bad idea.
14 posted on 05/15/2003 2:05:04 PM PDT by Stone Mountain
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