Social Security to start cashing Uncle Sam's IOUs

[classicman]

Originally Posted by BigV

For the record, that was six billion of Iraq's dollars--not "our" money we were giving to them.

But ... we are apparently responsible for it. If the money is not accounted for,
we apparently will have to pay them with "our money."

under a 2004 legal agreement, Washington is responsible for the missing funds.

Iraq's chief auditor and president of the Iraqi Board of Supreme Audit has warned Washington that Baghdad will sue if necessary to recoup the money.

Bowen said the U.S. needs Iraq's assistance to obtain the bank data regarding the disbursal of the funds so that his office can close the books on jurisdiction over DFI by the end of the summer since it's been years since the U.S. has had control over it.

"We're going to account for it as best we can," he said.

Read more:

[Fair&Balanced]

Originally Posted by classicman

But ... we are apparently responsible for it. If the money is not accounted for,
we apparently will have to pay them with "our money."

Iraq claims the agreement holds the US responsible but Iraq wont be the one to make that determination.

[classicman]

Originally Posted by Fair&Balanced

Iraq claims the agreement holds the US responsible but Iraq wont be the one to make that determination.

I was looking for more info on that ... The reporting got interrupted by some dick.

How exactly would that determination be made? Is there some world court or what?

[Fair&Balanced]

Originally Posted by classicman

I was looking for more info on that ... The reporting got interrupted by some dick.

How exactly would that determination be made? Is there some world court or what?

That I dont know.

I do know the SIGIR is investigating the involvement of Americans in any theft, fraud, bribery, etc. and potentially recovery $hundreds of millions.

http://www.sigir.mil/directorates/in...ons/index.html

The US cant prosecute Iraqis but we could certainly demand that the Iraq government do the same with due diligence before any discussion of any repayment.

[BigV]

Originally Posted by BigV

For the record, that was six billion of Iraq's dollars--not "our" money we were giving to them. It was their money from the start, deposited directly in the Fed Bank in NY as a function of the rules of the Oil for Food program from years earlier. It worked so well that they continued it for years.

Originally Posted by classicman

But ... we are apparently responsible for it. If the money is not accounted for,
we apparently will have to pay them with "our money."


Read more:

Originally Posted by Fair&Balanced

Iraq claims the agreement holds the US responsible but Iraq wont be the one to make that determination.

Originally Posted by classicman

I was looking for more info on that ... The reporting got interrupted by some dick.

How exactly would that determination be made? Is there some world court or what?

Originally Posted by Fair&Balanced

That I dont know.

I do know the SIGIR is investigating the involvement of Americans in any theft, fraud, bribery, etc. and potentially recovery $hundreds of millions.

http://www.sigir.mil/directorates/in...ons/index.html

The US cant prosecute Iraqis but we could certainly demand that the Iraq government do the same with due diligence before any discussion of any repayment.

ok, kind of a long series here and not really about SSI. Anyhow.

Shit, man. If I'm delivering a shrink wrapped pallet of hundred dollar bills, you can be assured I'm gonna get a signature or two on my delivery receipt. I'm no auditor, I am pathologically ill suited for such work. So, I trust auditors instead. There has got to be a way to find out where the money was LAST SEEN.

I used to borrow my Dad's tools. This was a big deal, he kept his tools locked up. I loved working with his tools on my bike, my skateboard, whatever. Once, my friends and I were all working on our bikes and I let my friend use one of the tools. It went missing. Long story short, my Dad was uninterested in my story. He entrusted *ME* with the tool, therefore *I* was responsible for it. For returning it or replacing it. If that meant getting it from my friend, fine. Getting a new one from the store, fine. He gave it to me, he gets it back from me. Preeeetty simple. I don't see how this doesn't apply here too.

[xoxoxoBruce]

In order for SS to know they overpaid money, wouldn't they have to know who it was paid to? Take it back... duh.