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Missing billions in Iraq fueling private equity and hedge funds?
Sondra Acerman
May 23, 2007
No one knows where the private equity and hedge funds got billions to fuel the stock market and the commodity markets. It is also interesting to note that Members of Congress demanded on Tuesday that the Bush administration explain how billions of dollars of US taxpayers’ money had gone missing in Iraq.
Some think tanks have started extrapolating missing dots. Iraq war directly and indirectly has funneled billions into the hands of few in United States. Security contracts, infrastructure builkding contracts and much more is under focus now. Iraqi coalition government also cannot account for billions of dollars.
The biggest question is where do these hedge funds and private equity funds get all that money – we are talking of hundreds of billions? Some argue, the tax cut for the rich helped. But that cannot be all. It is not tens of billions of dollars but hundredes of billions – perhaps trillions.
Since the Iraq war the derivative market has gone nuts – it is more than a thrillion doallsr market now. The buying spree by the Private Equity firms and hedge funds is noteworthy. Where is all that money coming from?
According to Tom Lantos, Democratic Chairman of the House foreign relations committee, Iraq was losing perhaps $5bn. a year through corruption. Gary Ackerman, a New York Democrat, cited figures from the US government accountability office that reported between 100,000 and 300,000 barrels of Iraqi oil were unaccounted for each day – representing $5m to $15m daily at an average price of $50 a barrel.
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