Plunger, I wouldn't focus on the missing money for Iraq construction per se.
I've been searching Google for over a month looking for someone to step up and give me proof that the 990N posting which I proudly feature at the bottom of every message I post is in any way inaccurate. I have yet to read anything that does a better job of explaining the action we witness every day. It somebody is going to step-up to discount or refute the theory of 990N, they're first going to have to discount the entire original posting with facts - not theories. It all sounds totally plausible and logical to me, and i now believe that the money that funds it is the money that had been designated for Iraq's reconstruction.
Show me the money! If someone comes up with a full accounting of the missing cash that was supposed to go to the reconstruction of Iraq, I may change my tune...but when you see a single actor stick saving the market with "at market" orders at the least opportune times for profit, one can only conclude that this party is not spending its own money, and is less interested in profit than saving the indexes.
Prove me wrong.
All we know is that no contracts have been signed for the purpose intended.
Congress appropriates funds which go to a given Dept. like Defense.
Defense then allocates those funds to the sub-dept in charge.
The funds sit in an account for the project unless they are pulled back for
"a higher priority need" as determined by Comptroller, Defense Dept.
When a contract is pending, we put that on the books as a commitment.
Even committed funds can be pulled back up to the head-shed for
"other uses." So the urgency is to get a contract signed so the funds
are obligated and "not lost."
Congress is screaming that there are no contracts.
So, yes, there could be some diddling around with that money.
However, the Defense Dept gets huge amounts of money that even
Congress does not know what its for due to "national security issues."
I think this is an extreme abrogation of the system of checks and balances.
It leads to slush funds for god only knows what purposes.
The use of CIA funds for drugs, planes, and other things is a good example.
Nevertheless, the amount of money controlled by the Exchange Stabilization
Fund (ESF), far exceeds any of the above.
Their ability to move money anywhere in the world's financial system, including
offshore hidden accounts, suggests to me that the 990N action, if true,
would utilize those funds vs the appropriated funds such as Iraq construction.
Only the Prez and the Secy of Treas have to approve the use of ESF funds.
Perfect vehicle for what you describe.
What about the Iraq Construction funds? Pure incompetence and an
obvious sign that re-construction was not a big priority for the administration.
Just like it has not been for Afghanistan. All words and no action.