$8 billion lost due to corruption in Iraq

Here is a much-underpublicised story. Radi al-Radhi, head of the Iraqi anti-corruption committee said, “The estimated value of the wasted sum because of administrative and financial corruption is eight billion dollars,"

Radhi blamed the constitution for some of the funds lost; saying one of the clauses in the Iraqi law blocked the launching of legal action against government employees. "Article 136 B stipulates that no civil servant should be sent for trial before the consent of his minister," the statement quoted Radhi as saying. The article was obstructing investigations into the "lost money". So the wonderful Iraqi constitution has a clause to protect rotton and corrupt government officials.

Radhi also said that his panel was investigating around 180 employees of the oil ministry in the southern port city of Basra following reports of corruption.

If only that $8 billion were available to bail out the sub-prime lenders.