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Last Updated: Wednesday, 8 November 2006, 12:03 GMT
The Baghdad Billions
First broadcast November 2006

Devastated building in Iraq

Iraq has become a vast financial black hole.

Since the war began in 2003, the Americans have spent around $30 billion of their money - and at least $20 billion of Iraq's own money - in rebuilding the country. But where has it all gone?

Mark Gregory has followed the money trail from Iraq to Washington via a kebab shop in Jordan.

He discovers that there have been allegations of fraud, mismanagement and corruption on such a gigantic scale that much of the money is now untraceable.

Part One: The first year of reconstruction

In the first part of this two-part series, Mark Gregory travels to Iraq to investigate what's happened to the billions of dollars that has been invested in rebuilding the country since the fall of Saddam Hussein

He uncovers allegations of impropriety in the awarding of contracts in the United States, chaos at the occupation authority that ran post-war Iraq, and that large sums of Iraqi oil money has disappeared without any record of how it was spent.

Even the finance ministers in the Kurdish regions claim to have no knowledge of how the reconstruction money has been spent.

How did all this happen on America's watch?

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