First broadcast November 2006
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?
The BBC Podcasts are for your personal non-commercial use only.
All title, ownership rights and intellectual property rights in and to the BBC Podcasts shall remain the property of the BBC or third parties.
You may not edit, alter, adapt or add to the BBC Podcast in any way.
The BBC Podcasts are made available by the BBC on an "as is" and "as available" basis and the BBC gives no warranty of any kind in relation to the BBC Podcast.
To the maximum extent permitted by law the BBC will not be liable for any loss or damage which you may suffer as a result of or connected to the download or use of the BBC Podcasts
See the full BBC Podcast: Standard Licence Terms here.