[an error occurred while processing this directive]
BBC News
watch One-Minute World News
Last Updated: Friday, 10 November 2006, 10:37 GMT
The Baghdad Billions
First broadcast November 2006

Construction digger 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 Two: Failure of the US aid programme

In the second part of this two part series, Mark Gregory picks up the money trail at the time the Americans handed power back to the Iraqis in June 2004.

The US-led administration, talking shortly before the return of sovereignty, offered a vision of a country in which the lights worked and clean water flowed from the taps.

But two-and-a-half years after the handover, many Iraqis say their lives are getting worse despite the vast sums allocated for rebuilding.

Mark Gregory explains how profiteering, corruption, bad management and the strength of insurgency have all paid a part in the failure to rebuild Iraq.

Terms of Use
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.

Has China's housing bubble burst?
How the world's oldest clove tree defied an empire
Why Royal Ballet principal Sergei Polunin quit


Americas Africa Europe Middle East South Asia Asia Pacific