2003 May 06 Tuesday
Qusay Hussein Removed $1 Billion From Baghdad Bank

The amount stolen is about twice as much as the looters stole after Baghdad fell.

Qusay Saddam Hussein, Mr. Hussein's second son, presided over the seizure of the money, along with Abid al-Hamid Mahmood, the president's personal assistant, the Iraqi official here said. The seizure took place at 4 a.m. on March 18, just hours before the first American air assault.

The money was US dollar foreign currency reserves. Saddam may think he can use it to fund efforts to undermine American rule and eventually to engineer his way back into power when the United States withdraws. Officials could be bribed. Hit men could be hired. There are a lot of ways to to use cash to cause a lot of problems.

All the bank looting by Saddam and by ordinary Iraqis presents the US with a problem: Are any of the Iraqi banks now insolvent? Will the US allow account holders to lose their deposits?

Share |      By Randall Parker at 2003 May 06 02:22 AM  Reconstruction and Reformation


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