Wednesday, December 29, 2010

Federal Reserve shipped $12 billion in cash to Iraq

The Federal Reserve sent nearly $12 billion in cash, mainly in $100 bills, to Iraq from 2003 to 2004. According to Representative Henry Waxman (D-CA), Oversight and Government Reform Committee Chairman, the Federal Reserve Bank in New York had to pack 181 million individual bills including more than 107 $100 bills on to wooden pallets to be shipped to Iraq. The cash weighed more than 363 tons and was loaded onto C-130 cargo planes to be flown into Baghdad.

A few months earlier, Ron Paul had questioned Ben Bernanke on this and other items; Bernanke called all the allegations "bizarre."

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