World Bank corruption may top $100 billion

While the much attention has been paid to corruption in the Iraq Oil-For-Food program, a problem known about for years,* they miss the bigger problem of crooks siphoning $100 billion from World Bank aid projects.

*2002 Freedom House Report: Iraqi officials reportedly pocket $1.5 billion to $3 billion per year from oil smuggling through Syria, Turkey, and the Persian Gulf. In March, UN officials reported that Iraqi officials demand millions of dollars in kickbacks and illegal commissions on contracts under the oil-for-food agreement. The illegal profits have been used by Saddam to build vast palaces, amusement parks, mosques, and other monuments, and to pad his personal fortune, which is estimated at some $6 billion in unfrozen foreign assets.