$1.62 Billion in Frozen Baghdad Assets Seized

From Times Wire Reports

The Bush administration has seized $1.62 billion in Baghdad’s assets already frozen in the United States and will use the money to help rebuild the country if Iraqi President Saddam Hussein is ousted, a top Treasury Department official said.

David Aufhauser, general counsel, said the money has been transferred to an account at the Federal Reserve Bank of New York. An additional $77 million is expected to be transferred soon, bringing the total to about $1.69 billion.

The Iraqi government assets have been frozen since 1990.