$1.62 Billion in Frozen Baghdad Assets Seized
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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.
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