There is little to show for the tens of billions of dollars spent over the last four years to rebuild Iraq. Plans begun with high hopes and aimed at improving everything from Iraq's dilapidated infrastructure to its healthcare and education systems have instead become mired in corruption, waste and mismanagement.

Shortly after Baghdad fell in 2003, huge contracts were awarded to several U.S. companies. Some were no-bid, such as the $1.4 billion contract handed to Halliburton to rebuild Iraq's oil industry. In other contracts there was limited competition.

"Basically these were contracts that said to a contractor, 'I'm going to have hundreds of projects all over the country, (but) … I'm not quite sure what those projects are going to look like,'" said Steve Schooner, the co-director of the government procurement law program at George Washington law school.

The idea was for the contractors to get into Iraq quickly and then wait further orders, Schooner said.