I think it varies from country to country how accountable, and honorable, the Red Cross really are. Unfortunately once the money is donated, the Red Cross do not always follow the directions of the donor.

After the Bali Nightclub Bombings, the Red Cross in Australia came under quite a bit of criticism in the media after much of the money donated (with the instruction that it was for use in Bali) was redirected away from Bali and instead to their day to day running here.

I'm not saying that the Red Cross is worse than any of the other international aid charities here (in fact they're probably the best of the bunch). Hopefully more of the money will go to where it is needed this time around.