HUD Audit Finds Unheard of $500 Billion in Accounting Errors
Ben Carson is the Secretary General of the Department of Housing and Urban Development.
I told you Donald Trump was focused on cutting corruption in Government. I have been writing here that the reason for the overwhelming bi-partisan hatred of Trump is precisely because he is focused on destroying the moneystreams our leaders have set up for themselves under the guise of "Government".
From HUD [click to enlarge]:
HUD reissued its fiscal years 2016 and 2015 (restated) consolidated financial statements due to pervasive material errors that we identified.
The total amounts of errors corrected in HUD’s notes and consolidated financial statements were $516.4 billion and $3.4 billion, respectively.
There were several other unresolved audit matters, which restricted our ability to obtain sufficient, appropriate evidence to express an opinion.
These unresolved audit matters relate to (1) the Office of General Counsel’s refusal to sign the management representation letter, (2) HUD’s improper use of cumulative and first-in, first-out budgetary accounting methods of disbursing community planning and development program funds, (3) the $4.2 billion in nonpooled loan assets from Ginnie Mae’s stand-alone financial statements that we could not audit due to inadequate support, (4) the improper accounting for certain HUD assets and liabilities, and (5) material differences between HUD’s subledger and general ledger accounts. This audit report contains 11 material weaknesses, 7 significant deficiencies, and 5 instances of noncompliance with applicable laws and regulations.
***************************************************I ask the same question that my father always asked: "Who's getting the rake-off?"
Others might flatly state: "Welcome to the United States of America Banana Republic."
Additional YouTube results for "obama not banana republic."
Frankly, when I heard BHO say the above time and time again in his scolding, preachy, moral-high-horse way, I said: "America, then, must already be a banana republic — or well on her way to becoming one!"