Proud Tiger 4,261 Posted April 11, 2017 Share Posted April 11, 2017 $500B in "errors".......you have to be kidding. http://www.foxnews.com/politics/2017/04/10/watchdog-calls-out-hud-for-500b-plus-in-accounting-errors.html Link to comment Share on other sites More sharing options...
auburnphan 6,050 Posted April 11, 2017 Share Posted April 11, 2017 consider the source and you are right, they are kidding you. Link to comment Share on other sites More sharing options...
PUB78 1,354 Posted April 11, 2017 Share Posted April 11, 2017 9 hours ago, Proud Tiger said: $500B in "errors".......you have to be kidding. http://www.foxnews.com/politics/2017/04/10/watchdog-calls-out-hud-for-500b-plus-in-accounting-errors.html Having dealt with HUD in the past, this is no surprise. Link to comment Share on other sites More sharing options...
AU64 10,122 Posted April 11, 2017 Share Posted April 11, 2017 1 hour ago, auburnphan said: consider the source and you are right, they are kidding you. https://www.hudoig.gov/sites/default/files/documents/2017-FO-0005.pdf You mean this source? I take it you did not actually read the link and source of the report....a bit closed minded are you? Link to comment Share on other sites More sharing options...
homersapien 11,353 Posted April 11, 2017 Share Posted April 11, 2017 How is this "corruption" on Obama's part? Link to comment Share on other sites More sharing options...
AU64 10,122 Posted April 11, 2017 Share Posted April 11, 2017 56 minutes ago, homersapien said: How is this "corruption" on Obama's part? The President , appoints the leadership and oversees the operation. kind of like firing a football coach when the team is having a bad season....even though he did not personally make any of the bad plays. Now if he had fired whoever was running that operation I would give him credit for trying....but as it was....he left incompetents in key IRS jobs and many others. That's my answer anyway.... Link to comment Share on other sites More sharing options...
homersapien 11,353 Posted April 11, 2017 Share Posted April 11, 2017 26 minutes ago, AU64 said: The President , appoints the leadership and oversees the operation. kind of like firing a football coach when the team is having a bad season....even though he did not personally make any of the bad plays. Now if he had fired whoever was running that operation I would give him credit for trying....but as it was....he left incompetents in key IRS jobs and many others. That's my answer anyway.... If that's corruption, Trump is on track to be the most corrupt president in our history. And that's even before factoring in his real corruption related to his personal business interests. Link to comment Share on other sites More sharing options...
AU64 10,122 Posted April 11, 2017 Share Posted April 11, 2017 3 minutes ago, homersapien said: If that's corruption, Trump is on track to be the most corrupt president in our history. And that's even before factoring in his real corruption related to his personal business interests. Your opinion on DJT......but $500 Billion of taxpayer's money is REAL corruption don't you think ?...though more likely it's about 1/2 incompetence and 1/2 actual corruption. JMO. Link to comment Share on other sites More sharing options...
homersapien 11,353 Posted April 11, 2017 Share Posted April 11, 2017 20 minutes ago, AU64 said: Your opinion on DJT......but $500 Billion of taxpayer's money is REAL corruption don't you think ?...though more likely it's about 1/2 incompetence and 1/2 actual corruption. JMO. Is the money missing? Link to comment Share on other sites More sharing options...
AU64 10,122 Posted April 11, 2017 Share Posted April 11, 2017 16 minutes ago, homersapien said: Is the money missing? Unaccounted for....and apparently did not go where it was supposed to go.....SO...I guess that means it is "missing"....not that someone doesn't have it somewhere...so maybe the money might be considered as part of a stimulus plan even if we don't know who is being stimulated... Link to comment Share on other sites More sharing options...
auburnphan 6,050 Posted April 11, 2017 Share Posted April 11, 2017 4 hours ago, AU64 said: https://www.hudoig.gov/sites/default/files/documents/2017-FO-0005.pdf You mean this source? I take it you did not actually read the link and source of the report....a bit closed minded are you? nope, the article is a pot stirrer. Read the report, did you. Judging by your responses in this thread you have not. 55 minutes ago, AU64 said: Unaccounted for....and apparently did not go where it was supposed to go.....SO...I guess that means it is "missing"....not that someone doesn't have it somewhere...so maybe the money might be considered as part of a stimulus plan even if we don't know who is being stimulated... read your source, the money isn't missing. All was accounted for. There were systematic issues with changing systems and other small things stated in the recommendation portion of the audit. Link to comment Share on other sites More sharing options...
AU64 10,122 Posted April 11, 2017 Share Posted April 11, 2017 2 hours ago, auburnphan said: nope, the article is a pot stirrer. Read the report, did you. Judging by your responses in this thread you have not. read your source, the money isn't missing. All was accounted for. There were systematic issues with changing systems and other small things stated in the recommendation portion of the audit. Don't believe so......$500B in errors and failure to follow GAP among other things.....' comments like these are scattered throughout the report....so maybe I need to increase my percentage of incompetence a bit. The total loan principal issued under this program was $246 million; however, we were unable to determine whether the current balance recognized on the consolidated balance sheet of $103.2 million was anaccurate net realizable value of the portfolio... As of September 30, 2016, its subledger review was ongoing, and there was an unreconciled balance of $29.4 billion. These differences remained unresolved mainly because HUD could not identify and locate sufficient documentation to support material United States Standard General Ledger (USSGL) accounts . JMO but if you can't account for it....it is "missing" . Link to comment Share on other sites More sharing options...
auburnphan 6,050 Posted April 11, 2017 Share Posted April 11, 2017 4 minutes ago, AU64 said: Don't believe so......$500B in errors and failure to follow GAP among other things.....' comments like these are scattered throughout the report....so maybe I need to increase my percentage of incompetence a bit. The total loan principal issued under this program was $246 million; however, we were unable to determine whether the current balance recognized on the consolidated balance sheet of $103.2 million was anaccurate net realizable value of the portfolio... As of September 30, 2016, its subledger review was ongoing, and there was an unreconciled balance of $29.4 billion. These differences remained unresolved mainly because HUD could not identify and locate sufficient documentation to support material United States Standard General Ledger (USSGL) accounts . JMO but if you can't account for it....it is "missing" . HUD was able to make revisions to correct the errors identified and make other corrections that were later identified by OCFO. OCFO reissued its financial statements, which included corrections totaling $516.4 billion to its notes and $3.4 billion to its financial statements. This was in the conclusions part, if you have not read many documents like these it is easy to be confused. Link to comment Share on other sites More sharing options...
AU64 10,122 Posted April 11, 2017 Share Posted April 11, 2017 55 minutes ago, auburnphan said: HUD was able to make revisions to correct the errors identified and make other corrections that were later identified by OCFO. OCFO reissued its financial statements, which included corrections totaling $516.4 billion to its notes and $3.4 billion to its financial statements. This was in the conclusions part, if you have not read many documents like these it is easy to be confused. I understand this stuff is complicated but also, there is no way that when the audit is complete that the agency will leave the discrepancies in their books . An agreement will be reached , and corrections made with corresponding posts to some account to increase or decrease the value and clear up the variances. You can bet there was no possible way to identify where the money really went . Assumptions were made and the accounts were balanced. All they really know for certain is that X dollars came into the agency and X dollars were spent somewhere. Just saying, that no matter how big this agency is, $500 B in "errors" is huge and is an indication of lack of financial control. I accept that this is not just about Obama,it is an indictment of our entire government's lack of financial responsibility. Link to comment Share on other sites More sharing options...
homersapien 11,353 Posted April 12, 2017 Share Posted April 12, 2017 4 hours ago, AU64 said: Don't believe so......$500B in errors and failure to follow GAP among other things.....' comments like these are scattered throughout the report....so maybe I need to increase my percentage of incompetence a bit. The total loan principal issued under this program was $246 million; however, we were unable to determine whether the current balance recognized on the consolidated balance sheet of $103.2 million was anaccurate net realizable value of the portfolio... As of September 30, 2016, its subledger review was ongoing, and there was an unreconciled balance of $29.4 billion. These differences remained unresolved mainly because HUD could not identify and locate sufficient documentation to support material United States Standard General Ledger (USSGL) accounts . JMO but if you can't account for it....it is "missing" . It's actually still there. It's not "missing". Link to comment Share on other sites More sharing options...
autigeremt 6,569 Posted April 12, 2017 Share Posted April 12, 2017 Wow....government mismanaging OUR money. Who knew? Lol Link to comment Share on other sites More sharing options...
Guest WarEagleSteve Posted April 17, 2017 Share Posted April 17, 2017 Yeah, the federal government sucks at managing money no matter who's in charge. I don't think you can necessarily blame this on any administration necessarily. Great example: The Pentagon has never been audited. Ever. The defense department has the largest budget of any cabinet agency and even they don't know where all of the money goes and that's not even getting into the giant money pit that is the acquisitions process. Some highlights from the last 25 years: the RAH-66 Comanche helicopter- $7 billion spent, never adopted. The Expeditionary Fighting Vehicle -$3 billion spent, never fielded. I won't even discuss the mountains of money thrown at overpriced contractors in Iraq and Afghanistan over the last decade and a half. Link to comment Share on other sites More sharing options...
Brad_ATX 13,654 Posted April 17, 2017 Share Posted April 17, 2017 4 minutes ago, WarEagleSteve said: Yeah, the federal government sucks at managing money no matter who's in charge. I don't think you can necessarily blame this on any administration necessarily. Great example: The Pentagon has never been audited. Ever. The defense department has the largest budget of any cabinet agency and even they don't know where all of the money goes and that's not even getting into the giant money pit that is the acquisitions process. Some highlights from the last 25 years: the RAH-66 Comanche helicopter- $7 billion spent, never adopted. The Expeditionary Fighting Vehicle -$3 billion spent, never fielded. This isn't even getting into the mountains of money thrown at overpriced contractors in Iraq and Afghanistan over the last decade and a half. You're far too level-headed for this forum. Link to comment Share on other sites More sharing options...
icanthearyou 4,462 Posted April 17, 2017 Share Posted April 17, 2017 I like the part about, "rounding to the millions". Doing that over multiple items, over multiple P&Ls,,,,, Link to comment Share on other sites More sharing options...
AuburnNTexas 7,128 Posted April 18, 2017 Share Posted April 18, 2017 I see multiple issues here. One somebody immediately discounted it because it came from Fox News before reading the article. The article was balanced and there were things in it that showed incompetence but did not necessarily show corruption. Two trying to blame this on the Obama administration. Yes they were in power at the time but that does not necessarily mean that they were in control. We have seen multiple scandals at the VA some from before the Obama administration, we have seen one congressional investigation after another all swearing they would clean up the VA but nothing changes. The reason for the lack of change and accountability is multi-fold the Agencies themselves are private fiefdoms run by non-elected career bureaucrats who spend more time protecting each other than doing their jobs. Union Rules that make firing and punishing employees almost impossible, Congress despite all its bombast have passed laws and regulations that protect these people. Civil Service is a hidden government that does not change from administration to administration.It has its own safeguards protecting its empire against the people and the elected government. If you elect a new administration be it Republican or Democratic and you appoint a figurehead leader who doesn't have the power to fire or punish and then you hold that person responsible when it fails so you replace that figurehead with another figurehead and nothing changes. Until new Union contracts are signed allowing real power while still having some protections for the working man and until congress passes new regulations allowing true oversight nothing will change. We will have more scandals some minor some major. We will have more investigations seen on CSPAN so our politicians get more air time looking like they are trying to address our problems. Nothing will change because we never address the underlying issues. Link to comment Share on other sites More sharing options...
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