Ben Carson finds $500+ BILLION in Obama errors

[Faster horses]

http://www.hannity.com/articles/hanpr-election-493995-493995/dr-ben-carson-finds-half-trillion-15717030/



Dr. Ben Carson has discovered over $500 billion (that's with a 'B') in errors and accounting mistakes during his audit of the Obama administration's Housing and Urban Development budget.

One of Dr. Carson's first orders after being confirmed as the Secretary of HUD was a thorough audit of the agency, which has been accused of fraud and over-budgeted projects throughout the entire Obama administration.

What did the auditors find? Over $520 billion in budgetary mistakes and clerical errors.

"The total amounts of errors corrected in HUD's notes and consolidated financial statements were $516.4 billion and $3.4 billion, respectively," said one of the auditors.

But the problems didn't stop there.

According to the Housing and Urban Development Inspector General's report:


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.

The auditors said the massive budgetary problems "were due to an inability to establish a compliant control environment, implement adequate financial accounting systems, retain key financial staff, and identify appropriate accounting principles and policies."

 

[Mike]

Wonder how much of it is in an off shore account to continue Michelle's traveling lifestyle?

 

[lavacarancher]

Wonder how much of it is in an off shore account to continue Michelle's traveling lifestyle?

$499,999,000,000.00 or more.

 

[Steve]

It is 500 billion in mistakes,.. but who wins? My guess is we loss and the money will somehow never be recovered, or worse, the audit will show we owe money...

The total dollar figure noted in the report — roughly $550 billion — is undeniably a very large amount of money (equivalent to approximately 13% of the entire 2015 federal budget). But the OIG report explains that figure was the absolute value of all numeric corrections made to HUD financial records, meaning all numeric adjustments (whether positive or negative) were added to create that aggregate figure.

A simple analogy would be to consider a bookkeeper who mistakenly entered the same $1,000 payment into a ledger six times: the aggregate value of those mistakes would be $5,000, but that would not mean the hapless bookkeeper actually "found" and/or "lost" $5,000 in real funds, or that that amount of money ever actually passed through his hands. Likewise, the OIG report on HUD does not mean that $550 billion was lost and then recovered as of 1 March 2017:

Edited to add,..
well I found part of the answer..

According to the OIG report, HUD maintains that the errors represented a net adjustment of only $3 million and resulted in "no changes in HUD's financial position or impact to [HUD] programs":

 

[Steve]

Wonder how much of it is in an off shore account to continue Michelle's traveling lifestyle?

$499,999,000,000.00 or more.

She should have checked her bank statement to make sure the check cleared, as less then $3 million is the actual adjustment..

HUD maintains that the errors represented a net adjustment of only $3 million

That won't last those jet setters long..

 

[Tam]

If there is over $500 billion worth of accounting mistakes in HUD my advise is FIRE THE DAMN ACCOUNTANTS and get some third graders to do the work as they would likely do a better job. Might make a few mistakes but if it is not $500 billion the US is ahead on the friggin game. How do these people keep their jobs FGS?

Did they ever find the $6 billion that Hillary lost out of the State Department? That is the money I would be looking for in an off shore account in the Clinton name. They used the Charitable Foundation donations like it was they own little bank account so why not the State Department. With a budget that big and accountants like HUD had who would miss a tiny figure like $6 BILLION. That kind of money could buy Bill his own jet to flight down to pedophile island on a weekly bases. Or at the very least buy Hillary another run for the Presidency in 2020. :gag:

 

[Faster horses]

We never hear anything about Hillary losing $6 Billion; all we hear is about Trumps tax returns. I hope someone makes some noise about this. Not that the MSM will pay any attention.

 

[mrj]

Can we have any hope at all that people doing the jobs which resulted in such 'errors', is not outright misappropriation of at least part of those 'losses' or 'found' moneys have already lost their jobs?

I recall back about '56 to '58 when I was in jr. and sr. years of high school, there was some sort of government backed, or university study used by the govt, which was to determine efficiency in various agencies, businesses, etc. in order to help improve efficiency and limit waste. Wonder what ever happened to the young 'whiz kids' and their professors who made these amazing discoveries???

Even more to the point, whatever happened to the concept that government and business both would benefit from more efficiency?

Obviously, some businesses have used those efficiencies and even improved upon them.....especially those of us in agriculture, btw!

And government agencies seem to have sunken even deeper into sloth and fraud, is an inescapable conclusion, imo.

Wouldn't it be wonderful and amazing if some of these altruistic people like Dr. Carson could have a great effect!!!!

mrj

 

[Tam]

We never hear anything about Hillary losing $6 Billion; all we hear is about Trumps tax returns. I hope someone makes some noise about this. Not that the MSM will pay any attention.

http://truthfeed.com/debate-fact-check-trump-is-right-hillarys-state-department-lost-6-billion/30679/

 

[jcummins]

Not sure I understand this.....HUD annual budget is 30-40 billion. How do you find 500 billion?

 

[Mike]

Not sure I understand this.....HUD annual budget is 30-40 billion. How do you find 500 billion?

There was a lot of Fannie Mae & Freddie Mac money finagled & moved around to pay for that bottomless pit called Obamacare.

 

[Steve]

Not sure I understand this.....HUD annual budget is 30-40 billion. How do you find 500 billion?

it is the sum of mistakes in accounting, not actually $500 billion.

For example, one line item may have been written, $35,650.00 when it should have been $36650.00 a $1000 difference in the end total, but each number based on that is also off. So depending on how much the fist number is wrong, it could have caused many other entries to be wrong.

by the same token, another mistake could have been made on the other side, say, a line item of $36750.00 written as $35650.00
now the end result is a $100 incorrect final total. but the accounting mistakes are at least $2100.00 and any outcome dependent on those two mistakes are incorrect as well.
all the mistakes add up as they accumulate they make it appear as a huge whopping number.




Any person who has scoured their own check book to find where they screwed up can see how a $50 billion dollar budget could show off a slew of wrong numbers. And if anyone has been audited, they can understand how complex accountants can be in their accounting.