Posted on 04/06/2017 7:48:56 AM PDT by davikkm
If you’re not familiar with the recent report showing that there were over $500 Billion in accounting errors at the Department for Housing and Urban Development (HUD), that’s because the MSM have either ignored it, or played it down as a simple difference in accounting practices.
The fact is, that HUD, like everyone else in the US is required to follow Generally Accepted Accounting Practices (GAAP) as required by the law. That they did not gives us the first clue.
In 2015, the errors totaled $3.4 Billion, and in 2016, $516.4 Billion. This is quite an increase and should not have occurred if they had been using the same accounting practices as the year before (or if they had followed GAAP).
But the issue is that these errors have been corrected. In December, the Office of Inspector General concluded that they couldn’t sign off on the book because of the errors, so gave a 3 month extension in which HUD were to get everything balanced.
(Excerpt) Read more at investmentwatchblog.com ...
Remember all of Obama's Stimulus Plans? Follow the money.
the term “514 billion in errors” is misleading.
This is not $514 billion spent that they didn’t track.
It is a the total absolute value of the “notes” for which there were errors.
For example, one of the errors was rounding up to a billion instead of a million. So, if you had a note that had a value of 10.5 billion, they listed it as 11 billion, it should have been 10.5 billion — but the “absolute value of the note in error” is “10.5 billion”. THe ERROR was “500 million”. But the absolute value is not the total value of all the errors, it is the total value of the items for which some errors were found.
Note that even a total value of errors could be misleading, because some errors could be positive, and others negative.
THe key to the report wasn’t that there’s a bunch of money missing. It was that HUD was incompetent when it came to tracking and reporting money. And real company that did this would be fined out of business.
$516B from HUD & more lost money from State (under Hillary), where else have the Dems been squirreling away cash?
>
Hopefully Sessions & Co. are quietly doing this serious work. I’m sure Trump knows he has to mortally wound the Dem Mafia.
>
QUIETLY?? WTF for? Let loose them dogs! It’s THEIR JOB
Roll up w/ the posse before they can nuke the HDD and shred the evidence...You grab a few, turn the screws and work up the chain. And, you announce, LOUDLY, the findings along the way to show they *are* doing their job.
It’s what they’d do to you\I. I for one, am more than sick-n-tired of the 2-Americas when it comes to ‘Law of the Land’.
They were funneling funds into the sinking Obamacare revenue stream to keep it going
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.