Can't we be all for transparency?
Multi-million dollar govt grants to the district are easily converted......deposited in reserve accounts that a bank is then directed to redeposit in another account.
HERE'S HOW MADOFF DID IT When they went back to ID Madoff's assets, they found a super-secret labyrinth of interrelated international funds, institutions and financial entities of almost unparalleled complexity and breadth......with assets and businesses in multiple places overseas that hid thievery, money laundering and tax evasion.
Madoff was running simultaneous scams:
(1) a tax evasion investment scheme for wealthy businessmen ("losing" money is a tax write-off;
(2) money laundering scams;
(3) a protection racket for affinity groups,
(4) aiding and abetting wealthy tax-exempt non-profit foundations to evade US banking laws and the IRS.
(5) hiding money for wealthy businessmen some of which was used for campaign donations (FEC fraud), and non-profit fraud (IRS fraud).
All of this is easily facilitated with co-conspirators directly or indirectly, singly or in concert, using government computers, government computer technicians, by use of financial instruments, investment vehicles, ........utilizing the US mails, electronics, wire transfers, computers.
There are zillions of ways to profit from those do-good multi-million govt programs.
Forbes Magazine says the total bailout bill may exceed $20 trillion. .