Posted on 04/06/2017 12:04:32 PM PDT by rktman
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.
(Excerpt) Read more at hannity.com ...
Interesting. Of note, this appears to just be from 2015/16.
If that is correct, what about the last 5, 10, 20 years?
Reparations. Just like all that money taken from fannie and freddie to fund obamacare that was meant for loans to the middle class.
That kind of money would pay for:
1. Wall for the entire 2000 mile+ border with Mexico
2. Wall for the entire 3000 mile border with Canada
3. Just for grins, walls along the entire Atlantic and Pacific seaboards.
Any left over would erect a wall around the entire Washington DC perimeter, to lock the criminals up.
The swamp keeps getting deeper.
Yea, I’d hate to have an Emily Latilla moment ;’}
COLLUSION AND CONSPIRACIES GALORE Some $8.9 billion was funneled to Madoff through a dozen so-called feeder funds based in Europe, the Caribbean and Central America......a labyrinth of hedge funds, management companies and service providers that, to unsuspecting outsiders, seemed to compose a formidable system of checks and balances.
But the purpose of this complex architecture was just the opposite: the feeder funds provided different modes for directing money to Madoff in order to avoid scrutiny.
FOUNDATIONS ARE HUGE MONEY LAUNDERERS AND TAX EVADERS
(HAT TIP WIKI.COM) Stanley Chais, a philanthropist and foundation principal who invested heavily with Mr. Madoff, and Carl J. Shapiro, one of the money manager's oldest friends, are among at least eight Madoff investors and associates being scrutinized by the U.S. attorney's office in Manhattan. Prosecutors are continuing to probe Madoff family members and employees.
Others include: Frank Avellino, a Florida accountant who ran an investment fund that invested client money; Noel Levine, a real-estate investor who works out of a two-room office on the 17th floor, next door to Madoff's fraudulent investment operation, and Palm Beach investor Robert Jaffe, a son-in-law of Mr. Shapiro who referred potential investors to Madoff.
Entity called Madoff Securities International Ltd.----In 2008, about $1 billion was transferred between Madoff’s U.S. firm and Madoff Securities International Ltd. in London. On March 24, 2009 Judge Louis L. Stanton granted power of attorney to Irving Picard, trustee, over Madoff's controlling stake in London.
Authorities in the U.K. are seeking evidence of money laundering involving the London business, Madoff Securities International Ltd., which opened in 1983 as a separate legal entity from Mr. Madoff's U.S. New York office. He allegedly sent more than $250 million beginning as early as 2002, from his New York-based firm, Bernard L. Madoff Investment Securities LLC, to the U.K. office and then back to accounts in the U.S.
In 2000, Madoff began to add staff and expand the operation, and loaned the business $62.5 million. He had a staff of 25, including traders, managers and support. Instructions to staff was that they communicate with Madoff Securities through personal e-mail accounts, not through company e-mail.
There were nine directors. Family members with shares included Mark and Andrew Madoff, Peter Madoff, and Bernard himself. Ruth Madoff, Bernard Madoff's wife, also held shares. [8] Non-family members with shares included Maurice J. "Sonny" Cohn. Madoff and Cohn were shareholders in Cohmad Securities, which steered investors to Mr. Madoff's advisory business.
In 1987, Mr. Cohn had shares of Madoff Holdings Ltd., a predecessor to the current London firm. In 1998, Mr. Cohn held 35,624 non-voting shares, some of which he transferred to "BL Madoff" in 1998, and the rest that he "disposed of" in 2004.
Paul Konigsberg, a New York City accountant and a longtime friend for more than 25 years, prepared two Madoff Family Foundation tax returns, and received the non-voting shares, valued at $35,000. He did work for the London office when it was first opened. [8] A general ledger of Madoff accounts listed Konigsberg, of the reputable accounting firm of Konigsberg, Wolf & Co., as receiving $30,000 a month to advise the MSIL operations, and funnel client checks to the London office for Madoff's own use.[9]
Clients were often directed to Mr. Konigsberg by Mr. Madoff and his family. Mr. Konigsberg prepared the tax returns of foundations of six other families, many of which have lost millions, even hundreds of millions, of dollars. He also represented scores of individual Madoff investors.
Mr. Konigsberg's firm has received a civil subpoena from the SEC. His Madoff-related clients included Carl and Ruth Shapiro, Boston philanthropists whose foundati on lost $145 million, and whose son-in-law, Robert M. Jaffe, under investigation, is a Madoff business partner.[9][10]
Konigsberg held Madoff accounts under his name including two in the name of the Westlake Foundation. Paul J. and Judith Konigsberg are officers and directors of the foundation. He owns homes in his wife, Judith's name in Greenwich, Connecticut and Palm Beach Gardens, Florida.[11]
On April 20, 2009, Steven Leber filed a $4 million lawsuit against Konigsberg and his accounting firm for negligence, and breach of fiduciary duty.[12] Konigsberg answered the charges with affirmative defenses.[13]
Evidence is being gathered by investigators on a U.S.-U.K. task force that Konigsberg and Levy, a real-estate mogul and philanthropist are believed to be involved in an international transfer of money. Levy is believed to have helped Paul Konigsberg funnel checks to London. And investigators in New York say there were billions of dollars worth of checks going back and forth between Madoff and Levy.
One Levy entity---a "do-good tax-exempt foundation" "says" it lost $224 million "investing" with Madoff. Supposedly the foundations helped the "less fortunate," especially ex-convicts.
NOTE: "losing money" in an investment scheme is a tax write-off.......the preferred MO to reduce taxes.
“mistakes” and “errors.” Don’t forget the Dems favorite excuses: short-circuit, computer glitch, and bureaucratic snafu.
It probably went the same place the skim from Fannie and Freddie went. Some believe it went to fund Obamacare.
http://www.nationalreview.com/article/434970/fannie-mae-freddie-macs-bailout-lives-government-theft
OOHHHH, so THAT’S where “Obama’s STASH” came from.
I believe this is what the Dindus referred to as his “stash”.
What I want to know is how $520 billion can go missing in an agency with an annual budget of less than $50 billion.
Absolutely right and the Pub's need to start using the term "theft" otherwise the MSM will accuse the Pub's of prosecuting common human errors.
LOL.
Dr Carson puts me to sleep but Kudos to him for finding it and exposing it.
Find those responsible and confiscate their bank accounts including Hussien and Hillary! Damn this pisses me off!
“Never mind!” = Emmm-Barassing!
ncompetence thy name is Barack Hussein Obama.
More like : His Excellency, Iman Obama Al Chic Ago....
If they found that in 45 days, then the other guys were not even hiding it.
Did any of it end up in Hill’s campaign?
Lock her up anyway.
LOL.......I’ll tell you what, I think we could take care of a goodly amount of the deficit if we find all the waste, fraud and theft of every sorry agency in this thieving, sorry gooberment! Of course it wouldn’t put a dent in the deficit but I do want to see perp walks and the sooner the better. Dr. Carson is making leeway with his department now on to the STATE DEPARTMENT!!
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