Not errors and accounting mistakes. Embezzlement. Find them, name them, and send someone(s) to prison. Period.
I was excited to have discovered this error, and though I would be lauded. But instead, I was "thanked" by people higher up than me, and then told in no uncertain terms that I was not to go poking around in any code in that system in the future. I never heard anything else from them again.
These numbers had been used by the CBO, and had been wrong for at least a decade. Another reason to not trust what the CBO ever says.
And for the curious, the programming error was one where the person who developed the code overlooked, or was not aware of the fact, than in many systems, a NULL was not the same as a ZERO. Oops...
How The Democrats Caused The Financial Crisis: Starring Bill Clinton’s H...
https://youtu.be/Lr1M1T2Y314
TRUMP needs to do a press conference tomorrow:
“Dr. Ben Carson Found a Half TRILLION Dollars in errors while auditing the Housing Agency as he undertakes the cleanup after the thoroughly INEPT and crooked Obama administration. The American people should be outraged about this finding. Unfortunately, my fear is that this example of wasting the hard earned money of the American people is just the beginning of the rot we’ll uncover. The Obama administration was a financial disaster and the SWAMP is deeper and dirtier than I could have ever imagined. This is an indictment on Washington DC and the entire system. I make this pledge: I will not allow the American people to be taxed ONE MORE DOLLAR until we fix the waste, fraud, and abuse that betrays hard working Americans.”
ACORN SEED MONEY.
Errors and accounting mistakes? BS..It should be Fraud, not mistakes.... The only mistakes was that they were caught...
You could probably fill up all the pyramids in Giza with that amount of money.
.
>> “budgetary mistakes and clerical errors.” <<
IOW Chicago “Appropriation.”
Even just this initial report makes me proud of Carson—some questioned his qualification for the position, but it seems to me like he’s on top of it.
HUD Secretaries under Obama:
Shaun Donovan
Julian Castro
He found all that in less than three months and he’s not even a CPA.
And it only took him a month to find this. I think Pres. Trump hired the right man.
It ain’t embezzlement, it’s Marxist redistribution.
And you can bet the Democrats got millions of it back for getting for them in the first place.
I hope and pray that Carson and his staff have excellent security.
These are terrible criminals who people the HUD.
I know it has probably already been observed, but HUD doesn’t have enough budget to make even a cumulation of errors amounting to $500 billion even possible UNLESS they are counting all the bailout money, otherwise HUD hasn’t existed long enough.
What I suspect we’ll discover is that there was a decimal error in the original reporting and budgeting errors for 2016 have been about $5 billion ... which is STILL scandalous!
Drain the swamp!
“Well it ain’t like it’s brain surger................... Oh.”
LOL!!
Is this stolen money ? If so the Gop sit by and watch as America was ripped off and not one peep from them. How much more is missing from other agencies. People should be executed if its stolen money. All of them.
Imagine what they’ll find when they audit The Fed.
The audit is lengthy. Here’s a couple of things I came across:
****Errors in financial statement note disclosures. We found that 19 of 31 financial
statement notes (61 percent) contained errors with an approximate absolute value totaling
$278.5 billion. Of the $278.5 billion in errors, $159.4 billion in errors was due primarily
to (1) incorrect data entry, (2) omission of restated balances, or (3) incorrect data
provided by HUD’s component entities (FHA and Ginnie Mae). The remaining $119.1
billion in errors was due to inappropriate rounding adjustments. We found several
instances in which rounding was performed to the nearest billion and hundred billion,
1. HUD Assets and Liabilities Were Misstated and Not Adequately Supported
HUD did not properly account for, have internal controls over, or have adequate support for all
of its assets and liabilities. Specifically, (1) CPD did not validate its accrued grant liabilities
estimates; (2) HUD’s accounting for its cash management process did not include the recognition
of receivables and payables when incurred and understated its prepayment balance; (3) HUD did
not recognize a prepayment for funds advanced to its IHBG grantees that were used for
investment; (4) EHLP could not be audited; (5) balances related to HUD’s loan guarantee
programs were not reliable; and (6) HUD did not properly account for its property, plant, and
equipment. These problems occurred because of continued weaknesses in HUD’s internal
controls and a lack of communication between OCFO and the program offices. As a result,
several financial statement line items were misstated or could not be audited as of September 30,
2016. Specifically, (1) CPD’s accrued grant liabilities estimates could not be audited; (2) HUD’s
PIH prepayments and accounts receivable balances contained errors with an absolute value of
approximately $476.2 million and $201.2 million, respectively, and accounts payable were
understated by an unknown amount; (3) HUD’s expenses on its statement of net costs were
overstated by $293.2 million; (4) loans receivable balances for EHLP could not be audited and
were potentially misstated; (5) balances related to HUD’s loan guarantee programs were
misstated by unknown amounts; and (6) HUD’s $297 million balance for property, plant, and
equipment was not supported.
2....some contractors had inappropriate access to sensitive budget and general ledger financial transactions.
Further, inaccurate security documentation could lead to inappropriate decisions.
3. HUD Continued To Not Comply With the HOME Investment Partnership Act
4. HUD Did Not Comply With Treasury Financial Manual’s Rules on Cash Management or 2 CFR
Part 200
5. HUD Did Not Comply With the Improper Payments Elimination and Recovery Act of 2010
6. Ginnie Mae Did Not Comply With the Debt Collection Improvement Act of 1996
7. HUD Assets and Liabilities Were Misstated and Not Adequately Supported
Much more at link:
https://www.hudoig.gov/sites/default/files/documents/2017-FO-0005.pdf