|"Corruptus in Extremis"|
So much money & no one is watching
- It does not matter which moronic party controls Congress or the White House. Both parties have worked together and voted to spend nearly $9 Trillion (with a T) of military spending with not one single audit since 1996.
- After all, an audit and honest accounting of tax dollars might slow down the wholesale theft of cash that weakens our defense efforts.
(Reuters) - Because of its persistent inability to tally its accounts, the Pentagon is the only federal agency that has not complied with a law that requires annual audits of all government departments. That means that the $8.5 trillion in taxpayer money doled out by Congress to the Pentagon since 1996, the first year it was supposed to be audited, has never been accounted for.
That sum exceeds the value of China's economic output last year.
At the DFAS offices that handle accounting for the Army, Navy, Air Force and other defense agencies, fudging the accounts with false entries is standard operating procedure, Reuters has found.
And plugging isn't confined to DFAS (pronounced DEE-fass). Former military service officials say record-keeping at the operational level throughout the services is rife with made-up numbers to cover lost or missing information.
A review of multiple reports from oversight agencies in recent years shows that the Pentagon also has systematically ignored warnings about its accounting practices. "These types of adjustments, made without supporting documentation … can mask much larger problems in the original accounting data," the Government Accountability Office, the investigative arm of Congress, said in a December 2011 report.
Plugs also are symptomatic of one very large problem: the Pentagon's chronic failure to keep track of its money - how much it has, how much it pays out and how much is wasted or stolen.
In its investigation, Reuters has found that the Pentagon is largely incapable of keeping track of its vast stores of weapons, ammunition and other supplies; thus it continues to spend money on new supplies it doesn't need and on storing others long out of date.
It has amassed a backlog of more than half a trillion dollars in unaudited contracts with outside vendors; how much of that money paid for actual goods and services delivered isn't known. And it repeatedly falls prey to fraud and theft that can go undiscovered for years, often eventually detected by external law enforcement agencies.
For the full article go to Reuters News.
|USS Gerald Ford - $13 Billion in Scrap Metal|
Proper audits might stop the flow of cold hard cash into insane boondoggle spending projects. For example, the price tag for the USS Gerald Ford is now at $13 billion, it is 22% over budget with three more years to go before it is finished.
To compare, the navy of India just took delivery of INS Vikramaditya aircraft carrier for a cost of $2.35 billion.
See our article - USS Gerald Ford - $13 Billion in Scrap Metal