We knew Obama was a disaster for our nation, but it just keeps getting worse. An extremely disturbing audit shows that Obama’s HUD department made a “mistake” that is so huge is is hard to believe. Apparently they “miscalculated” $500 BILLION! How that possible?
From Conservative Post:
HUD reissued its fiscal years 2016 and 2015 (restated) consolidated financial statements due to pervasive material errors that we identified.
The total amounts of errors corrected in HUD’s notes and consolidated financial statements were $516.4 billion and $3.4 billion, respectively. There were several other unresolved audit matters, which restricted our ability to obtain sufficient, appropriate evidence to express an opinion.
These unresolved audit matters relate to (1) the Office of General Counsel’s refusal to sign the management representation letter, (2) HUD’s improper use of cumulative and first-in, first-out budgetary accounting methods of disbursing community planning and development program funds, (3) the $4.2 billion in nonpooled loan assets from Ginnie Mae’s stand-alone financial statements that we could not audit due to inadequate support, (4) the improper accounting for certain HUD assets and liabilities, and (5) material differences between HUD’s subledger and general ledger accounts.
This audit report contains 11 material weaknesses, 7 significant deficiencies, and 5 instances of noncompliance with applicable laws and regulations.
This is too big to just “slip by” unnoticed. They want us to think it was an “accounting error.” It is obvious Obama either endorsed it or chose to ignore it, leaving the Trump administration to deal with the mess.
What is your theory about this “honest mistake?” Was it intentional or a sign of incompetence, and which is worse?
