by Mark Angelides
If you’re not familiar with the recent report showing that there were over $500 Billion in accounting errors at the Department for Housing and Urban Development (HUD), that’s because the MSM have either ignored it, or played it down as a simple difference in accounting practices.
The fact is, that HUD, like everyone else in the US is required to follow Generally Accepted Accounting Practices (GAAP) as required by the law. That they did not gives us the first clue.
In 2015, the errors totaled $3.4 Billion, and in 2016, $516.4 Billion. This is quite an increase and should not have occurred if they had been using the same accounting practices as the year before (or if they had followed GAAP).
But the issue is that these errors have been corrected. In December, the Office of Inspector General concluded that they couldn’t sign off on the book because of the errors, so gave a 3 month extension in which HUD were to get everything balanced.
Oddly enough, this covers the period in which the Democrats, to their surprise, lost the election.
Is it possible that the Democrats have been siphoning off money to build the Ultimate War Chest? One that was originally planned for use in pushing their agenda, but has now been repurposed to fight an Anti-Trump activist and propaganda war.
According to the report, the unresolved audit matters related to:
- The Office of General Counsel’s refusal to sign the management representation letter.
- HUD’s improper use of cumulative and first-in, first-out budgetary accounting methods of disbursing community planning and development program funds.
- 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.
- The improper accounting for certain HUD assets and liabilities.
- Material differences between HUD’s subledger and general ledger accounts.
Point 1 says that management refused to sign the representation letter. Why would this be? It seems likely that because once you sign that letter, you are legally responsible for the information presented. Someone was covering their well-paid behind.
The Inspector General also said “due to an inability to establish a compliant control environment, implement adequate financial accounting systems, retain key financial staff, and identify appropriate accounting principles and policies.”
For anyone not blinded by idiocy, it is clear that the Democrats had put together this “petty cash fund” for their political agenda, but then got caught out by Trump’s victory. All ran to action stations and began redoing the books to hide the theft. Then when the IG came to town, they realized that their quick-fix accounting was not going to pass inspection and therefore obfuscated and obstructed to get an extension (which was given) in which to cover their tracks better.
They are now using this stolen money to raise armies of paid activists and protestors to nullify the Trump Presidency. The funds are being dispersed to cooperative NGOs in the form of “small donations” who will in turn rally their troops to bring down the government.
It is a disgrace that the MSM are overlooking one of the biggest thefts in history and the reasons behind it. At the very least, every worker at HUD involved with management, oversight and accounting should be fired. But nothing will happen, because those who make decisions at this level are all following the same fairytale. Trump is the Ogre and they are the heroes, no matter how much they lie, cheat, steal and betray.