HUD Director Dr. Ben Carson found a big economic pitfall by the Obama administration.
Dr. Carson dug into the agencies records in a sweeping audit wherein he found substantial bookkeeping “errors”, which only prove either the incompetence or the corrupt nature of the previous administration led by former-president, Barack Obama.
The HUD report found $500 in fraud and mismanagement in the government agency.
What We Found
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.
So far the Trump administration has had opposition from the left and the mainstream media. This is just another example of the terrible reporting you can find from their mouthpieces.
H/T Daily Wire