WE FOUND OUT THIS WEEK THAT HUD IS A COMPLETE FINANCIAL BLACK HOLE.
HUD has always been one of those departments where abuse is seemingly rampant. For instance, the city of San Antonio which was run by a rising star in Democrat politics, Julian Castro, may have misused $1.1 million in federal neighborhood stabilization funds. Given that, it was rather surprising to most observers that Obama Actually tapped Castro to be his HUD secretary.
So, nobody sees any potential problems there, right?
Well from the Daily Caller we read:
Despite officials from the Department of Housing and Urban Development (HUD) correcting $520 billion in bookkeeping errors, the department’s financial records have been so poorly kept that HUD’s inspector general (IG) cannot complete an audit of them.
According to a new report from the IG, HUD officials cleaned up $3.4 billion in errors from its 2015 financial records and $516.4 billion in errors from 2016, after the IG was unable to issue an opinion on either year’s financial statements in December.
One can only stand aghast at the incompetence on display. No wonder the government has put us all near the brink of financial ruin. If this was a private company, you can guarantee people would be going to prison.
The IG remained unable to issue an opinion on HUD’s financial statements even after giving the department an extension and receiving a resubmission from HUD three months later with the reported issues unresolved.
The continued problems, the IG said, “were 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.”
So pretty much everything the law requires be done for financial accountability was totally ignored. Given the deplorable state of his former department, you would think Castro would hang his head in shame. You would be wrong! He actually tried to give Ben Carson advice on how not to screw up his department. What a joke!