$500 Billion in Accounting Errors?

And that is just in the Obama Administration Department of Housing and Urban Development. Just who was overseeing their audits?

As I have said before, Education comes in many forms about many things!

Over $520 billion in budgetary mistakes and clerical errors. Dr. Ben Carson in his new job as Secretary of HUD was charged as his first undertaking to do a thorough audit of HUD which has been accused of fraud and over-budget projects through the entire Obama administration.

“The total amounts of errors corrected in HUD’s notes and consolidated financial statements were $516.4 billion and $3.4 billion, respectively,” said one of the auditors.

But the problems didn’t stop there. According to the Housing and Urban Development Inspector General’s report, “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

(5) material differences between HUD’s sub-ledger and general ledger accounts.

This audit report contains 11 material weaknesses, 7 significant deficiencies, and 5 instances of noncompliance with applicable laws and regulations.

The auditors said the massive budgetary problems “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.”

Can we speculate how many other departments would fall into the same category – IRS, Health and Human Services (how much out of their funds have illegally walked into Planned Parenthood?

In a 2014 report, the combined unpaid taxes for federal workers and federal retirees surpassed the $3.5 billion the IRS reported. This includes 305,000 federal employees and retirees and we have to ask the questions:

  • Why are they not having to make payments through their payroll checks?
  • Why are they not withholding the retirees’ retirement checks until their taxes are paid?
  • Why haven’t any of them been fired for breaking the law?

The IRS goes after everyone else, so why not federal employees – they are grossly overpaid anyway – they can spare it. Link

HUD employees are the worst offenders, with a delinquency rate of 4.7 percent. By contrast, those at the Treasury Department touted the least number of delinquencies, with a rate of 1.2 percent.

Oh, don’t forget those slimy House and Senate electeds – they aren’t clean either. Roughly 5 percent in the House owe taxes; another 3.5 percent in the Senate face a similar situation.

All the good citizens of the country just paid their illegal taxes, but then if you were to NOT pay your taxes maybe good fortune would befall you as it has Al Sharpton and Newt Gingrich. They continually have their “I don’t really know anything, but I like to hear myself talk” visits for interviews, guest appearances, and people are always asking their opinions – but if you are smart you would turn them off.

What Sharpton doesn’t tell viewers is that his 2004 presidential committee owes the U.S. Treasury $19,500 a decade after being caught accepting illegal campaign contributions, according to federal records. It also owes the Federal Election Commission several thousand dollars in unpaid fines, even after paying off a separate $208,000 penalty in 2009 for several campaign violations.

Sharpton has said he has no immediate plans for paying his debt and why should he – he hasn’t paid any of the penalties he has already accrued, what is a few more?

An October 2014 Federal report indicate Gingrich’s “Newt 2012” presidential campaign owed the IRS $26,507 for an “income tax liability” and that is only one debt he owes from his campaign. The debts together total more than $4.6 million; Newt 2012 raised a meager $37,822 during 2014’s fourth quarter, with about half that money coming from the campaign renting the personal information of supporters to a data broker.

The Department of Justice rarely takes action against deadbeat political committees except in the most extreme circumstances. In 2013, it pursued Rep. Jesse Jackson Jr. for stealing hundreds of thousands of dollars from his campaign to buy high-end electronics, a Rolex watch, and the like. (Jackson’s campaign committee also owes the government more than $16,000 for election-law violations.)Even some

Even some of State elected officials can’t seem to take care of their taxes, but if you are the everyday guy or gal that goes to work to pay their salaries – if you don’t pay your taxes they will surely find you.

Recently, Erik Fresen, a termed-out FL Representative from Coral Gables once again got his hiney in money trouble. Starting as far back as 2010:

  • Court records showed Fresen owed close to thirty grand in taxes to the Internal Revenue Service and $641,000 to his mortgage lender. For a guy who claims a personal net worth of $330,000, that is a lot a debt. Even worse, he didn’t list the obligations on his most recent personal financialdisclosure statements.
  • Not filing his campaign disclosure financial statements is a biggy for him (a repeat offender) Under Florida law, it is illegal for public officials to omit liabilities on the declaration form.
  • His 2010 disclosure sheet showed he still owed $113,000 in Sallie Mae student loans after 11 years after graduating with a degree in finance and international affairs – Oops!
  • December 5, 2012, the Florida Ethics Commission announced that it had found “probable cause” that Fresen “failed to properly disclose his annual net worth, assets, and liabilities from 2008 to 2011 with Fresen calling the whole thing “a textbook political attack”.
  • He also faced a lawsuit filed against him by a mortgage company after he did not make payments on his house, a $29,199 lien from the Internal Revenue Service for taxes owed, and a $10,000 lien from the Miami-Dade Building Department for a code enforcement violation.”
  • A conflict of interest ethics complaint was filed against him in 2011 for voting on a proposal that would give benefits to some charter schools.
  • In the 2016 legislative session, he has fast-tracked a bill to force Florida public school districts to share their construction tax money with charters (taking note he has presented and pushed many bills in favor of charter schools which have benefitted his sister and brother-in-law who own over 45 charter schools in FL and is now working for a charter school construction company). LINK
  • And last but not least – MORE TROUBLES FOR THE SOUTH FLORIDA CREW – ERIK FRESEN TO PLEAD GUILTY FOR FAILING TO FILE TAX RETURN ON $270K via Jay Weaver of the Miami Herald – Fresen, a former Republican state representative from Miami-Dade, plans to plead guilty to a federal misdemeanor charge of failing to file a tax return on income of $270,136 in 2011 while he was serving in the Legislature and working as a land-use consultant. Fresen, 40, who was term-limited in 2016 after serving eight years as a legislator in a district stretching from West Miami to Cutler Bay, was charged in Miami federal court this week. That paved the way for his planned guilty plea before U.S. District Judge Robert Scola. Fresen could face from probation up to one year in prison.

He will get another slap on the hand, probation and still not keep his payments up. It is chronic as he has always lived beyond his means and spent his time in the State legislature passing bills that would financially help him, his family, his businesses and those that could fill his pockets.

Yet Americans continue to elect these cheats who spend your hard earned money and never pay their fair share. NOTE:  This does not apply to all – just most!

I do have to wonder who Fresen’s financial professor was in college or is he just like Jeb Bush and doesn’t know how to stay out of conflict?

Pray H.R. 610 stays in Committee and dies!!!!!!!!!!!!!!!!!!

 

 

 

 

 

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