SIGIR: Defense can't account for $8.7 billion

Discussion in 'Military' started by 007, Jul 27, 2010.

  1. 007

    007 Charter Member Supporting Member

    May 8, 2004
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    Here is how flippant the government is with our money. "Oh, gee, we lost $8.7 BILLION DOLLARS, guess we screwed up. Oh well, we'll try harder not to lose that much next time." How much better reason does anyone need to not trust our government to manage our money? Face it, if people ran their personal finances like the government runs theirs, everyone would be like... well... LIKE THE GOVERNMENT, TRILLIONS OF DOLLARS IN DEBT. Heads should be rolling and people should be going to jail for losing $8.7 BILLION DOLLARS. But what happens instead? Pfft... nothing.

    SIGIR: Defense can't account for $8.7 billion

    July 27, 2010 - 4:59am

    Rachel Stevens
    Federal News Radio

    The Defense Department is unable to account for $8.7 billion of the $9.1 billion in Development Fund for Iraq monies in received for reconstruction in Iraq. This according to a study published today by the Special Inspector General for Iraq Reconstruction.

    "This situation occurred because most DoD organizations receiving DFI (Development Fund for Iraq) funds did not establish the required Department of the Treasury accounts and no DoD organization was designated as the executive agent for managing the use of DFI funds," the report states.

    The Special Inspector General for Iraq Reconstruction (SIGIR) finds that only one Defense organization actually set up the accounts required by the Treasury.

    "The breakdown in controls left the funds vulnerable to inappropriate uses and undetected loss," SIGIR says.

    The study recommends that the Secretary of Defense create new accounting and reporting procedures to avoid such mistakes in the future. It also recommends designating an executive agent to oversee progress, establishing measurable milestones, and determining whether any DoD organizations are still holding DFI funds.

    Federal News Radio 1500 AM: SIGIR: Defense can't account for $8.7 billion

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