Estimated Stimulus Fraud - $50,000,000,000

[Toro]

Swindlers, con men, and thieves could siphon off as much as $50 billion of the government's planned stimulus package as the money begins flooding the economy in coming months, according to David Williams, who runs Deloitte Financial Services Advisory and counsels clients on fraud prevention.

Williams predicted that about $500 billion of the total $787 billion stimulus would be channeled into the traditional procurement network for government contracts, while the rest will be spent directly by the government or outside the corporate network.

"The rule of thumb typically is that of the about $500 billion worth of money that's going to run through the procurement process, somewhere between 5% and 10% of that usually finds it way into potential problems," Williams said. "That's sort of the benchmark that I use."

MarketWatch.com Story

 

[Toro]

oops!

 

[neurosport]

I was thinking the other day - there are 5 million people in Washington - what feeds them all ?

Answer - the money they steal.

 

[sealybobo]

Swindlers, con men, and thieves could siphon off as much as $50 billion of the government's planned stimulus package as the money begins flooding the economy in coming months, according to David Williams, who runs Deloitte Financial Services Advisory and counsels clients on fraud prevention.

Williams predicted that about $500 billion of the total $787 billion stimulus would be channeled into the traditional procurement network for government contracts, while the rest will be spent directly by the government or outside the corporate network.

"The rule of thumb typically is that of the about $500 billion worth of money that's going to run through the procurement process, somewhere between 5% and 10% of that usually finds it way into potential problems," Williams said. "That's sort of the benchmark that I use."

MarketWatch.com Story

Wow! DAVID WILLIAMS! OMG! He predicts this??? Thats enough reason to impeach Obama now.

And I wonder if they are basing their numbers on how much was stolen under the Bush administration thru Iraq. Where was David Williams on that?

 

[Oddball]

Wow....Yet another deflection to BOOOOOOOOOOSH!!!!

Never saw that coming!!

 

[sealybobo]

Wow....Yet another deflection to BOOOOOOOOOOSH!!!!

Never saw that coming!!

Here is another one. In Bush's last 4 months in office, the Federal Reserve printed and loaned out to its buddies $9 trillion dollars. Now the Fed won't tell us where the money is.

So keep crying about imaginary $50,000,000,000 and totally ignore the $9 trillion that the bankers just stole from you/us.

And cry when your taxes get raised.

But don't help us eliminate these corrupt robber barons. NO! Don't do that! Protect them, house slave.

PS. Here was life under Bush:

Middle-Class Life Under Bush: Less Affordable and Less Secure

 

[Oddball]