It seems like one has to be a neurosurgeon in order to successfully run the Department of Housing and Urban Development.
President Trump picked Ben Carson to head HUD, whose budget seemed to continually increase under Barack Obama.
With a quick audit of the organization, as one of Carson’s first acts, he found out why… and it was an staggering revelation.
$520 billion in bookkeeping errors.
“The total amounts of errors corrected in HUD’s notes and consolidated financial statements were $516.4 billion and $3.4 billion, respectively,” the auditors wrote.
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.
Hopefully Carson will continue to hack away at these unresolved financial issues.
It’s kind of hilarious that Democrats called him unqualified for the position; when they’re own people were really the ones who were unqualified.