August 19, 2016

Army Misreports Billion$$ In Their Accounts

When the leadership of a nation is corrupt, it affects everything:
Report: U.S. Army Manipulated Its Accounting Entries by Trillions of Dollars

The U.S. Army manipulated its accounting entries by trillions of dollars in an attempt to make its books appear balanced, making it impossible to uncover how the branch spends taxpayer money, according to a government audit.

Reuters reported Friday, citing a June report from the Defense Department’s Inspector General:

The Army made $2.8 trillion in wrongful adjustments to accounting entries in one quarter alone in 2015, and $6.5 trillion for the year. Yet the Army lacked receipts and invoices to support those numbers or simply made them up.

The report concluded that the Army’s 2015 financial statements were “materially misstated” because of the “forced” adjustments, which made its financial statements useless.

[...]The inspector general focused on the Army’s General Fund, the largest of its two primary accounts, that had assets equaling $282.6 billion in 2015, according to Reuters. The report said the Army either lost or did not record required data. Much of the data that was recorded was inaccurate, the inspector general said.

“Where is the money going? Nobody knows,” Franklin Spinney, a retired military analyst for the Pentagon and critic of Defense Department planning, told Reuters.
Story here.


Euripides said...

How can that be? The political atmosphere in Washington is so honest and upright! It's not possible that corruption could ever get ahold of the military!!!!

Kid said...

The DOD is the largest launderer of money in the world imo.

F35? Jesus.