In a story largely ignored by the mainstream media, Ben Carson's in-depth audit of the Department of Housing and Urban Development has unearthed a mind-numbing amount of bookkeeping "errors" totaling just under $520 billion.
The 125-page report describes the mismanagement that took place within Hud during the Obama administration. According to the report, which was compiled in March by Thomas McEnanly, Director of the Financial Audits Division, under the direction of then-incoming HUD Secretary Ben Carson, the total amounts of errors in the department's notes were $516.4 billion, and errors in HUD's consolidated financial statements were $3.4 billion.
Carson, in his first act as HUD Secretary, ordered a top-to-bottom audit of the department, whose budget swelled under former president Barack Obama.
Fraud, incompetence, or both?
Unfortunately, the report also states that numerous factors played a role in the Financial Audits Division's inability to obtain enough information to make a determination of whether or not the numerous financial discrepancies indicate fraud.
According to the audit report, these factors include the Office of General Counsel's refusal to sign a management representation letter, HUD's improper use of accounting methods, and non-cooperation from the Government National Mortgage Association, otherwise known as Ginnie Mae.
The audit report, which analyzes HUD's 2015 and 2016 fiscal years, also revealed five separate instances of "noncompliance with applicable laws and regulations."
In other words, there was something extremely fishy taking place within the Department of Housing and Urban Development during the Obama years, and the HUD audit suggests the possibility of fraud, corruption or severe incompetence.
Accounting errors took place on Castro's watch
Dr. Ben Carson's appointment to Secretary of Housing and Urban Development was approved by the Senate on March 2. He replaced Obama appointee Julian Castro, the former San Antonio mayor and rumored 2020 Democratic presidential candidate who helmed HUD from 2014 to 2017, which means that Castro was in charge of HUD at the time when the $519.8 billion shortfall took place.
Castro took over the position from Shaun Donovan, another Obama appointee who served as HUD Secretary from 2009 to 2014. In July of 2014 Donovan was confirmed as the Director of the Office of Management and Budget.
