Do you remember one of the biggest affairs with the bankruptcy related to the infamous Enron Corporation?
Well, back in 2001, it was the one affair, where an energy company from Texas, suffered a loss of about $63 billion, once investigators found that Enron officials and auditors at the Arthur Anderson accounting firm purposely and unethically abused legal loopholes to try and sneak out billions of dollars that were otherwise lost in bad deals and brought the company a massive debt.
In the end, a couple of people ended up behind bars, and the media didn’t lift a finger to report this ever happening.
Then, in 2017, after a report from the Office of Inspector General regarding the U.S. Department of Housing and Urban Development broke, the media remained silent once again.
In the report, it was said that an audit of HUD‘s 2015 and 2016 financial records was manipulated and contained “pervasive material errors” which indicated an illegal activity. The error amounted to a total of $520 billion.
All told, the OIG reported, “This audit report contains 11 material weaknesses, 7 significant deficiencies, and 5 instances of noncompliance with applicable laws and regulations.”
The report explained how an audit of HUD’s 2015 and 2016 numbers was so fabricated, it had to be sent back and issued again as “restated consolidated reports,” and even those consisted of monumental “material errors.”
One of the major issues was “weak internal controls” in the financial reporting system, which was supposed to be an “undefined and untested processes.”
These mistakes amounted to $278.5 billion in misstatements in financial notes altogether. This was basically a half billion dollar error in budgetary resources and $19.5 billion in discrepancies of line items of the report that was not the same as those when the audit was first submitted.
All reports together suffered a $516 billion in corrections and additional $3.4 billion to the financial statement.
The Inspector General was aware of the HUD’s corrections, but the difference in cost was substantial.
As stated earlier, the media didn’t care for this story a lot, because it didn’t fit them to care.
Instead, they focused on what President Donald Trump was doing, especially in the intensified last week of the elections.
Let’s remember all these malversations happened under the ever-watchful eye of Barack Obama, who is supposed to be the ‘fairest of them all.’ Once again, the media failed the American people and created an overall illusion of how America worked.