Report: Pentagon doesn't know where the money is going

[spanone]

The Defense Department, which has promised to publish a reliable account of how it spends its money by 2017, has discovered that its financial ledgers are in worse shape than expected and that it will have to spend billions of dollars in the coming years to make its financial accounting credible, the Center for Public Integrity reported Thursday.

The U.S. military has spent more than $6 billion to develop and deploy new financial systems, but the effort has been plagued by significant added overruns and delays, defense officials told the CPI, a nonprofit investigative news organization.

The Government Accountability Office said in a report last month that although the services can now fully track incoming appropriations, they still can't demonstrate that their funds are being spent as they should be.

The Pentagon’s bookkeeping has come under increased scrutiny as Congress and the Obama administration have vowed to reduce the federal deficit. The Pentagon requested $671 billion for fiscal 2012, but disputes over the deficit prevented Congress from passing the budget by the Sept. 30 deadline. The department could face substantial cutbacks if a special bipartisan "supercommittee" can’t agree on a formula for reducing the deficit.

http://openchannel.msnbc.msn.com/_news/2011/10/12/8294595-report-pentagon-doesnt-know-where-the-money-is-going

[ProdigalJunkMail]

1. my question is WHY do we give ANY department

money if they refuse to properly account for it. Fed, State, Local...they should be required to account for every penny.

sP

[spanone]

3. requesting $671 BILLION....and they can't account for their spending

[Me.]

2. Where Money Is Concerned The Pentagon Is Like A Drunken Sailor On Leave

[MADem]

4. They can track personnel expenditures, but everything else is a total "Duuuuuuuuh? Huh?"

They also don't have a good handle on surplus equipment management--not the biggest deal, but it adds up, especially in high OPTEMPO environments.

They keep kicking this can down the road. It's time to address the problem, past time, really.

[valerief]

5. Rumsfeld couldn't account for 2 trillion on 9/10/2001. And then there was that distraction.

I wonder if another distraction is in the works.

I know where the money is going. To the 1%.

[lovuian]

6. this monster has to be reigned in

and fraud prosecuted

[mopinko]

7. they can track it coming in, but not going out. isn't that

special. :rofl:

[EFerrari]

9. Just like the mob.

lol

[avaistheone1]

8. Cui bono?

Who benefits from such an inept accounting system?


:freak:

[fascisthunter]

10. sick... intentional!

[Solly Mack]

11. K&R

[Octafish]

12. Quicken Books, Dude.

Helps track money and stuff.

K&R.

[avaistheone1]

14. Accounting is for little people.

Much like taxes.


K&R







:kick:

[Octafish]

15. That expression is why I felt sorry for her...

...Even though filthy rich, she was at heart a poor thing.

Her dogs lived well, I understand.

[nc4bo]

13. LIHOP or MIHOP?

2nd question would be why would anyone but an idiot continue to pump billions or trillions of $$ into any business that proves itself to be so irresponsible with money?

If it were me(as a person) or you(as a person) we'd be hounded by collectors, sued, fined or tossed in a Debtor's Prison.

ETA: They and a few other choice personnel know exactly where the damn money is going.