Reply #19: So where is that missing $1.1 trillion?

[seemslikeadream]

In a report to the DoD comptroller, Undersecretary of Defense Dov Zakheim, acting Assistant Inspector General for Auditing David Steensma wrote: "We reported that DOD processed $1.1 trillion in unsupported accounting entries to DOD Component financial data used to prepare departmental reports and DOD financial statements for FY2000. For FY2001 we did not attempt to quantify amounts of unsupported accounting entries; however, we did confirm that DOD continued to enter material amounts of unsupported accounting entries to the financial data."

What this gibberish means is that the DoD still cannot account for at least $1.1 trillion from fiscal 2000 under former president Bill Clinton, and the assistant inspector general of DOD wouldn't even touch the unsupported money expenditures for fiscal 2001 because "material amounts" still couldn't be accounted for properly in the year George W. Bush came to power. The trillion-dollar question is how much is "material amounts"? Because the auditor would not "quantify" the amount, some fear it's worse than the previous year's unaccounted for $1.1 trillion.

Of course the Department of the Army, headed by former Enron executive Thomas White, had an excuse. In a shocking appeal to sentiment it says it didn't publish a "stand-alone" financial statement for 2001 because of "the loss of financial-management personnel sustained during the Sept. 11 terrorist attack."

So where is that missing $1.1 trillion? Traditionally the top dogs at the Pentagon haven't liked the word "missing." The rationale at DoD has been that just because the money can't be accounted for doesn't mean it is lost, stolen or strayed. According to Susan Hansen, a spokeswoman for DoD: "These are unsupported entries. When the auditors go to audit the books and they look at the balance sheet for the year, someone has entered in an adjustment because they made an error somewhere."
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http://www.insightmag.com/main.cfm?include=detail&storyid=246188