Catherine Austin Fitts was the managing partner at Dillon Read Investment Bank when she quit her job to serve as Assistant Secretary of Housing in the first Bush administration. Once she went to San Diego where she found that HUD (Housing and Urban Development) had made $20 million in loan guarantees on apartment buildings that did not exist. They did not even have postal addresses. She had to fight the bureaucracy for months to get a look at the books. After seeing them, she concluded the HUD accounting was deliberately confusing so nobody could determine where taxpayer money went.
Catherine was rewarded for her good efforts by being sued and investigated 19 times eventually having to flee Washington as people who suffered from excessive honesty and integrity were not welcome in the nation’s capitol. She has since written and talked about money that has gone missing that was in the billions.
Enter Dr Mark Skidmore. He had worked on budgeting helping states in the Midwest. He said that he once found that someone could not produce a receipt for a $300 item he had bought. So when he heard Catherine say billions were missing from the federal government agencies he assumed she must have meant millions. He and his graduate students in economics at Michigan State looked at federal government websites. They determined that from 1998 to 2015 $21 trillion had gone missing from two agencies, HUD and DOD.
He told a funny story about the DOD. In one year the Army budget was $122 billion. The Treasury Department called up the Army and told them that they had so much missing money that Treasury was going to send them a check for $800 billion. Guess what happened. The $800 billion went missing too...........https://vidrebel.wordpress.com/2019/10/24/dr-skidmore-the-kurds-iran-and-the-politicians/
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