We Smell a RAT
Conn Carroll /
Testifying before the House Committee on Oversight and Government Reform yesterday, Recovery Accountability and Transparency Board (RAT board) inspector general Earl Devaney noted: “Logic would suggest there’s going to be a loss of money to fraud and waste with this amount of money going around.” Devaney even put a number to that logic, noting that if just 7 percent of the stimulus money went to waste, that would be $55 billion. “The first time I took a pencil and figured that out, I was horrified to see it was $55 billion,” Devaney said.
Rep. Elijah Cummings (D-MD) was confident the government would do better this time: “[W]e’re in front of the distribution of the funds, so therefore we’re in a position to hopefully prevent a lot of the fraud and abuse that might normally come.” But how far out in front is the government really? (more…)