red states rule
06-12-2009, 12:25 PM
10% for fraud. What about waste and abuse? What aboout the pork that pisses away our tax dollars?
Thye "stimulus" bill was 90$ pork to begin with
Seems the hope and change is getting beter and better with each passing day
Fraudsters eye huge stimulus pie, consultant says
Companies will face extra requirements to prevent problemsExplore related topics
NEW YORK (MarketWatch) -- Swindlers, con men, and thieves could siphon off as much as $50 billion of the government's planned stimulus package as the money begins flooding the economy in coming months, according to David Williams, who runs Deloitte Financial Services Advisory and counsels clients on fraud prevention.
Williams predicted that about $500 million of the total $787 billion stimulus would be channeled into the traditional procurement network for government contracts, while the rest will be spent directly by the government or outside the corporate network.
"The rule of thumb typically is that of the about $500 billion worth of money that's going to run through the procurement process, somewhere between 5% and 10% of that usually finds it way into potential problems," Williams said. "That's sort of the benchmark that I use."
Companies will face increased pressure to try to stem the tide, and need to be prepared to safeguard data as well as the cash, according to Williams.
http://www.marketwatch.com/story/stimulus-fraud-could-hit-50-billion?siteid=rss&rss=1#mod=BOL_hps_BOL2MW
Thye "stimulus" bill was 90$ pork to begin with
Seems the hope and change is getting beter and better with each passing day
Fraudsters eye huge stimulus pie, consultant says
Companies will face extra requirements to prevent problemsExplore related topics
NEW YORK (MarketWatch) -- Swindlers, con men, and thieves could siphon off as much as $50 billion of the government's planned stimulus package as the money begins flooding the economy in coming months, according to David Williams, who runs Deloitte Financial Services Advisory and counsels clients on fraud prevention.
Williams predicted that about $500 million of the total $787 billion stimulus would be channeled into the traditional procurement network for government contracts, while the rest will be spent directly by the government or outside the corporate network.
"The rule of thumb typically is that of the about $500 billion worth of money that's going to run through the procurement process, somewhere between 5% and 10% of that usually finds it way into potential problems," Williams said. "That's sort of the benchmark that I use."
Companies will face increased pressure to try to stem the tide, and need to be prepared to safeguard data as well as the cash, according to Williams.
http://www.marketwatch.com/story/stimulus-fraud-could-hit-50-billion?siteid=rss&rss=1#mod=BOL_hps_BOL2MW