Coutesy of JB
“If you audit yourself, you have not been audited!” Courtesy of JB.
Officials Announce First DoD-Wide Audit, Call for Budget Certainty
December 7, 2017
WASHINGTON, Dec. 7, 2017 — The Defense Department is starting the first agencywide financial audit in its history, Pentagon officials announced today.
Defense Department Comptroller David L. Norquist and chief Pentagon spokesperson Dana W. White spoke during the Pentagon news conference, in which they also addressed the possibility of a government shutdown when the continuing resolution that has been keeping the government running expires tomorrow.
Norquist said he received the DoD Office of Inspector General’s notification that the financial statement audit begins this month.
The audit is massive. It will examine every aspect of the department from personnel to real property to weapons to supplies to bases. Some 2,400 auditors will fan out across the department to conduct it, Pentagon officials said.
“It is important that the Congress and the American people have confidence in DoD’s management of every taxpayer dollar,” Norquist said.
Audits are necessary to ensure the accuracy of financial information. They also account for property. Officials estimate the department has around $2.4 trillion in assets. “With consistent feedback from auditors, we can focus on improving the processes of our day-to-day work,” the comptroller said. “Annual audits also ensure visibility over the quantity and quality of the equipment and supplies our troops use.”
The DoD Office of the Inspector General hired independent public accounting firms to conduct audits of individual components – the Army, Navy, Air Force, agencies, activities and more – as well as a departmentwide consolidated audit to summarize all results and conclusions.
“Beginning in 2018, our audits will occur annually, with reports issued Nov. 15,” Norquist said.
One of my daughters sent me an excellent site from Bloomberg showing the Bitcoin supporters and naysayers.
I looked at the proponents (in Green) and evaluated their reasoning. Came up with hogwash!
Carve their statements up like a surgeon with a knife and all you get is conjecture and misunderstanding.
My comments are next to the individuals’ names.
Here are most proponents listed below:
CIGA Wolfgang Rech
Jeff Currie (Boy is he wrong. It DOES have counterparty risk to some extent. You don’t have it in your hand.)
Global head of commodities research, Goldman Sachs Group Inc.
“I don’t see why there is all this hostility to it.” Bitcoin is “not much different than gold” because it doesn’t have liability attached to it, by definition, like a security.
Kyle Bass (“It’s a Mania and people will go broke”. some resounding support!)
founder, Hayman Capital Management
“I think it will be an asset class that will work over time. I’m not sure how to value it yet, I really have no idea … I think there’s a digital gold rush that’s gone on. I think a whole bunch of people are going to lose a lot of money. These ICOs? You’re going to see a bunch of them go completely broke. A bunch of them are frauds, and that’s going to be problematic for all the people that just rushed in. And so I feel like it’s a bit of a mania at the moment, but I think in the long term, it’s a viable asset class.”
Mark Cuban (It’s only a trading vehicle, nothing more! He got that right. Not exactly reassuring.)
billionaire venture capitalist
Bitcoin’s “value is a function of supply and demand; it doesn’t really do anything else … Blockchain is a great platform for future applications.”
Lloyd Blankfein (” I don’t have an investment in it.” That says it all.)
chief executive officer, Goldman Sachs Group Inc.
“I don’t have an investment in it, but I’m not willing to pooh-pooh it, and that’s why I say I’m open to it.”
Peter Thiel (It’s an IOU, nothing more nothing less. Too much volatility and instability.)
co-founder, PayPal and billionaire venture capitalist
Bitcoin critics are “underestimating [it] … It’s like a reserve form of money, it’s like gold and it’s just a store of value. You don’t need to use it to make payments.”
Mike Novogratz ( Great! Invest in it because it’s a bubble.)
former macro manager, Fortress Investment Group
“This is going to be the largest bubble of our lifetimes … Prices are going to get way ahead of where they should be. You can make a whole lot of money on the way up, and we plan on it.”
Abigail Johnson (“I’m just about alone as a believer.” So what makes her right?)
chief executive officer, Fidelity Investments
“I’m a believer. … I’m one of the few standing before you today from a large financial-services company that has not given up on digital currencies.”
Haruhiko Kuroda (He’s talking about Blockchain..;….NOT Bitcoin.)
governor, Bank of Japan
“Given that the development of financial services has been supported by ledgers as the basic infrastructure for information, the dramatic changes in how ledgers are kept may have the potential of significantly changing the structure of financial services.”
Richard Branson (As a currency, it’s NOT working….yet. But be in it for volatility to make money (gambling))
founder, Virgin Group
Bitcoin as a currency “is working. There may be other currencies like it that may be even better. But in the meantime, there’s a big industry around bitcoin. People have made fortunes off bitcoin; some have lost money. It is volatile, but people make money off of volatility, too.”
Milton Friedman (I know he’s a Nobel Laureat, but think about what he’s saying: “It’s exactly like cash”. Furthermore, why would you want to give money (e-cash) to someone you don’t know?)
Nobel prize-winning economist
“The internet is going to be one of the major forces for reducing the role of government. The one thing that’s missing, but that will soon be developed, is a reliable e-cash: a method whereby on the internet you can transfer funds from A to B without A knowing B or B knowing A — the way in which I can take a $20 bill and hand it over to you, and there’s no record of where it came from.”