THIS is why we need Bitcoin. $6 Billion of taxpayer money goes missing from the US State Department. More than the entire market cap of Bitcoin.

Source: http://www.thefiscaltimes.com/Articles/2014/04/04/6-Billion-Goes-Missing-State-Department

The State Department has no idea what happened to $6 billion used to pay its contractors.

In a special “management alert” made public Thursday, the State Department’s Inspector General Steve Linick warned “significant financial risk and a lack of internal control at the department has led to billions of unaccounted dollars over the last six years.

The alert was just the latest example of the federal government’s continued struggle with oversight over its outside contractors.

Related: Government Blatantly Wastes $30 Billion This Year

The lack of oversight “exposes the department to significant financial risk,” the auditor said. “It creates conditions conducive to fraud, as corrupt individuals may attempt to conceal evidence of illicit behavior by omitting key documents from the contract file. It impairs the ability of the Department to take effective and timely action to protect its interests, and, in tum, those of taxpayers.”

- See more at: http://www.thefiscaltimes.com/Articles/2014/04/04/6-Billion-Goes-Missing-State-Department#sthash.BQb7JN5A.dpuf

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