Failed State: California State Auditor Releases Report: $15 Billion Missing
By Paul Preston, AENN
California State Auditor released her report on the embattled Employment Development Department (EDD) Thursday. Chriss Street, New California State Vice President and NCS economist had been touting the report for weeks as a document that will define even more than ever that California is a failed economic state.
Street who has a financial forensic back ground that goes back to the late 1980 has worked with numerous financial and law enforcement agencies around the world to expose financial fraud stated he suspected before the audit the number of lost through fraud at the EDD could be higher that $8 billion dollars. We now know he was right. The number looks to $15 billion by his calculations and for some speculators the number maybe as high as $50 billion.
Currently California is siting with a over $100 billion in “cash” debit, public education is closed (except in a few districts with cash reserves), businesses have been destroyed by the thousands and countless lives destroyed.
State: School Districts Like San Diego Unified Cannot Reopen Now .
Street has determined that that with the additional $15 billion loss EDD with the audits number California will not sustain itself for much longer as a state even with the paltry $8 billion help of the federal corona bail out.
From the report:
“In September 2020, the Joint Legislative Audit Committee directed my office to conduct an emergency audit of the Employment Development Department’s (EDD) response to effects of the COVID-19 pandemic. In August 2020, we also identified as a high-risk issue the management of federal funding in response to the COVID-19 pandemic, and EDD is one of the state agencies responsible for managing that funding. For these reasons, we performed this audit of EDD’s unemployment insurance (UI) program”.
Been reporting on the EDD unemployment fraud in California via Twitter the last few weeks and some folks have asked me…
Posted by Adam Housley on Thursday, January 28, 2021
