The reported amount of fraud and waste the auditors found is staggering.
According to The Washington Times, "The report, requested by Sen. Claire McCaskill, Missouri Democrat, also says the program has stashed some $9 billion in assets in private bank accounts rather than with the federal treasury, further increasing risks and depriving taxpayers of the full benefit of that money."
That's billion with a "B". All taxpayer money that has been lost in private bank accounts.
"A complete lack of oversight is causing this program to fail the American taxpayer — everything that could go wrong, is going wrong," said McCaskill. "We're currently letting phone companies cash a government check every month with little more than the honor system to hold them accountable. That simply can't continue."