Where To Turn home page
 CalendarCalendar   FAQFAQ   SearchSearch   MemberlistMemberlist   UsergroupsUsergroups  ResourcesResources   RegisterRegister 
 ProfileProfile   Log in to check your private messagesLog in to check your private messages   Log inLog in 
Calendar 
Calendar eventCalendar
Thu May 25
Fri May 26
Sat May 27
Sun May 28
Mon May 29
Tue May 30
Wed May 31
The Rich Get Richer Part III

 
Post new topic   Reply to topic    Where To Turn Forum Index -> Lost Art of Common Sense ( Op Ed )
View previous topic :: View next topic  
Author Message
DMCKEON
Site Admin


Joined: Mar 17, 2005
Posts: 22572
Location: Staten Island

PostPosted: Wed Dec 03, 2008 11:44 am    Post subject: The Rich Get Richer Part III
From Wed Dec 03, 2008 3:00 am to Sat Dec 06, 2008 2:59 am (included)
Reply with quote

As we mentioned yesterday in regards to the WTC Captive Insurance Corp the Inspector General's draft report stated that the city had the right to use the funds to defend itself against lawsuits.

But the report also called for tighter scrutiny of legal and administrative costs.

Obviously this has not taken place as the WTC Captive Insurance Corp. continues to spend like a drunken sailor on everything but compensation for those injured.

And do you want to know why?

Once again the blame goes to FEMA who were charged with overseeing the fund.

As reported by Sue Edelman back in July the Inspector General's draft report stated FEMA admitted they had little experience with insurance and found financial reports difficult to understand and barely gave the balance sheets "a really good glance"

Is it no wonder that the WTC Captive Insurance Corp keeps spending as it has.

The fact that they have been permitted to invest the federal aid funds (and lose millions of dollars) and spend 99% of their expended funds on everything but aid to the victims is directly a result of this lack of oversight by FEMA.

The obvious question is how many other programs are in the same situation.

With the state of the economy somebody needs to call for a complete and "REAL" audit of federal programs like this one.

It is apparent that hundreds of millions are being diverted from their intended purposes.

Victims continue to be ignored and lawyers and administrators keep padding their wallets.

Since at the state level the Insurance Department, the Comptroller's Office and the Attorney General have ignored requests to get involved we need this addressed at the federal level.

The investigation should start with the IRS not Homeland Security as this is a not for profit corporation.

This is probably just the tip of the iceberg and all programs should be reviewed beginning with those monitored by FEMA.

With expected cuts coming in federal programs we cannot afford this type of waste and mismanagement.

Lets hope that somebody in Congress has the courage to get this done!
Back to top
View user's profile Send private message
Display posts from previous:   
Post new topic   Reply to topic    Where To Turn Forum Index -> Lost Art of Common Sense ( Op Ed ) All times are GMT - 5 Hours
Page 1 of 1

 
Jump to:  
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum
You cannot attach files in this forum
You can download files in this forum


Powered by phpBB © 2001, 2005 phpBB Group

 
Credits | Contact Us | Privacy Policy