MSNBC

MSNBC 7 Apr 2020

$200,000,000,000 In Coronavirus Relief May Get Lost To Fraud

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Fraud is always a problem when it comes to big government spending, but what about the $2 trillion coronavirus emergency relief plan? We discuss how much could be lost with Neil Barofsky who was the Special Inspector General of TARP in 2008. Aired on 04/07/2020.


Rep. Alexandria Ocasio-Cortez (D-N.Y.) says that she opposes an interim coronavirus relief package as it has been publicly reported, although she acknowledged that the legislation hasn't been finalized.
President Trump participates in a signing ceremony for HR 266, Payment Protection Program and Health Care Enhancement Act.
Texas Republican Sen. John Cornyn reacts to his state reopening some businesses and the latest debate on stimulus funds on Capitol Hill.
Honoring those who lost their lives amid the pandemic, including voice actor Rick May, Holocaust survivor Margit Feldman and Lila Fenwick, the first African American female graduate of Harvard Law.

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>>> I.G.s STAND FOR UNVARNISHED
>>> I.G.s STAND FOR UNVARNISHED TRUTH, REPORTING THE FACTS,
TRUTH, REPORTING THE FACTS, CRUNCHING THE NUMBERS, RIGHT?
CRUNCHING THE NUMBERS, RIGHT? THE RULE OF LAW AND COMPLIANCE.
THE RULE OF LAW AND COMPLIANCE. THAT’S WHAT THEY DO FOR A
THAT’S WHAT THEY DO FOR A LIVING, AND IT JUST RUBS TRUMP
LIVING, AND IT JUST RUBS TRUMP THE WRONG WAY THAT SOMEONE’S
THE WRONG WAY THAT SOMEONE’S GOING TO GET THE TRUTH OUT.
GOING TO GET THE TRUTH OUT. >> TODAY THE PRESIDENT OUSTED
>> TODAY THE PRESIDENT OUSTED THE LEADER OF A COMMITTEE OF
THE LEADER OF A COMMITTEE OF INSPECTORS GENERAL THAT WAS
INSPECTORS GENERAL THAT WAS TASKED WITH OVERSEEING THE SO
TASKED WITH OVERSEEING THE SO FAR $2 TRILLION IN CORONAVIRUS
FAR $2 TRILLION IN CORONAVIRUS SPENDING.
SPENDING. GLEN FINE WAS THE ACTING
GLEN FINE WAS THE ACTING INSPECTOR GENERAL OF THE DEFENSE
INSPECTOR GENERAL OF THE DEFENSE DEPARTMENT.
DEPARTMENT. TRUMP NAMED THE CURRENT
TRUMP NAMED THE CURRENT INSPECTOR GENERAL OF THE EPA TO
INSPECTOR GENERAL OF THE EPA TO TEMPORARILY TAKE OVER FINE’S
TEMPORARILY TAKE OVER FINE’S PENTAGON DUTIES.
PENTAGON DUTIES. "THE NEW YORK TIMES" REPORTS
"THE NEW YORK TIMES" REPORTS FINE WAS KNOWN FOR HIS
FINE WAS KNOWN FOR HIS INDEPENDENCE AND SAYS THE MOVE
INDEPENDENCE AND SAYS THE MOVE IS, QUOTE, THE LATEST STEP IN AN
IS, QUOTE, THE LATEST STEP IN AN ABRUPTLY UNFOLDING WHITE HOUSE
ABRUPTLY UNFOLDING WHITE HOUSE POWER PLAY OVER SEMI INDEPENDENT
POWER PLAY OVER SEMI INDEPENDENT INSPECTORS GENERAL ACROSS THE
INSPECTORS GENERAL ACROSS THE GOVERNMENT.
GOVERNMENT. FOR MORE, WE WELCOME TO THE
FOR MORE, WE WELCOME TO THE BROADCAST NEIL BORE OV SKI.
BROADCAST NEIL BORE OV SKI. HE WAS THE INSPECTOR GENERAL IN
HE WAS THE INSPECTOR GENERAL IN CHARGE OF OVERSIGHT FOR TARP,
CHARGE OF OVERSIGHT FOR TARP, WHICH IF I RECALL WAS A CHUNK OF
WHICH IF I RECALL WAS A CHUNK OF MONEY AS WELL.
MONEY AS WELL. THE GOVERNMENT RELIEF BILL
THE GOVERNMENT RELIEF BILL SIGNED INTO LAW BY GEORGE W.
SIGNED INTO LAW BY GEORGE W. BUSH DURING THE ’08 FINANCIAL
BUSH DURING THE ’08 FINANCIAL CRISIS.
CRISIS. NEIL ALSO HAPPENS TO BE THE
NEIL ALSO HAPPENS TO BE THE AUTHOR OF "BAILOUT: AN INSIDE
AUTHOR OF "BAILOUT: AN INSIDE ACCOUNT OF HOW WASHINGTON
ACCOUNT OF HOW WASHINGTON ABANDONED MAIN STREET WHILE RE
ABANDONED MAIN STREET WHILE RE RESCUING WALL STREET."
RESCUING WALL STREET." NEIL, HOW DO YOU POSSIBLY GET
NEIL, HOW DO YOU POSSIBLY GET YOUR ARMS AROUND AN AMOUNT OF
YOUR ARMS AROUND AN AMOUNT OF MONEY THIS VAST?
MONEY THIS VAST? HOW CAN YOU POSSIBLY COUNT ON
HOW CAN YOU POSSIBLY COUNT ON ALL OF IT GETTING TO THE RIGHT
ALL OF IT GETTING TO THE RIGHT PEOPLE AND RECIPIENTS, AND IN
PEOPLE AND RECIPIENTS, AND IN YOUR LINE OF WORK DO YOU WRITE
YOUR LINE OF WORK DO YOU WRITE DOWN, AS MUCH AS I HATE TO SAY
DOWN, AS MUCH AS I HATE TO SAY IT, A CERTAIN PERCENTAGE OF THIS
IT, A CERTAIN PERCENTAGE OF THIS THAT IS ASSUMED TO BE ILL-GOTTEN
THAT IS ASSUMED TO BE ILL-GOTTEN GAINS FOR SOMEBODY?
GAINS FOR SOMEBODY? >> YOU KNOW, I THINK THAT AS A
>> YOU KNOW, I THINK THAT AS A GENERAL RULE OF THUMB IN
GENERAL RULE OF THUMB IN GOVERNMENT PROGRAMS, THAT A GOOD
GOVERNMENT PROGRAMS, THAT A GOOD 10%, THERE’S A GOOD CHANCE IT’S
10%, THERE’S A GOOD CHANCE IT’S GOING TO GET LOST TO FRAUD.
GOING TO GET LOST TO FRAUD. AND WHEN YOU HAVE A PROGRAM OF
AND WHEN YOU HAVE A PROGRAM OF THIS SIZE AND THIS SCOPE, WHERE
THIS SIZE AND THIS SCOPE, WHERE THE MONEY IS BEING RUSHED OUT AT
THE MONEY IS BEING RUSHED OUT AT SUCH AN INCREDIBLE VOLUME WITH,
SUCH AN INCREDIBLE VOLUME WITH, YOU KNOW, RELATIVELY FEW
YOU KNOW, RELATIVELY FEW OVERSIGHT OR ANTI-FRAUD
OVERSIGHT OR ANTI-FRAUD PROVISIONS, YOU REALLY DON’T RUN
PROVISIONS, YOU REALLY DON’T RUN A HIGH RISK OF HITTING THAT
A HIGH RISK OF HITTING THAT NUMBER.
NUMBER. AND HERE THAT NUMBER, WHEN
AND HERE THAT NUMBER, WHEN YOU’RE TALKING ABOUT NOT A
YOU’RE TALKING ABOUT NOT A COUPLE HUNDRED MILLION DOLLARS
COUPLE HUNDRED MILLION DOLLARS PROGRAM OR WHAT I HAD, A FEW
PROGRAM OR WHAT I HAD, A FEW HUNDRED BILLION PROGRAM, BUT A
HUNDRED BILLION PROGRAM, BUT A MULTI-TRILLION DOLLAR PROGRAM,
MULTI-TRILLION DOLLAR PROGRAM, IT’S A POTENTIALLY TERRIFYING
IT’S A POTENTIALLY TERRIFYING AMOUNT TO KEEP YOUR EYES ON AS A
AMOUNT TO KEEP YOUR EYES ON AS A WATCHDOG EVEN IF THE BEST OF

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