« When Leviathan Eats its Tail | Main | Marginal Tax Rates and Paying for Entitlement Spending »

Latest Golden Hammer Goes to Bureau of Engraving

The Golden Hammer is "a distinction given by The Washington Times to examples of fiscal waste and federal mismanagement."

In today's Washington Times, Phillip Swarts begins his story, "Money makers, money wasters at bureau of engraving" this way:"

"The government might have just wasted tens of millions of dollars by spending it on money.

"The Bureau of Engraving gave a private contractor more than $80 million for public outreach about currency, but federal investigators said the oversight of the contract was so lax that officials largely let the contractor spend money however it saw fit.

"Officials at the bureau routinely signed invoices without due diligence, ignored known problems and didn’t negotiate for the best prices, according to the findings of a report by the Treasury inspector general."

"For risking taxpayer money with poor oversight, the Bureau of Engraving and Printing wins the Golden Hammer this week . . . ."

Swarts ended his front-page story by writing:

"The inspector general’s office said it is being forced to launch an investigation into the contractor’s accounting system because the Bureau of Engraving and Printing didn’t have any required documentation for the contract. Bureau officials couldn’t show justifications for the prices it was being charged, support for some of the invoices or even a copy of the original contract document.

"Bureau officials seemed to imply that someone had walked out the door with the paperwork, telling investigators “the last employee known to have possession of the pre-award files was no longer working at BEP and the files were not found after the employee’s departure.”

"There was so little information that the inspector general had to go to Burson-Marsteller directly to obtain copies of some documents. In fact, there was so little documentation, the inspector general said, it was not sure exactly how much of the money might or might not have been wasted."

More recipients of Golden Hammer awards are available here, or you can find them by visiting the Washington Times' website and searching for "Golden Hammer."

Kudos to the Washington Times for making these awards.


TrackBack URL for this entry: