Bungling World Bank bureaucrats lost track of at least $24 billion bankrolling the battle against climate change, according to a bombshell report by a left-leaning charity group.
An investigation by Oxfam revealed “poor record-keeping practices” by the DC-based international lender that resulted in anywhere between $24 billion and $41 billion in misplaced funds.
The agency’s audit showed “a lack of traceable spending” over the past seven years — partly because of an oddball accounting practice in which the bank accounts for its climate financing at the time of a project’s approval rather than at the time of project completion, according to the report released last week.
[…] A World Bank insider, speaking on condition of anonymity, suggested the figure for the missing money “could be twice or 10 times more.”
“All the figures are routinely made up,” the source said. “Nobody has a clue about who spends what.”
I am befuddled how a major institution could throw money around like confetti at a wedding and no one is keeping track. At a company I worked for, I got a call from accounting if I upgraded my business flight to economy plus.
“an oddball accounting practice…” that makes it much easier to steal the money than regular accounting.
Gee, how surprising to find RAMPANT CRIMINALITY among international socialists. Who would have thought?
So-called “green taxes” have never ever produced anything everywhere. Heck, the best environmental agencies in the world are actually very bad at predicting tomorrow’s weather, let alone global climate.
It is all a scam to have government (our taxes) funds deployed into schemes to profit a few friendly folks at the WEF and WB.
Oh, and the Liebrals have a new friend, Mark Carney, who is waiting in the wings.
Bike lanes. We’re building millions of miles of bike lanes. In the US and Canada. Soooooo progressive
Is this where Catherine McKenna landed?
Sounds very similar to the Trudeau Liberal government accounting and project management practices. No one keeps track of the money appropriately, no one follows ethics guidelines when handing out money, no one monitors value for money of the projects. The tax money and necessary documents/paper trail just disappears. Zero accountability, zero transparency.
The only solution is to not allow politicians and bureaucrats to have so much taxpayer money that they waste it, steal it and use it to buy voters and gift it to donors, friends and family. A 50% cut in non essential program spending would be a good start…with money to the UN and other international organizations at the top of the list of cuts.
Wait! $24-41Billion !! … but it could be 10x that amount!!! Holy shit!! I’m going GREEN baby!!! Daddy gotta get PAID!! I have a new scheme, err “study” … creating new carpool rules for school drop-off zones. My “study” will only cost $250 M. Hey! I’m not a greedy green.
Just keep in mind that Oxfam is a communist front organization, at least during the Cold War it was big time communist, and once a communist always a communist
GAAP or Government Acceptable Accounting Practices, would send any corporation or person to jail if they tried using them in the same way. Things like claiming there is no deficit in your budget, despite the amount of debt increasing at the same time, or sending money to Governmental NGOs to avoid accountability, or just creating slush funds where there are no spending controls as just a few of the favorites of many governments.
The trouble is that any international organization is filled with African, Asian, and South American bureaucrats where obfuscation and theft is the norm. More government money is typically stolen than used for the good of society. Also, not a wheel can turn without a bribe. That’s why these shitholes will always be shitholes.
Not disagreeing with you, nor defending them, but they learn their trade from Trudeau and Biden et al
Ain’t Kleptocracy Grand?
Remember the ongoing demand from the UN that the developed nations need to provide $ 100 BILLION every year to help developing nations supposedly adapt to climate change. What could go wrong?