small business administration, as well as states attorneys tasked with uncovering pandemic loan rackets. and they told me then, that least 87 billion dollars of potential fraud had been identified. and my colleague, gabe gutierrez, has an update. i ll give you a teaser it s really bad. the department of justice has been looking into pandemic relief funds and alleged fraud on a massive scale. and now, congressional investigators are also looking into some of the companies hired to help distribute that money. this nondescript office building in virginia houses the company the feds hired to help distribute billions of dollars in loans to help struggling small businesses during the pandemic. the firm, rer solutions, got a no bid $750 million contract and the company netted $340 million in windfall profits, despite assigning the work to just six of its employees, according to a u.s. house subcommittee report released today. why do you think that covid spending at that time was so
so much money available, there was an opportunity for super fraudsters. a few months ago, i spoke with the inspector general of a small business administration, as well as states attorneys tasked with uncovering pandemic loan rackets. and they told me then, that least 87 billion dollars of potential fraud had been identified. and my colleague, gabe gutierrez, has an update. i ll give you a teaser it s really bad. the department of justice has been looking into pandemic relief funds and alleged fraud on a massive scale. and now, congressional investigators are also looking into some of the companies hired to help distribute that money. this nondescript office building in virginia how is they company the feds hired to help distribute billions of dollars in loans to help struggling small businesses during the pandemic. the firm, are our solutions got a new bed 750 million dollar contract and the company netted $340 million in windfall profits, despite assigning the
not adding up and you re starting to see a level of ridiculousness coming out of washington d.c. that really has caused the american people a lot of concern. well, the other day or the other week, it was announced that the trueman aircraft carrier would not be deployed to the persian gulf because of money, because of sequestration. do you buy that that was a legitimate reason, are they short of cash? are we short of cash in our defense? absolutely. because one of the things you have to understand, part of the budget control act was 487 billion dollars of cuts to the department of defense, over the next ten years. and that s taking care of the fraud, the waste and abuse and stream lining, research and development programs, acquisition programs which without a doubt was needed. as you know the first time you had me on i found wasteful programs in the dod budget. and now talking additional 45, 46 billion per year on the department of defense and that s going to start what is going to
that we would not take them and now we are on the pres pice of doing that very thing and they come on the heels . this is it what the viewers have to understand. the cut took place of 487 billion dollars of the defense department over the 10 years . stow this would be 500 billion dollar cut inspection to that . that bringings the navy and army back to preworld war ii in termless terms of number of ships and sold yerse. adverse impacts are prepare tod do something of consequence in the world. it is it drathematic . serious in the terms of the risk facing our count reap. would it make sense if we were safe. but general, we have count reese like iran and russia and china that are greatly accelerating their management
that we would not take them and now we are on the pres pice of doing that very thing and they come on the heels . this is it what the viewers have to understand. the cut took place of 487 billion dollars of the defense department over the 10 years . stow this would be 500 billion dollar cut inspection to that . that bringings the navy and army back to preworld war ii in termless terms of number of ships and sold yerse. adverse impacts are prepare tod do something of consequence in the world. it is it drathematic . serious in the terms of the risk facing our count reap. would it make sense if we were safe. but general, we have count reese like iran and russia and china that are greatly accelerating their management