“From fiscal years 1998 to 2015, $21 trillion went missing from the U.S. Departments of Defense and Housing and Urban Development (DOD and HUD). After Catherine and Professor Mark Skidmore published several landmark reports documenting this astounding fact, the government forestalled any further research into the missing money by promulgating, in October 2018, Federal Accounting Standards Advisory Board Statement 56 (“SFFAS 56” or, as we refer to it, “FASAB 56”). FASAB 56 is an administrative policy that essentially lets the government keep secret books in contravention of the federal financial management laws enshrined in the Constitution. People often ask us, ‘Why does no one else ever talk about the missing money?’ In early 2019, intrepid journalist Matt Taibbi did. After the implementation of FASAB 56, Taibbi not only gained mastery over the complex topics of “classified money-moving” and failed Pentagon audits but wrote two excellent articles about these developments at Rolling Stone.”
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