I don’t know why I still bother noting the various examples of the fact that governments are inherently inefficient. I suppose because this one, as government cock-ups (and accounting errors) go, is a whopper. The US Treasury has admitted that is has ‘lost’ $17.3 billion (£11.7 billion) because of shoddy book-keeping – enough to buy a fleet of eight B-2 stealth bombers and still have change for jet fuel, as Chris Ayres of The Times calculates in his article.
The misplaced cash is nearly 30 times greater than the $600 million error in Enron’s reported profits that led to its spectacular bankruptcy last December. The admission, contained in the 2001 Financial Report of the United States Government, is likely to infuriate firms that have been targeted by the Bush Administration for sloppy accounting. I wonder if the anti-capitalist activists screaming about Enron’s malfeasance will be sceaming 30 times louder about this?
To top it up, Paul O’Neill, the US Treasury Secretary, writes in the introduction to the Financial Report:
“I believe that the American people deserve the highest standards of accountability and professionalism from their Government and I will not rest until we achieve them.”
However, on page 110 of the Financial Report is a note that explains that the Treasury’s books did not balance because of a missing $17.3 billion. So no holidays for you then…? Oh, well, it’s not like it’s your money, is it? 
