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| Pentagon accounting error overvalued Ukraine weapons aid by $3 billion | |
| 2023-05-19 | |
The error was the result of assigning a higher than warranted value on weaponry that was taken from U.S. stocks and then shipped to Ukraine, two senior defense officials said on Thursday. "We've discovered inconsistencies in how we value the equipment that we've given" to Ukraine one of the senior defense officials told Reuters. The officials and the Senate aide spoke on the condition of anonymity. Congress is being notified of the accounting adjustment on Thursday, the sources said. The defense official said it is possible the amount of overvalued weaponry could grow beyond $3 billion as the Pentagon examines the situation more thoroughly. In its accounting, the Pentagon used replacement cost to value the weapons aid, instead of the weaponry's value when it was purchased and depreciated, the senior defense officials said. Since August 2021, the United States has sent weapons valued at about $21.1 billion to Ukraine from its stockpiles. | |
| Posted by:Enver Slager8035 |
| #7 Ghanaian officials believe $3B IMF loan will ‘reset’ economy, ease hardship |
| Posted by: Skidmark 2023-05-19 23:57 |
| #6 Oh, that money went somewhere. Yes, to the Pentagon's procurement budget. Therefore there is an incentive to value old, even obsolete, weapons with the value of new weapons. What is the value of MRAPs? The cost when purchased was $700,000 - $1 million. The US couldn't give them away before the war? The Pentagon also won't be buying any new ones so there is no real replacement cost to attach to the old equipment. In its accounting, the Pentagon used replacement cost to value the weapons aid, instead of the weaponry's value when it was purchased and depreciated, the senior defense officials said. This is likely the fairest way to value the equipment. Like a business depreciating equipment. Even then, the Pentagon is transferring a lot of equipment that has been in storage for decades and would have been scrapped. |
| Posted by: Enver Slager8035 2023-05-19 14:19 |
| #5 As I said on Twitter, try that with your taxes. |
| Posted by: mossomo 2023-05-19 13:03 |
| #4 Just when I think the unelected, unaccountable bureaucrats can't get any more moronic. |
| Posted by: DarthVader 2023-05-19 10:28 |
| #3 Early markdowns for the Memorial Day Sales |
| Posted by: Frank G 2023-05-19 10:04 |
| #2 Poss to the F-16 buyer's aid fund. A 'look ahead' budgeted allocation. |
| Posted by: Skidmark 2023-05-19 09:41 |
| #1 ....Oh, that money went somewhere. Mike |
| Posted by: Mike Kozlowski 2023-05-19 05:00 |