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Tuesday, December 28, 2010

US Government Financials Can't Get Opinion From GAO Due to Weaknesses

If this happened at a private company, it would immediately be in default of its debt obligations (and its leaders perhaps facing convictions).

The U.S. Government Accountability Office said it could not render an opinion on the 2010 consolidated financial statements of the federal government, because of widespread material internal control weaknesses, significant uncertainties, and other limitations.