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	<title>all that natters ... &#187; Kit Bond</title>
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		<title>Govt. Waste Writ Large &#8211; $100BN Spent Annually on Losing Federal Contracts</title>
		<link>http://allthatnatters.com/2009/05/13/govt-waste-writ-large-100bn-spent-annually-on-losing-federal-contracts/</link>
		<comments>http://allthatnatters.com/2009/05/13/govt-waste-writ-large-100bn-spent-annually-on-losing-federal-contracts/#comments</comments>
		<pubDate>Wed, 13 May 2009 04:42:56 +0000</pubDate>
		<dc:creator>Visconti</dc:creator>
				<category><![CDATA[Uncategorized]]></category>
		<category><![CDATA[Government Waste]]></category>
		<category><![CDATA[Kit Bond]]></category>
		<category><![CDATA[U.S. Dept of Treasury]]></category>

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		<description><![CDATA[From Bloomberg: U.S. Senator Kit Bond shifted in his chair at a 2005 congressional hearing, poised with a question on national security. He turned to Treasury Secretary John Snow, who was seated at a witness table. Was Snow sure, asked Bond, a Missouri Republican, that a Treasury Department computer on order for $8.9 million would [...]]]></description>
			<content:encoded><![CDATA[<p>From <em>Bloomberg</em>:</p>
<blockquote><p>U.S. Senator Kit Bond shifted in his chair at a 2005 congressional hearing, poised with a question on national security. He turned to Treasury Secretary John Snow, who was seated at a witness table.</p>
<p>Was Snow sure, asked Bond, a Missouri Republican, that a Treasury Department computer on order for $8.9 million would help detect terrorist money laundering?</p>
<p>“Yes, absolutely,” Snow said.</p>
<p>A year later, in July 2006, the U.S. Treasury Department abandoned the project. The computer didn’t work. The department had spent $14.7 million &#8212; a 65 percent increase above the original budget &#8212; for nothing.</p>
<p>There was a final ignominy: Under the terms of the contract, Electronic Data Systems Corp., the vendor, collected a bonus of $638,126.</p></blockquote>
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