Charles Edison

"Economics, politics, and personalities are often inseparable." - Charles Edison

Thursday, January 19, 2012

Olympic Fraud

It has been discovered that the security director of the 2016 Olympics is being charged with over billing the Brazilian government by 80% four years ago for the Pan American Games. The same man, Luiz Correa, was placed in charge of heading the Olympic security for the 2016 games until the government did its mandatory check over its past finances and discovered the true market prices totaled to $11 million instead of the requested $20 million for the Pan American Games.Correa has not been tried but remains the director of security for the Olympics as was the decision by an Olympic official. The evidence has been collected and given to a federal judge who will determine if the case will go to court. If found guilty Correa will have to pay back the government the amount over billed, a total of $9 million.

This issue can be an example to the world that in an economic downfall that we are currently in we must watch finances carefully. With people being in a desperate state for money even the government must stay on their toes. People are in need for money and are willing to go to endless means to get the money they believe they need. With millions of dollars having been over looked, who knows how much money has been taken without having been discovered. We must all be especially careful with our finances as of late years and as proven by this new discovery in Brazil.


Smith said...

You bring up a great point about watching your financials. This makes me think of the initial 700 billion dollar bailouts. Did we do a good job of watching how that money was utilized? Do you think we could have done something differently? If so, what and how would things be different?

Smith said...
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