Up to $50 billion of that total could be siphoned off by fraudsters in current months, says David Williams, who runs Deloitte Financial Services Advisory.
He estimates that $500 billion of the package will flow through the traditional government procurement network.
"The rule of thumb typically is that of the… money that's going to run through the procurement process, somewhere between 5 percent and 10 percent… usually finds its way into potential problems," Williams tells MarketWatch.
"That's sort of the benchmark that I use."
The fact that the money flows electronically puts companies even more at risk of being ripped off, Williams points out.
"We're telling our clients to be very careful and to make sure their firms are resilient in terms of dealing with the potential opportunities for fraud and waste," he says.
"It becomes ever more important that firms remain diligent about their data."
FBI Director Robert Mueller also warns of fraud stemming from the stimulus package.
“These funds are inherently vulnerable to bribery, fraud, conflicts of interest, and collusion,” he said last month.
Many experts oppose the stimulus for issues far removed from fraud and corruption.
“It’s just a grab bag of every spending proposal that’s been banging around Congress for years,” publisher Steve Forbes told Bloomberg TV.
Tuesday, June 16, 2009 11:54 AM
By: Dan Weil – Newsmax
Next stop… Nationalized Medicine… If we don’t stop government run healthcare, this fraud will look like a ‘walk in the park’… while medical services become more and more restricted, the number of doctors and nurses diminish and government decides who qualifies for what services… or that you don’t qualify at all because you are too old etc etc, the fraud will be rampant!
Glenn Beck: Eye on the Stimulus - Joe 'Amtrak' Biden
June 16, 2009 - 11:39 ET
 America's March to Socialism: Why we're one step closer to giant missile paradesis now available as an audio book... |
VOICE: The Glenn Beck program presents more truth behind America's March to Socialism.
GLENN: Well, you'd think when the government provides a list of all the pet projects kicked off by the stimulus, more people in the media might be digging through the report, but I haven't ‑‑ we aren't even already to number 10 on the list and we have found two shady projects already and now you can add yet another one to the list.
Here we go, this is number 6 on the list of 100 projects in 100 days. This list comes from the White House. But first on Page 1 of this report is a note about the wonders of the stimulus, signed by none other than "Stand up, Chuck" Joe Biden himself. Joe Biden, of course, is overseeing the stimulus. He's the watchdog the administration has set loose (making guard dog sounds). He's the one that's just going to watch every penny that goes out. Oh, and he's tough, too (making guard dog sounds). Maybe that's why Project Number 6 exists because of "Pit bull" Biden. Infrastructure, in Wilmington and Bear, Delaware. Whoa, there's ‑‑ wait a minute. The Number 6 project is from Delaware? Who else is... (making barking noises). Infrastructure in Wilmington and Bear, Delaware, Amtrak ‑‑ I swear to you I'm ‑‑ I'll hemorrhage to death. Amtrak is using $22 million in Recovery Act funding to restore, restore two superliner cars, three P40 locomotives and four Amfleet train cars. Oh. So Amtrak is restoring nine cars in Wilmington, Delaware at a cost to you of about $2 million per car. Huh. I wonder whose idea it was to send the funds that way, you know, Amtrak in Delaware. Could these people be any more transparent?
Secondly, what in the world are you doing to these cars for $2 million a pop? Are you painting Joe Biden murals in them? Are you having extra super reserved seating for Barbara Walters and Whoopi Goldberg? What is it? Is it going to be Joe's exclusive vice presidential express car? What is Amtrak doing with the $1.5 billion per year in taxpayer money we already give to them? Don't answer that question. Don't answer it. Just know that America is on the path to recovery and Biden is there watching every dime and dollar and, well, in this case $22 billion, you know, in Delaware. And just know that we're creating 600 trillion new jobs by the end of the summer, I think, maybe mid‑September, 600 trillion new jobs just having money losing train cars to carry vice presidents around (making guard dog sounds).
VOICE: That was even more overwhelming evidence that we are destined to be a bunch of socialist pigs very, very soon on the Glenn Beck program.
Posted: Knowledge Creates Power - Updated 6.16.09 2:37PM-
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