Loophole

Bezerkistan passed a new regulation compelling companies who observe fraud being perpetrated to report it to the authorities. This was to close a loophole that had existed for years which allowed companies to ignore fraud, a practice which cost their government billions of Bezerkistani Schlocks (1.22 BezSchlks to the US $).

However recently, His Royal Highness the President of Bezerkistan, snuck in a separate piece of legislation exempting companies from the new law if they discovered the fraud abroad. This was because many of Bezerkistan’s companies, who’s CEO’s were personal friends of His Royal Highness the President of Bezerkistan, had contracts that were abroad.

This would make an amusing read except for the fact that the country was not Bezerkistan but the United States of America and the President is unfortunately George Bush, who has again defeated logic in support of his buddies, and thwarted the law in favor of corporations.

The proposed rule, put forth by the White House Office of Management and Budget last year, exempts all companies who do work overseas from a new regulation requiring US contractors to report waste, fraud or abuse they encounter while doing work for the government.

The whole sordid affair can be read in The Raw Story.