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Stimulus Package Could Lose $50 Billion To Fraud

From the stimulus plan creators that brought you a multi million dollar subsidy for toy arrows, the Obama administration is now worried about losing up to $50 billion of the $787 billion stimulus to fraud. The problem is bad enough that the Feds are on the case.

Earlier this month, FBI Director Robert Mueller warned the nation to brace for a potential crime wave involving fraud and corruption related to the economic stimulus package. "These funds are inherently vulnerable to bribery, fraud, conflicts of interest, and collusion. There is an old adage, that where there is money to be made, fraud is not far behind, like bees to honey," Mueller said.

But the Commander in Chief is on the problem.

"At a time when everybody is tightening their belts, the last thing the American people want to see is that any of this money is being wasted," Obama said.

Fraudsters eye huge stimulus pie, consultant says [Marketwatch]