City Housing Agency "Misplaced" $70 Million
Those particular funds were supposed relocated later -- probably when someone noticed how the money had been transferred out of the accounts in which it belonged. Other allegations include executives giving your money to cronies for "consulting" services.
Oh, and all of this was pointed out back in 1997, but no one at the City bothered to take action, so the statute of limitations expired on God only knows how much waste, fraud and embezzlement.
But what the heck, let's hand these same geniuses another $1 billion of our money to help the homeless through Measure H, right? I mean, if they're going to steal millions, we're going to have to give them a billion if we expect results, aren't we?
Read this article: http://www.latimes.com/news/local/la-me-authority2nov02,0,2692861.story
The picture? It's a leech.