Business, markets, companies and technology coverage.
The watchdog found the department terminated 438 contracts and deobligated a net $92 million — while spending $1.7 billion in one year on the same IT requirements through other contracts.
A watchdog report found neither agency monitors local vendor use, some contracting officers misidentified the disaster area, and all Corps contracts reviewed lacked required justification documents.
The watchdog says banks operating without holding companies — including two with more than $80 billion in assets — are reviewed by banking regulators whose processes are not designed to protect investors.