Mint blew $1.4M searching for lost gold

[Francis2004]

Mint blew $1.4M searching for lost gold

The Royal Canadian Mint spent nearly $1.4 million to investigate missing gold worth $20 million that turned out to be not missing after all, according to a national taxpayers' watchdog group.

The Canadian Taxpayers Federation says documents it obtained through Access to Information reveal the Mint spent at least $1,374,846 to determine that the $20 million in gold that the Mint thought was lost or stolen wasn’t missing or stolen in the end.

Mint blew $1.4M searching for lost gold- Politics - Canoe.ca

Ironic isn't it ?

 

[FiveParadox]

Re: $1.4 Million Investigation Pricetag

I think that it was still a responsible use of the funds—the potential shrink of $20 million of gold is something that absolutely had to be investigated. I’m sure that the experience gained by the organisation in the correct way to account its holdings should, in any case, more than make up for recent investigating expenditures in very short order. I would have been more concerned if they’d just written off the ‘missing’ gold.

 

[Francis2004]

I am concerned that any organization depending on Tax Payer funding has so little accountability. It seems to me that yearly reviews should account for losses to paper handling in small amounts. 20 Million is not a small number people should just say "no problem" it's on paper only and now its ok because they say the money "should" be accounted for..

This would never fly in a business world where you need to go to the shareholders or a bank..

 

[bill barilko]

I think that it was still a responsible use of the funds—the potential shrink of $20 million of gold is something that absolutely had to be investigated. I’m sure that the experience gained by the organisation in the correct way to account its holdings should, in any case, more than make up for recent investigating expenditures in very short order. I would have been more concerned if they’d just written off the ‘missing’ gold.

Agreed but I'd be Happier if some heads rolled-a naive hope given the people involved.

I note the head of the Chilean Mint was recently shown the door