atans1

AGO and the importance of paperwork

In Accounting, Public Administration on 20/07/2017 at 5:13 am
It’s that time of the year when the cybernuts especially those from TRELand get their yearly free (They are cheapskates, juz like the ang moh tua kees) high from the Auditor-General’s report detailing cock-ups in the process and procedures of ministries and state agencies.

For the rest of us, it shows “Efficiency? What efficiency?”: the PAP administration, like all management systems or bureaucracies, has flaws that need to be fixed. Monitoring and fixing things are eternal, non-ending unglamarous work.

Those criticised often grumble (sometimes rightly) that they live in the real world, not in a world where box-ticking is more important that delivering the “goods”. Not in the case of the WP though.

Whatever, this NYT Dealbook story tells us why getting the paperwork right is important.

Private Student Loan Debts May Be Wiped Away

Tens of thousands of people who took out private loans to pay for college but have not been able to keep up payments may have their debts wiped away. The reason? Missing paperwork.
At least $5 billion in troubled loans are at the center of a legal dispute that has echoes of problems that arose from the subprime mortgage crisis a decade ago.
Private student loans, which come with higher interest rates and fewer consumer protections than federal loans, are often targeted at the most vulnerable borrowers, but judges have already dismissed dozens of lawsuits against former students because of insufficient documentation.
Court records reviewed by The New York Times show that many other collection cases have been brought without complete ownership records.
Like those who took on subprime mortgages, many people who took private student loans may never earn enough to repay the debt.
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