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GSA Scandal: Bad News, Good News, Better News

The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.

NEW YORK (TheStreet) -- Big, bad Wall Street, evil corporations, and corrupt wealthy captains of industry must be grinning to see the General Services Administration getting grilled for extravagance in Las Vegas. Yes, the same Vegas that this administration condemned when AIG's junkets were set up as the example of what's wrong with Wall Street and business in America.

I was as appalled as you to hear the waste, fraud and corruption under the current administration.

Before the "Obama is the greatest President ever" crowd goes nuts, there have been waste, fraud and corruption under every administration. Big government getting bigger and bigger creates access to an unmanageable piggy bank tempting good people to turn bad, and bad people to get worse.

The GSA's excessive spending at a lavish 2010 Las Vegas conference is under investigation.

Bad News:

The GSA Vegas scandal is an egregious example of federal government leaders and employees' arrogance, entitlement mentality and contempt for taxpayers.

Good News:

Busted! It has been revealed. There are still people, including federal employees, who know right from wrong and have the courage to expose and condemn wrongdoing. Another observation -- when audits happen, audits work.

Better News:

1. The current administration's everything bad was inherited, everything good is the result of the current administration's hard work, has been exposed as intellectually and emotionally dishonest.

2. This GSA exposure, a year and a half after-the-fact by the way, may provide impetus for cutting government spending and increasing enforcement controls.

3. There may be a concerted effort to reduce the number of off-site meetings for government agencies and restrict resort and/or luxury property destinations.

4. There will likely be firings (hopefully without the grandiose severance packages and benefits afforded "good" workers) and wage garnishment to reimburse the GSA budget for the expenses.

5. Maybe the administration will have the character to apologize to Las Vegas for once again sullying its reputation, this time by causing a scandal associated with this prime vacation and conference destination.

6. Now that we are becoming more and more aware of the temptations to use government and/or corporate funds as though they were entitlements to self gain and pleasure, let's hope the consequences of those doing wrong will result in such harsh consequences so as to deter anyone else from thinking they can get away with it.

Let's not get too smug over the administration's latest embarrassment, however. The message of controls, discipline and severe punishment also applies to business collectively and to each of us individually.

This commentary comes from an independent investor or market observer as part of TheStreet guest contributor program. The views expressed are those of the author and do not necessarily represent the views of TheStreet or its management.

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