How bad are the financial irregularities at the NRCC?

Here's a sampling:

* At year end 2006, the NRCC’s actual cash on hand was approximately $990,000 less than the amount reported to the FEC.

* The actual cash on hand as of the NRCC’s most recent FEC report for January 31, 2008 (filed on February 20, 2008) was $740,000 less than the amount reported to the FEC.

Paul Kiel has more.