Treasury called to account over use of taxpayer funds

Discussion in 'Wall St. News' started by ASusilovic, Apr 23, 2009.

  1. WASHINGTON (MarketWatch) -- The Treasury Department is underestimating the costs of key parts of the government's $700 billion bank-bailout program and is failing to require recipients of taxpayer funds to show how they're using the money, according to a key inspector general overseeing the package.

    "We made a recommendation that Treasury require all TARP recipients to account for their use of funds," said Neil Barofsky, special inspector general for the bailout program, known as the Troubled Assert Relief Program.

    "They haven't adopted it," he testified Thursday before the Joint Economic Committee on Capitol Hill.

    Responding to lawmakers' questions, Barofsky raised concern about costs and functioning of a variety of Treasury programs, including an effort to remove so-called "toxic assets" from banks and another measure to help stimulate the consumer debt market. Many of these issues were brought up in a recent report released by the inspector general.{B117152F-A9E0-4A26-A1A3-277B00A6DF05}

    Opppssss...:D :D :D
  2. Suss, did you accept TARP money and then spend it on New York City condominiums? :cool:
  3. NYC / Delaware entity is launched, but NYC administration / bureaucracy is just breathtakingly SLOW. :mad: