TARP report slams lack of transparency


Who wants to bet that Special Inspector General Neil Barofsky will either be fired or have some information come out on him from the pure as the driven snow Obama Administration? This guy will be excoriated for being honest with the American people. Good for you Mr. Barofsky. and all the best in your job hunt.

Special Inspector General Neil Barofsky

Special Inspector General Neil Barofsky

In a scathing report out Wednesday, a government watchdog blasts the Treasury Department for its handling of a $700 billion bailout program and for not adopting all of its earlier recommendations.Special Inspector General Neil Barofsky, who is in charge of overseeing the Troubled Asset Relief Program (TARP), said Treasury’s failure to provide more details about the use of TARP funds has helped damage “the credibility of the program and of the government itself, and the anger, cynicism, and distrust created must be chalked up as one of the substantial, albeit unnecessary, costs of TARP.”

Barofsky has made 41 recommendations to better implement the program, of which Treasury has executed 18 and partially adopted seven.

 Read the rest of the article here:

http://www.usatoday.com/money/industries/banking/2009-10-20-treasury-bailout-banks_N.htm

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