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Office of the Special Inspector General for the Troubled Asset Relief Program "Initial Report to Congress" SIGTARP: Neil M. Barofsky 189 pages February...
...past two months, the federal government has handed out hundreds of billions of dollars to troubled financial institutions. So where did the money go? And what assurances does the American public have that the money's not being wasted? In his first report to Congress, a Special Inspector General charged with overseeing the so-called Troubled Assets Relief Program (TARP) tries to answer these questions. (See pictures of the Top 10 scared traders...
...monitoring systems: "TARP agreements generally do not require recipients to report or to track internally the use of TARP funds ... If the American taxpayer is to be expected to fund this extraordinary effort to stabilize the financial system, it is not unreasonable that the public and its representatives in Congress have some understanding as to how those funds have been used by the recipients...
...rather than proposing and driving through Congress his own economic-stimulus plan, President Obama ceded the construction to House Democrats. They in turn have come up with a pork-laden, ineffective piece of legislation, which I think Americans are increasingly recognizing will not solve the economic challenges we face...
...President may well know that, but he also knows that Congress has to act quickly, especially with another round of dismal economic and unemployment numbers coming out Friday. After spending much of his first two weeks in office reaching out to Republicans, Obama showed a tougher side on Thursday, telling House Democrats at a retreat in Virginia that Republicans who have been pushing amendments to add more and more tax cuts to the legislation want to return "to the same policies that for the last eight years doubled the national debt and threw our economy into a tailspin." His growing...