Assistant Secretary of Treasury Neel Kashkari, the man in charge of the bailout, went to Washington, DC, today to testify in Congress. They didn't exactly roll out the red carpet for him.
Amid complaints about a lack of transparency in use of bailout funds, changing horses midstream and playing guessing games to save the US economy, Congress slammed Kashkari -- who has already appeared uncomfortable answering questions -- for his performance thus far.
Watch Rep. Elijah Cummings ask, "Is Kashkari a chump?"
AP reports on Kashkari's visit to Congress:
"It's very clear that Treasury cannot and will not make the effort to keep people in their homes," said Rep. Darrell Issa, R-Calif., top Republican on the House Oversight and Government Reform subcommittee on domestic policy.
In the sole hearing on Capitol Hill Friday, Issa and others took turns pressing Neel Kashkari, Treasury's interim head of the $700 billion bailout package.
Rep. Dennis Kucinich, D-Ohio, chairman of the panel, said the Treasury Department had "abdicated its responsibility" to prevent home foreclosures.
He said the change in implementing the bailout announced by Treasury Secretary Henry Paulson this week "breaks with congressional intent, contradicts public assurances previously made by Treasury and leaves the federal government without an adequate mechanism to stem the tide of home foreclosures."
The Morning Email helps you start your workday with everything you need to know: breaking news, entertainment and a dash of fun. Learn more