TARP Funds Still "Untethered"

Virginian-Pilot:

When Congress and the Bush administration collaborated on passage of a $700 billion economic bailout package in October, they sought to ease voters' fears by pledging to attach all manner of strings, twine and rope to the money. But, according to a new report, much of the program remains completely untethered two months later.

While acknowledging the complexity of administering a program of this magnitude in an ever-changing economic landscape, the Government Accountability Office - the nonpartisan investigative arm of Congress - found numerous shortcomings in efforts to ensure the bailout initiative's "integrity, accountability and transparency."

Among other things, GAO auditors said the Treasury Department has failed to establish sufficient safeguards to make sure financial institutions are using the emergency funds as intended; to set benchmarks to gauge whether the program's objectives are being met; and to implement adequate oversight of executive salaries and potential conflicts of interest.

Read the whole story: Virginian-Pilot

Comments

[themodernleader]

A corrupt chief executive establishes rules that make accountability impossible. Then corrupt administrators can steal the system blind without being apprehended and brought to justice.

[Emlyn]

Nobody in Bush's cabinet or Bush himself cares about the people of this country. I wonder where the money came from to buy Bush's new digs in Dallas? It would be interesting to find out. If it came from his own wallet, that's one thing but if it came from private interests, their names should be published. there should be a complete investigation. If Bush were a Democrat (God forbid), there would be an investigation immediatley. It's so one-sided.

[majorteddy]

Must the Bush administration absolutely screw up everything they touch?

[billyfitz]

And this surprises who? TARP was a heist from the beginning. They know the economy is going south, so they had to figure out a way to get as much from us as possible before the well is dry. Bunkers, safe rooms, beach houses in gated communities and private security guards don't come cheap.

They need to insulate themselves from the soon to be starving and desperate proletariat. That requires some pretty devious pillaging of the public coffers.

Seriously though, every outraged citizen reading this knows beyond a doubt that a select few will greatly increase their wealth via the bailout, and the ones who perpetrated it will NEVER be held accountable. There are few laws that hinder the very wealthy. That's how America rolls.

[alexis d]

I wish I were surprised. This is what you get when you put the foxes in charge of the henhouse.

[CIgarCityGirl]

"Heck of a job there, Pauly!"

[joebaggadonuts]

Medal of Freedom time, eh?