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Bailout Overseer To Ask Banks To Track Funds
Could we finally be headed for a whole new level of transparency and oversight over the bailout funds?
Neal Barofsky, the inspector general for the TARP program, today sent a letter to Sen. Charles Grassley, the ranking Republican on the Finance committee, announcing his intention to ask that banks that have received TARP funds report back to his office within 30 days on what they've done with that money.
Barofsky is addressing what's been the most glaring example of the lack of oversight that has characterized TARP so far -- and a problem that Elizabeth Warren's Congressional Oversight Panel has lamented on several occasions.
In the letter, Barofsky wrote, dryly, that the effort "will improve general transparency of the [TARP], and increase the ability of [the inspector general] and Congress to assess the effectiveness of TARP programs over time.
In explaining the need for the move, Barofsky added:
Even a basic examination of whether various TARP programs are successfully furthering the goals of EESA is made difficult if we do not know what was done with the money in the first instance.
It's not clear what authority Barofsky would have to compel the banks to disclose information, if they resisted. But it sounds like things are slowly getting on track.
Still, mightn't it have been smart to have started this effort last fall when bailout funds were first handed over, instead of waiting till now?
Josh
Zachary
I believe Keith Olbermann when he says this "bail-out" will eventually be known as a "Why Daddy had to go to prison" scam...(with Paulson and Bernanke)
January 22, 2009 6:13 PM | Reply | Permalink
"Still, mightn't it have been smart to have started this effort last fall when bailout funds were first handed over, instead of waiting till now?"
What are you thinking, Zach? Everyone knows that's simply not the Republican way. Such a question is just ... silly, much too silly.
So silly, in fact, that I'm tempted to send over the ghost of Graham Chapman to put an end to your silliness.
http://en.wikipedia.org/wiki/index.html?curid=2117812
January 22, 2009 8:02 PM | Reply | Permalink
Oh please, Mr. incompetent, crooked, theiving, lying, taxpayer-bailed-out Bank Executive, please tell us what you've done with our billions (If it's not too much trouble).
What has happened to America?
January 22, 2009 9:28 PM | Reply | Permalink
What authority is there?
Article I, Section 9, United States Constitution:
"No Money shall be drawn from the Treasury, but in Consequence of Appropriations made by Law; and a regular Statement and Account of the Receipts and Expenditures of public Money shall be published from time to time."
oh well, it's just a god-damned piece of paper, isn't it.
January 23, 2009 1:09 AM | Reply | Permalink
I found it interesting that during his hearing Obama's choice for Treasury made no mention of investigating the whereabouts or whats of allocated TARP money but seemed zealous about tracking the whereabouts and whats of future allocated TARP funds.
I have to assume that now that he's about to be out of the racket, the racket has to be cleaned up. Investigating the racket when he was in it however, better not go there.
January 23, 2009 11:50 AM | Reply | Permalink
Oh my gosh. You mean hold someone ACCOUNTABLE? Isn't this illegal?
January 25, 2009 6:20 PM | Reply | Permalink
Is it asking so much to see where the money has gone?
Or to ask them not to use our money to lobby Congress for MORE of our money?
This is outrageous. Sign the petition telling Congress to put an end to it:
http://snipr.com/itsgottastop
January 28, 2009 6:17 PM | Reply | Permalink