April 21, 2009

VIDEO: Neil Barofsky.on Toxic-Asset Relief Program (TARP)

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VIDEO: Neil Barofsky.on Toxic-Asset Relief Program (TARP) source

Special Inspector General Neil Barofsky calls for better reporting on use of taxpayer funds.

Treasury Department lawyers have determined that firms participating in a $1 trillion program to relieve banks of toxic assets could be subject to limits on executive compensation, contradicting the Obama administration's previous public position, according to a report to be released today by a federal watchdog agency.

...Treasury lawyers have told the special inspector general for the federal bailout that executives involved with that initiative and another $1 trillion consumer lending program "could be subject to the executive compensation restrictions," according to the report from Special Inspector General Neil M. Barofsky...

...The 247-page report by the special inspector general criticizes the Treasury Department for failing to adequately oversee the bailout program, which now includes 12 programs that could involve nearly $3 trillion in public and private funds...

Barofsky's report raised concerns about potential conflicts of interest and money laundering in the program to buy toxic assets, and renewed his call for the administration to require bailout recipients to report on their use of taxpayer funds.

"Time is running short to address these shortfalls," Neil Barofsky said in an interview. "The time is now for a comprehensive oversight and compliance framework."

Neil Barofsky's report revealed that his office has opened almost 20 criminal investigations, including those into large corporate and securities fraud related to bailout investments, tax issues, insider trading, public corruption and mortgage-modification fraud...

VIDEO: Neil Barofsky.on Toxic-Asset Relief Program (TARP)

Posted at April 21, 2009 11:48 AM