Auditors fault Treasury oversight of bailout funds

AP on Yahoo ^ | 12/2/08 | Jim Kuhnhenn - ap

[NormsRevenge]

WASHINGTON – The government must toughen its monitoring of the $700 billion financial bailout to ensure that banking institutions limit their top executives' pay and comply with other restrictions, federal auditors said Tuesday in the first comprehensive review of the rescue package.

The Treasury Department has no mechanism in place to track how institutions are using $150 billion in taxpayer money that the government injected into the banking system as of last month, the Government Accountability Office concluded in its report to Congress.

The auditors acknowledged that the program, created Oct. 3 to help stabilize a rapidly faltering banking system, was less than 60 days old and has been adjusting to an evolving mission.

But the 72-page report was bound to feed congressional concern that banks and other institutions are not being properly monitored and are not using the money to increase lending.

[NormsRevenge]

Hey Congre$$..

SUCKAS!!!

[NormsRevenge]

The US Treasury Department building in Washington, DC.
The US Treasury's new 700 billion dollar financial rescue program has
serious accountability and transparency problems, a congressional watchdog said Tuesday.
(AFP/File/Karen Bleier)

[goodnesswins]

It should ALSO be the law that NO company (or any of its officers) receiving bailout funds can give POLITICAL contributions to any Congress Critter in office at the time of the bailout...

[K-oneTexas]

Of course not. I wasn’t meant to be tracked ... no matter what anyone said.

You know ... wink, wink, nod, nod! Get it.

[mombyprofession]

ping

[mvpel]

You’d think they would have learned something after Hurricane Katrina.