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MONDAY, NOVEMBER 23, 2009
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 ANALYSIS 
8

Toothless Watchdogs Not Sure Where TARP Money Went

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(Newser) – Anybody seen $700 billion? The government watchdogs charged with overseeing TARP spending don't seem able to answer even basic questions about where the money went, Chris Adams writes at McClatchy. A special inspector general, a congressional panel, and eight other inspectors general are supposed to be keeping track of the funds, but they haven't been given the tools to do the job properly, Adams writes.

The congressional panel doesn't have subpoena power, meaning that officials from the Federal Reserve or Treasury can't be compelled to testify. Special Inspector General Neil Barofsky can subpoena federal or bank officials, but his recommendation that banks detail how they spend TARP funds was rejected. The lack of transparency from the banks and Treasury means the "very credibility" of the program is at stake, he warned in a recent report.

Treasury Secretary Tim Geithner meets with experts to discuss the oversight of the Troubled Assets Relief Program at the Treasury Department earlier this year.
Treasury Secretary Tim Geithner meets with experts to discuss the oversight of the Troubled Assets Relief Program at the Treasury Department earlier this year.   (Getty Images)
Neil Barofsky, special inspector general for the Troubled Asset Relief Program, waits to testify before a House Financial Services subcommittee hearing earlier this year.
Neil Barofsky, special inspector general for the Troubled Asset Relief Program, waits to testify before a House Financial Services subcommittee hearing earlier this year.   (AP Photo/Susan Walsh)
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TARP has become a program in which taxpayers are not being told what most of the TARP recipients are doing with their money. - TARP Special nspector General
Neil Barofsky

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8 comments
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chas_m
Aug 10, 09 3:48 AM CDT
Now HERE is where I would approve of some torture. Those banksters did more damage to America than Al-Quada could ever dream of, and we're letting them get away with it. Reply
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+5
IN RESPONSE:
BackAgain
Aug 10, 09 6:49 AM CDT
Hey genius who gave it to them. The GOVERNMENT!! Less is better because there is no brains in Washington. And while Bush is just at much at fault the Obamanation is taking it to a whole new level, leading the charge into the abyss.
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-1
IN RESPONSE:
wwwonderer
Aug 10, 09 4:25 PM CDT
@chas, I'd love some execs waterboarded. I'd be satisfied with just some consequences for their actions. And when I say consequences I don't mean record profits or bonus pay. @Back, this whole mess came from LESS GOVERNMENT. Less government is fine as long as free markets can act RESPONSIBLY. Most 15-year-olds don't need a baby sitter, until they prove they can not handle the responsibility.
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+1
Graymatter
Aug 10, 09 3:50 AM CDT
Wow that's VERY surprising. Lots of money disappears after the government gives us all the illusion of safeguarding it with federal officials. God I hate these idiots. How can so many atrocities be committed against a citizen before people do something about it. I hope beyond hope someday these people who steal our money and the people who aid them all rot in hell. I get taxed more so some CEO can go on a cruise. The frustration is boiling over. Reply
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+4
donnz
Aug 10, 09 4:27 AM CDT
What is a Tarp? I thought a Tarp was a huge opaque canvas, that covered things up, so no one could see what was underneath and was protected from the light. Oh... then you mean, I was right? Reply
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+2

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