Home > News > GAO Report: No Evidence TARP Worked; Treasury Officials Failed to Track Money, Deceived Congress; Half of Money Unlikely to Ever Be Recouped

GAO Report: No Evidence TARP Worked; Treasury Officials Failed to Track Money, Deceived Congress; Half of Money Unlikely to Ever Be Recouped

OOOOUCH!  For taxpayers and Dems… this hurts.

Seems I was wrong.

In his 256-page report to Congress, Barofsky notes that the Treasury Department’s failure to implement anti-fraud measures, or even to require TARP recipients to report how they used the billions Congress and the Treasury Department gave them, makes it highly unlikely that the $317 billion outstanding — nearly half the TARP total — will ever be returned to taxpayers. Barofsky also threatened to subpoena documents relating to the Treasury Department’s "less-than-accurate statements … concerning TARP’s first investments in nine large financial institutions," as well as its subsequent refusal to report what hundreds of other TARP recipients did with the funds.

So there you have it: Treasury officials lied to Congress and the public, and refused to demand even a basic level of accountability from TARP recipients while borrowing hundreds of billions of dollars that taxpayers will eventually have to pay back, plus billions in interest. Incredibly, just Wednesday, President Obama announced a new TARP-like program for small businesses and community banks. The madness in Washington won’t stop until the people completely clean house at both ends of Pennsylvania Avenue.

GAO Report: No Evidence TARP Worked; Treasury Officials Failed to Track Money, Deceived Congress; Half of Money Unlikely to Ever Be Recouped

Advertisements
  1. No comments yet.
  1. No trackbacks yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: