Plenty of Fodder for the Warren Panel: TARP Program Marred by Fraud
Tuesday, April 21, 2009 at 9:36 am
The Troubled Asset Relief Program’s inspector general, Neil Barofsky is out with a scathing report today, contending the program already is marred by tax and securities fraud, insider trading, and other violations. Barofsky has opened 20 separate criminal probes into the alleged violations – and that’s just for starters, The Los Angeles Times reports.
The cases represent only the first wave of investigations, and the total fraud could ultimately reach into the tens of billions of dollars, according to Neil Barofsky, the special inspector general overseeing the bailout program.
The disclosures reinforce fears that the hastily designed and rapidly changing bailout program run by the Treasury Department and Federal Reserve is going to carry a heavy price of fraud against taxpayers — even as questions grow about its ability to stabilize the nation’s financial system.
Barofsky said the complex nature of the bailout program makes it “inherently vulnerable to fraud, waste and abuse, including significant issues relating to conflicts of interest facing fund managers, collusion between participants, and vulnerabilities to money laundering.”
Looks like TARP oversight chief Elizabeth Warren will have plenty to talk about today with Treasury Secretary Timothy Geithner, when he testifies before her panel for the first time.
6 Comments
Comment posted April 21, 2009 @ 7:17 am
Why am I not surprised by this. Remember the stimulus bill, signed before anyone had the chance to read it? Chris Dodd writing in that bill granting huge bonuses to failed AIG exec's with tax payer money. What do you expect from an incompetent government and a treasury secretary that does not pay his own taxes.
Pingback posted April 21, 2009 @ 2:40 pm
[...] Plenty of Fodder for the Warren Panel: TARP Program Marred by Fraud: The Troubled Asset Relief Program’s inspector general, Neil Barofsky is out with a scathing report today, contending the program already is marred by tax and securities fraud, insider trading, and other violations. Barofsky has opened 20 separate criminal probes into the alleged violations – and that’s just for starters, The Los Angeles Times reports. The cases represent only the first wave of investigations, and the total fraud could ultimately reach into the tens of billions of dollars, according to Neil Barofsky, the special inspector general overseeing the bailout program. [...]
Pingback posted April 21, 2009 @ 5:34 pm
[...] Prettier on the Inside placed an interesting blog post on Plenty of Fodder for the Warren Panel: TARP Program Marred by FraudHere’s a brief overviewBarofsky has opened 20 separate criminal probes into the alleged violations – and that’s just for starters, The Los Angeles Times reports. [...]
Comment posted April 28, 2009 @ 3:40 am
Hi I am a Connecticut tax payer an I have reason to believe that the money coming will be allocated wrongly it has always gone in the wrong hands . I am a small Business Contractor an by my company would like to see any one else overseeing the money but we dont need Joe watching the money or the Govener what we need is for you guy to come to Connecticut to oversee an you might be surprised what you find CT thinks their above the law all im saying please come watch the money no minority will see any of that money they have there same ten contractors in this State that will see the bulk of that money an we are tired of this . Please no Joe and no Rell .
Please Mrs. Warren come to CT they will respect you beacause your no Joke
Comment posted April 28, 2009 @ 10:40 am
Hi I am a Connecticut tax payer an I have reason to believe that the money coming will be allocated wrongly it has always gone in the wrong hands . I am a small Business Contractor an by my company would like to see any one else overseeing the money but we dont need Joe watching the money or the Govener what we need is for you guy to come to Connecticut to oversee an you might be surprised what you find CT thinks their above the law all im saying please come watch the money no minority will see any of that money they have there same ten contractors in this State that will see the bulk of that money an we are tired of this . Please no Joe and no Rell .
Please Mrs. Warren come to CT they will respect you beacause your no Joke
Pingback posted July 23, 2010 @ 5:00 am
[...] auf die von Goldman Sachs erhaltenen 12,9 Mrd. US-Dollar bestanden. Jetzt stellt sich für das Warren’s panel und der Financial Crisis Inquiry Commissiongerettet worden sind. Die Frage lautet schlicht: „Wer [...]
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