Watchdog Puts Total Bailout Tab At $23.7 trillion, Notes Lack Of TARP Transparency

Watchdog Puts Total Bailout Tab At $23.7 trillion, Notes Lack Of TARP Transparency - 7/20/2009

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Watchdog Puts Total Bailout Tab At $23.7 trillion, Notes Lack Of TARP Transparency
Darrell Delamaide

FinReg2--http://www.finreg21.com. July 20, 2009
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EXCERPT: The special inspector general charged with overseeing the government’s bank bailout stormed back into the news with criticism of the administration for not telling taxpayers enough about the bailout and a calculation that the cost of the rescue of the financial system could end up totaling $23.7 trillion. The staggering figure includes all federal aid from the Treasury, the Federal Reserve, and the FDIC to banks, companies, Fannie Mae and Freddie Mac, credit unions and other programs to stabilize the financial system. The news comes from testimony that Neil Barofsky, the special inspector general for the Troubled Asset Relief Program (SIGTARP), is due to give on Tuesday to the House Oversight Committee. The news was widely leaked to the press on Monday. In his testimony, Barofsky takes the Treasury Department to task for not following his office’s recommendations about making the TARP transactions more transparent. “In rejecting SIGTARP's basic transparency recommendations, TARP has become a program in which taxpayers (i) are not being told what most of the TARP recipients are doing with their money, (ii) have still not been told how much their substantial investments are worth, and (iii) will not be told the full details of how their money is being invested,” Barofsky says in his testimony. “In SIGTARP's view, the very credibility of TARP (and thus in large measure its chance of success) depends on whether Treasury will commit, in deed as in word, to operate TARP with the highest degree of transparency possible.”

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