Banking on Fraud
April 20, 2009 11:23 PM Subscribe
Neil Barofsky, who helped prosecute the REFCO case, and who was appointed by the previous administration in late November to serve as Special Inspector General for TARP (more on him here and here), has released a report that claims TARP and related bailout programs are inherently vulnerable to fraud--and that there are at least 20 bailout/fraud investigations currently underway. The report comes on the heels of rumors that bailout money may convert to equity stakes: a move that may signal a change in current policy (but don't mention the n-word) .
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