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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) .
posted by ornate insect on Apr 20, 2009 - 20 comments

Last night, Elizabeth Warren visited John Stewart's Daily Show for a lengthy interview: Interview Part One and Interview Part Two. Warren, tapped last November to head congressional oversight of TARP (she has been mentioned before on the blue here and here), is a Harvard Law Professor with a strong interest in economic history (see here and here for more).
posted by ornate insect on Apr 16, 2009 - 31 comments

Although the government has committed almost 3 trillion dollars to rescuing the financial sector, testimony today revealed that 6 months after the start of TARP, basic oversight of the program is lacking (more here and here), including the failure to account for almost 80 billion dollars. Meanwhile, Congress wants to know more about the court-appointed AIG monitor, while Neal Wolin, who helped draft Gramm-Leach-Bliley, has replaced a former hedge fund manager to run TARP--raising more questions about who is overseeing the plans, and about how they are being administered.
posted by ornate insect on Mar 31, 2009 - 24 comments

We may never know whether the bailout worked [more inside]
posted by ornate insect on Jan 30, 2009 - 50 comments