SIGTARP: TARP Still Lacking Transparency, Estimated Govt. Exposure $23.4 Trillion

Monday, July 20, 2009 5:53 PM

The Special Inspector General for the TARP program is not too happy with the Treasury Department these days. Writes the Wall Street Journal:

The special inspector general overseeing the $700 billion financial-sector bailout said the Treasury Department isn't disclosing enough information about how taxpayer money is being spent.

In prepared testimony for a Tuesday hearing of the House Committee on Oversight and Government Reform, Special Inspector General Neil Barofsky said the Treasury has rejected several of his recommendations for more transparency on its part.

Mr. Barofsky also said the Treasury has declined to require bailout recipients to explain what they are doing with their government funds.

Further, Mr. Barofsky points out that the scope of the TARP program - the government's potential exposure to programs aimed at resolving the financial crisis - could reach a staggering $23.7 trillion.

That's trillion with a "T." 

So far, though, Barofsky's calls for greater transparency have been falling on deaf ears in the Treasury Department.  What will it take for them to listen?

Tags: Transparency FederalSpending Bailouts Federal | Comments (0)