Treasury, Fed criticized on TARP spending transparency

[Raster]

http://www.usatoday.com/money/industries/banking/2009-07-20-TARP-spending_N.htm

American taxpayers could end up spending as much as $23.7 trillion in bailing out the financial system, but the U.S. government isn't disclosing with enough transparency how the money is being spent nor how the investment is performing.

That is the conclusion drawn by Neil Barofsky, the special inspector general of the Troubled Asset Relief Program (TARP), who is set to testify Tuesday before the House Oversight and Government Reform Committee.

Barofsky's post was created in fall by President Bush to "conduct, supervise, and coordinate audits and investigations," into how government funds were being used and to "prevent fraud, waste and abuse."

Barofsky is most critical of the U.S. Treasury in a quarterly report to Congress, set for release today. He says Treasury has refused to provide him information on the financial performance of taxpayers' investments.

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http://www.usatoday.com/money/industries/banking/2009-07-20-TARP-spending_N.htm

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