Neil Barofsky, the Inspector General for the TARP, has issued his latest report. He does not give the Treasury an "A". It's doubtful that he'd even give a gentlemanly "C".
His first concern is with information, like how is our money being spent. The Treasury does not seem overly interested in the issue. Barofsky thinks that the risk of fraud with regard to the TALF and PPIF is fairly high. The Treasury's reliance on the credit agencies is particularly egregious as “The wholesale failure of the credit rating agencies to rate adequately such securities is at the heart of the securitization market collapse, if not the primary cause of the current credit crisis.”
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