20 Criminal Probes and 6 Audits Underway on TARP Money Usage

Neil Barofsky, the special inspector general overseeing the Troubled Asset Relief Program, released a 250-page report detailing a long list of concerns about government efforts to prop up hundreds of banks, Wall Street firms and auto companies. There's not a lot in this story on CNN, or this article in the Wall Street Journal, nor this article on the Washington Post. The report in total was just posted to the oversight group's web site here.

Other reports from the oversight group are here: http://www.sigtarp.gov/reports.shtml

Highlights from the report:

The Troubled Asset Relief Program (“TARP”) now includes 12 separate, but often interrelated, programs involving Government and private funds of up to almost $3 trillion — roughly the equivalent of last year’s entire Federal budget.



SIGTARP has initiated, to date, almost 20 preliminary and full criminal investigations. Although the details of those investigations generally will not be discussed unless and until public action is taken, the cases vary widely in subject matter and include large corporate and securities fraud matters affecting TARP investments, tax matters, insider trading, public corruption, and mortgage-modifi cation fraud.

SIGTARP’s mission is to advance economic stability through transparency, coordinated
oversight, and robust enforcement, thereby being a voice for, and protecting
the interests of, those who fund TARP — i.e., the American taxpayers.