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06 February, 2009

Government Overpaid for Wall Street Assets

OBVIOUSLY but here comes the admission . . .

The chumps running the U.S. got no lights on upstairs.

The federal government overpaid by about $78 billion for stock and other troubled assets when it bailed out big banks last year, and it lacks sufficient internal controls to police and protect taxpayers' investment in the institutions, government watchdogs said Thursday.

The new special inspector general for the bailout effort, formally called the Troubled Asset Relief Program, issued his first report Thursday and said that the Treasury Department needs to put more safeguards in place to protect taxpayers.

Neil Barofsky said that the Treasury Department, under the Bush administration, focused on purchasing assets from troubled banks and failed to put a plan in place for managing more than $279 billion in preferred stock that was acquired during the bailouts.

Now he's asking 319 financial institutions for detailed accountings of how $300 billion in taxpayers' bailout money has been spent. He said his office also would examine whether any bank had misrepresented the value of securities exchanged for the cash.

1 comment:

  1. What a joke that is: Neil Barofsky doesn't know where the $300 billion is. Oh yeah. Its pretty simple stuff mr."barofsky". Its been put in secret bank accounts so that these usurious bank owners can now live out the rest of their insectile avaricious lives in luxury and leisure while the mindless mass toil away for nothing.