Last week TARP Special Inspector General Neil Barofsky issued a report that “blasted” the Tresury Department’s handling of the $700 billion bailout program. An article in USA TODAY provides a good summary. There is a lot to read in the report, but a comment made by the IG relates to something that this writer believes is at the root of where the United States is today. He said (emphasis added) that, Treasury’s failure to provide more details about the use of TARP funds has helped damage “the credibility of the program and of the government itself, and the anger, cynicism, and distrust created must be chalked up as one of the substantial, albeit unnecessary, costs of TARP.”
By the way, did you know that the Special IG has a Web site where you can sign up for reports, press releases, etc. from his office?