The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) is one of the entities managing the distribution of the $700 billion in TARP funds. SIGTARP has a Special Inspector General, Neil Barofsky, and on April 21, 2009 he issued a report to congress on the criminal oversight of TARP.
Amazingly the report noted that there are already 20 criminal investigations and 6 audits looking at TARP funds have been mismanaged. One of the audits looks at the crazy big bonuses that AIG and its counterparts have been sucking out of TARP. Other areas of investigation are:
- use of funds by recipients
- executive compensation controls
- Bank of America support
- Any influences on Treasury or bank regulators in determining applications from banks seeking TARP funds
SIGTARP came about under Section 121 of the Emergency Economic Stabilization Act of 2008 (EESA), and gave it the powers noted in Section 6 of the Inspector General Act of 1978, which includes the ability to get documents and other information from Federal agencies. Of course SIGTARP itself costs money and it is taking $50 million from the Fed to carry out its mandate.
SIGTARP's has an official mission: "SIGTARP's mission is to advance economic stability by promoting the efficiency and effectiveness of TARP management, through transparency, through coordinated oversight, and through robust enforcement against those, whether inside or outside of Government, who waste, steal or abuse TARP funds."
SIGTARP is not alone, and works with the Financial Stability Oversight Board (FSOB), the Congressional Oversight Panel (COP), and the Government Accountability Office (GAO), and a host of other Federal entities.
John Santelli writes about the TARP troubled asset relief program and the troubled asset relief program bill without pulling any punches.
Article Source: http://EzineArticles.com/?expert=John_Santelli
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