Tags: barofsky | blasts | obama

TARP Watchdog Blasts Obama for Lack of Transparency

Tuesday, 21 Jul 2009 09:15 AM

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As the watchdog of the government's massive bailout of the financial sector, Neil M. Barofsky had a simple question: What had the nation's banks done with all their bailout money?

Can't be answered, said the Treasury Department, because of the way banks move money internally. The department declined to put the question to the banks.

And so Barofsky started asking financial institutions himself.

The banking survey, and the refusal of Treasury officials to conduct it themselves, were revealed as Barofsky issued a stinging report Monday that complained of a lack of transparency in the Obama administration's management of the giant financial services bailout program.

Read the full story in the Los Angeles Times, or on CNN Money.

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