Troubled Asset Relief Program Report
Channel: HouseResourceOrg
Date: 2010-12-28

Troubled Asset Relief Program Report - House Oversight Committee - 2009-07-21 - Product 287868-1-DVD - House Committee on Government Reform and Oversight. Mr. Barofsky testified about the use of TARP (Troubled Asset Relief Program) funds and levels of transparency for government spending in the program. He focused on his report which said the Treasury Department had "repeatedly failed to adopt recommendations" to fulfill the administration's pledge of implementing TARP "with the highest degree of accountability." Several members criticized the Obama administration, saying the Treasury Department had failed to ask financial firms receiving taxpayers' money what they are doing with it or providing adequate financial disclosures. Mr. Barofsky also outlined the apportionment of TARP funds to banks and indicated that his office was conducting 35 criminal and civil investigations that include suspected accounting, securities and mortgage fraud; insider trading; and tax investigations related to the abuse of TARP programs.  Filmed by C-SPAN. Non-commercial use only. For more information see http://www.c-spanvideo.org/program/287868-1