The Government Accountability Office, the non-partisan investigative arm of Congress, said today she was right to be worried. According to the Washington Post,
A billion here, a billion there -- a vacation home for a banker somewhere -- pretty soon you can go through a lot of billions.
The Treasury official charged with administering the program, Interim Assistant Treasury Secretary Neel Kashkari, responds with the typical whine of faltering management: we're trying...we work really hard.
This guy may end up being glad his appointment is a short term one.
TPM Muckraker is going over the report, page by page. They point to nuggets like
- Reporting procedure? The Treasury Department does not know how, or whether, it will require banks receiving bailout cash to report what they do with the money.
- Plan for controls? Nope.
- Monitoring conflicts of interest? Not that either.
- Limits to executive pay? Not on this Treasury's watch.