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December 03, 2008

Oversight? Paulson Don't Need No Steenkin' Oversight!

And no questions, either; his judgment is beyond reproach by us mere taxpayers

WASHINGTON -- The Treasury Department has failed to address a number of critical issues while implementing the $700 billion financial rescue plan, including how to ensure its efforts are successful, the Government Accountability Office said Tuesday.

The report, which was required by the legislation authorizing the rescue plan, said Treasury has yet to figure out how to make sure financial firms receiving billions of dollars of federal funds comply with limits on executive compensation and dividend payments. (Read the full report.)

On a more basic level, the Treasury's efforts to establish "an effective management structure and an essential system of internal control" are incomplete, the report said.

"Without a strong oversight and monitoring function, Treasury's ability to help ensure an appropriate level of accountability and transparency will be limited," the report said.

They didn't just give him a blank check; they gave him the whole checkbook and a printing press.

Oh, and did we forget to mention this minor detail?

The report also noted that the Treasury has yet to announce whether it will require firms that receive capital injections to report on the use of the funds. Doing so, the report said, "would enable Treasury to monitor, to some extent, how the infusions were being used."

Gee, ya think?

Posted by Mr. Bingley at December 3, 2008 07:42 AM

Comments

George Bush has disgraced himself in the end.

Posted by: Skyler at December 3, 2008 09:53 AM