Am I the only one who thinks Treasury Secretary Henry Paulson's handling of the government's $700 billion bailout fund is totally out of control? He appears to be making it up as he goes along, and what's worse, no one is minding the store, with key oversight provisions not yet implemented, even though $290 billion has already been spent.
I kid you not! Today's Newsday reported that “no formal action has been taken to fill the independent oversight posts established by Congress when it approved the bailout to prevent corruption and government waste. Nor has the first monitoring report required by lawmakers been done, though the deadline has passed.”
“It's a mess,” Eric M. Thorson, the Treasury Department's inspector general, was quoted as stating. Mr. Thorson, who has been overseeing the bailout program until the newly created position of special inspector general is filled, added that: “I don't think anyone understands right now how we're going to do proper oversight of this thing.”
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
