TARP – Troubled Asset Relief Program
The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) is one of the companies that manage the allocation of $ 700 billion in TARP funds. SIGTARP has a Special Inspector General, Neil Barofsky, and April 21, 2009, published a report to Congress on criminal control of the TARP.
Surprisingly, the report noted that there were 20 criminal investigations and trials 6 views TARP funds managed badly. One of the tests is responsible forcrazy big bonuses, AIG, and his colleagues were of TARP sucks. Other areas of investigation are:
– Use of funds by the recipient
– Executive Compensation controls
– To support the Bank of America
– Match any impact on cash or bank regulatory authorities in determining applications by the banks of TARP Funds
SIGTARP passed under section 121 of the Emergency Economic Stabilization Act of 2008 (EESA), and there were powersdescribed in Section 6 of the Inspector General Act of 1978, which includes the ability to scan documents and other information received by federal authorities. SIGTARP same course costs money, and is under 50 million U.S. dollars by the Fed to implement its mandate.
SIGTARP has an official mission, "mission SIGTARP is economic stability, promoting efficiency and effectiveness of management of the TARP, by transparency in advance, through a coordinated monitoring and implementing robustagainst those, both inside and outside government to steal the waste, or abuse of TARP funds. "
SIGTARP is not alone, and works with the Financial Stability Oversight Board (FSOB), the Congressional Oversight Panel (COP) and the government Accountability Office (GAO), and a host of other federal agencies.
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