There should be better bailout disclosure coming soon
One of the concerns that have been raised about the bailout funds is that the beneficiaries weren’t being forthright about how they were spending the money. While the agencies involved were cooperating with watchdog and auditing agencies, the banks and other recipients were stonewalling.
A letter sent January 7th by Neil Barofsky, the Special Inspector General of the Troubled Assets Relief Program, to Senator Max Baucus (D-MT), Chairman of Senate Finance Committee, discloses that the newly-approved agreements with Chrysler, GMAC, General Motors and Citibank contain binding agreements that require better disclosure. For example, the Citibank agreement provides the TARP IG access to Citigroup personnel and records and requires that the company disclose exactly how the bailout funds are being used.
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Tags: chrysler, citibank, Citigroup, general motors, gmac, max baucus, neil barofsky, tarp, troubled assets relief program
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