GAO: TARP lacks adequate internal controls

If the TARP were a private company, it would have a Sarbanes-Oxley problem. The Government Accountablity Office has just published its take on the TARP. Among the many conclusions reached is that the TARP lacks adequate internal controls, one of the key requirements of Sarbanes-Oxley. What’s worse, the Treasury hasn’t figured out how to discern whether the TARP is working to relieve financial markets or whether banks are complying with the requirements of the bailout law.

So, how much is being looted and how much is just another example of the Bush Administration talking a good game but being utterly incompetent when it comes to carrying it out.

Well, the adults are coming on Jan. 20. They can’t get here fast enough…

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