Entries tagged "GAO"
Even before Bernie Madoff was the news topic du jour, the Securities and Exchange Commission was riddled with internal conflicts, according to a government watchdog report.
Cool, calm and collected. That's the only way to describe the point man for the government's $700 billion financial rescue package Wednesday as he faced angry lawmakers and at one point was even asked to step aside. In testimony before the House Financial Services Committee, Neel Kashkari, the assistant treasury secretary serving as the interim chief of the bailout operation, said the Troubled Asset Relief Program has made "remarkable progress since the president signed the law only 68 days ago." ...
Lawmakers from both sides of the aisle blasted the Treasury Department Wednesday for failing to responsibly administer the $700 billion Troubled Asset Relief Program and for failing to address foreclosures and enforce lending obligations on banks. ...
The Government Accountability Office, the watchdog arm of Congress, says Treasury should better measure how banks are using capital investments from the federal government. GAO on Tuesday issued several recommendations to better insure the "integrity, accountability, and transparency" of the $700 billion Troubled Asset Relief Program. In a report submitted to Congress, GAO said Treasury has yet to address a number of issues critical to the new program, which was signed into law Oct 3. Those issues needing address include determining how Treasury will ensure that the capital purchase program, or CPP, for commercial banks is "achieving its intended goals...
The Government Accountability Office urged President-elect Barack Obama Thursday to immediately consider revamping the financial regulatory structure, as the congressional watchdog added oversight of financial institutions and markets to its list of 13 urgent issues facing the 44th president. ...
