by bobswern, Tue Apr 21, 2009 at 09:07:18 AM EDT
Well, now we know the real reasons as to why Bernanke, Summers and Emanuel were all over the Sunday talk shows telling us why they won't be needing any more TARP (Troubled Asset Relief Program) money. It's simple, really. After today's report hits the Hill from Bailout Inspector General Neil Barofsky's office, the administration doesn't stand a snowball's chance in hell of getting another cent.
And, with the announcement that Barofsky's initiating no less than 20 civil and criminial fraud investigations, as well, I'd even go as far as to say that some heads are gonna' roll.
In what may only be described as a scathing, brutal indictment of the Federal Reserve's and the Treasury Department's management of the Wall Street bailout to date, the New York Times front page for Tuesday tells us how Bailout Inspector General Neil Barofsky's latest report, scheduled for release later today, no less than slams U.S. government bailout efforts, especially with regard to the "public-private investment partnerships," calling them: "...inherently vulnerable to fraud and should not be started without stronger safeguards."