Inspector general: Treasury has not adopted accountability measures for bailout program

September 24th, 2009 Treasury says US economic recovery just beginningWASHINGTON — The Obama administration on Thursday sent its clearest signal yet that it is prepared to extend its $700 billion bailout for Wall Street for another year, even as lawmakers said they were frustrated that not enough was being done to help the average American. "We still have work to do," said Herbert Allison Jr., the senior Treasury official in charge of the bailout fund.

September 24th, 2009 Treasury IG to review GM, Chrysler dealer closingsWASHINGTON — The inspector general for the Treasury Department's $700 billion bailout fund said Thursday that he will review the decisions of General Motors and Chrysler to close a large portion of their auto dealerships as part of their restructuring plans. Neal Barofsky told the Senate Banking, Housing and Urban Affairs Committee that he will audit the process the two automakers used when they decided to significantly shrink their base of dealerships earlier this year.

September 3rd, 2009 Treasury concedes independence of bailout watchdogWASHINGTON — The Treasury Department has decided not to challenge the independence of the government watchdog agency that Congress created to oversee spending of the $700 billion rescue package for the financial sector. The confrontation between Treasury and the Special Inspector General for the Troubled Asset Relief Program, SIGTARP, had prompted congressional complaints that the Obama administration was seeking to restrain the work of inspector general Neil Barofsky.

August 20th, 2009 GOP adds ex-SEC commissioner to bailout watchdogWASHINGTON — Paul S. Atkins, a former member of the Securities and Exchange Commission and strong advocate of free-market capitalism, has been appointed to the congressional panel overseeing the $700 billion financial bailout.

August 19th, 2009 Audit: Little guidance for banks facing pay rulesWASHINGTON — Bailed-out banks were scrambling to comply with executive compensation rules months before the regulations were finalized, according to an inspector general report released Wednesday. Treasury did not issue its most recent set of rules limiting executive compensation until June 15, but companies that took money from the $700 billion financial bailout earlier this year already had hired consultants and started assessing the risks of the rules months earlier.

July 21st, 2009 Senior Democrats call on Treasury to be more openWASHINGTON — Two senior congressional Democrats pointedly called on the Obama administration Tuesday to make the $700 billion financial bailout program more visible and accountable to taxpayers, with one complaining that the Treasury Department's approach to the fund is, "Don't ask, don't tell." Rep. Edolphus Towns of New York, chairman of the House Oversight and Government Reform Committee, and Sen.

July 19th, 2009 Banks report using govt. assistance for loansWASHINGTON — The internal watchdog overseeing the government's financial bailout is pressing Treasury to seek more information from banks that receive taxpayer assistance, brandishing his own bank survey as evidence that such data can be obtained.

June 30th, 2009 Treasury OKs 3 firms for mortgage relief programWASHINGTON — The Treasury Department said Tuesday that it has approved three more firms for its mortgage relief program. The new approvals brought the number of companies participating in the mortgage effort to 23 with the total amount authorized for all of the firms rising to $17.98 billion out of a maximum of $50 billion the government has said it could spend on this program.

June 20th, 2009 Former Fannie Mae head to take over bank bailoutWASHINGTON — Herbert Allison, the former head of troubled mortgage giant Fannie Mae, has been confirmed to oversee the government's $700 billion bank bailout program. The Senate voted Friday to confirm Allison as the Treasury Department's assistant secretary for financial stability.

June 19th, 2009 Treasury: no decision yet on bank stock warrantsWASHINGTON — The Treasury Department and the nation's largest banks are still negotiating over what price the government should receive for stock warrants and an announcement has been delayed until next week. Treasury Department spokeswoman Meg Reilly says the announcement is expected no earlier than Monday.

June 4th, 2009 Treasury nominee says give bailout a chanceWASHINGTON — President Barack Obama's pick to oversee the $700 billion bank bailout program told Congress Thursday that more time is needed for the recovery plan to work. Herbert Allison, who once led troubled mortgage buyer Fannie Mae, said the nation shouldn't be fooled that government aid is no longer needed because some banks have started repaying the money.

May 5th, 2009 Treasury provides $45.5M to 7 banks from bailoutWASHINGTON — The Treasury Department said Tuesday seven more banks have been approved to participate in the government's $700 billion rescue effort, and that a Colorado mortgage company was chosen to participate in a foreclosure mitigation program. The department said the government would purchase a total of $45.5 million in preferred stock in the seven banks, bringing the total supplied through the program to $198.02 billion for more than 500 banks.

April 28th, 2009 Treasury gives $121.8M to 12 banks under bailoutWASHINGTON — The Treasury Department has approved 12 more banks to participate in the $700 billion financial rescue program. The 12 institutions will receive a total of $121.8 million, Treasury said Tuesday, with about half going to Standard Bancshares Inc.

April 23rd, 2009 Lawmakers want banks to report on bailout useWASHINGTON — Lawmakers pressed the Obama administration on Thursday to better track how financial institutions are using the government's financial bailout money, a step the Treasury Department has resisted despite demands from a federal watchdog agency. "On a basic level, it's absolutely critical that we know where the money has gone and how it's been used," said Rep.

February 10th, 2009 WASHINGTON - Vikram Pandit, Indian American chief executive of CitiBank, and the heads of seven other major American banks will defend the use of hundreds of billions of dollars in bailout money to lawmakers on Capitol Hill Wednesday. 'American people are right to expect that we use funds responsibly, quickly and transparently to help American families, businesses and communities,' Pandit is expected to say before the House Financial Services committee, according to prepared remarks.