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    Who should I thank first - Harry Reid or Chuck Schumer?..., 2009-04-17 11:36:02 | Main | Where are the Pitchforks?..., 2009-04-23 20:27:19

    treasury's multi-trillion dollar bank bailouts subject of 20 criminal investigations:

    I have some mentally retarded glibertarian friends who will be angry at how much all this oversight and investigating must be costing us:

    In the first major disclosure of corruption in the $750-billion financial bailout program, federal investigators said Monday they have opened 20 criminal probes into possible securities fraud, tax violations, insider trading and other crimes.

    The cases represent only the first wave of investigations, and the total fraud could ultimately reach into the tens of billions of dollars, according to Neil Barofsky, the special inspector general overseeing the bailout program.

    ...

    Indeed, much of the 247-page report released in Washington today by Barofsky's office focuses on [the PPIP] -- an effort to buy toxic securities from banks and other investment groups in which the federal government would provide up to 92.5% of the money. That effort could be the most vulnerable to fraud, Barofsky said, because investors would have so little at risk.

    Among the toughest recommendations in the report is for the Treasury to abandon its planned structure for buying the toxic securities


:: posted by buermann @ 2009-04-21 13:43:46 CST | link





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