Report: Details on TARP money are slim
U.S. Secretary of the Treasury Henry Paulson
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Scott Jagow: A report out today will say some pretty bad things about the Treasury Department's handling of this economic crisis. The report says there's been little accountability or explanation of what the heck is going on. More on this now from Marketplace's Jabin Babin at North Carolina Public Radio.
Janet Babin: The report comes from the panel that's overseeing the Troubled Asset Relief Program, or TARP money, approved by Congress.
Back in October, the Treasury Department began distributing the $700 billion rescue fund to banks in an effort to stabilize the markets. But the congressional oversight panel says details about exactly where the money's going are slim.
According to the bipartisan report, there's some evidence that Treasury doesn't know how banks are using the government cash. The panel says the Department didn't even respond to some of its questions, and provided only spotty answers to others.
The report also faults Treasury for ignoring homeowners near foreclosure.
I'm Janet Babin for Marketplace.