As COVID-19 reshapes our economy, our newsletter will help you unpack the news from the day.
The TARP police are still on call
TARP, or the “Troubled Assets Relief Program,” was a major part of the bank and automaker bailout that Congress passed in the wake of the 2008 subprime mortgage crisis.
The government’s last major TARP holding — a stake in Ally Financial — was sold in December 2014.
That doesn’t mean TARP is entirely over.
SIGTARP, or the Office of the Special Inspector General for TARP, is headed by Christy Romero. SIGTARP has the legal authority to investigate and prosecute misuse of TARP funds. Dozens of scammers have already been prosecuted, and Romero says that so far her office has recovered $1.57 billion in taxpayer money.
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