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Special IG – Troubled Asset Relief Program – Quarterly Report to Congress

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Office of the Special Inspector General for the Troubled Asset Relief Program Quarterly Report to Congress, July 21, 2009: “In this report, the Offi ce of the Special Inspector General for the Troubled
Asset Relief Program (“SIGTARP”) endeavors to (i) explain the various TARP programs and how Treasury has used those programs through June 30, 2009, (ii) provide a brief explanation of the numerous other Government programs that have been implemented by Treasury and other Federal agencies to support the financial
and mortgage markets; (iii) describe what SIGTARP has done to oversee the various TARP programs since its April Quarterly Report to Congress, dated April 21, 2009 (the “April Quarterly Report”), and (iv) set forth a series of recommendations for the operation of TARP.”

  • Center for Media and Technology – $23.7 Trillion Bailout – Will Justice Shoot the Messenger?: “Neil Barofsky, Special Inspector General of the Troubled Asset Relief Program (a.k.a. the SIGTARP) caused quite a stir in Washington last week when he released a quarterly report that attempted to tally up the total dollar amount of federal government commitments related to the bailout. Those commitments include federal government programs that spend taxpayer money or issue loan guarantees in an attempt to rescue financial services institutions and support the economy. While the administration and the media has focused on the $700 billion in bailout funds explicitly authorized by Congress, Barofsky tried to bring a little transparency to the complex array of federal programs including those of the Treasury and the opaque Federal Reserve. His report put the potential outlay of taxpayer dollars of the combined 50-plus programs at an astonishing $23.7 trillion. To put this number in perspective Politico noted that the figure was larger than the total cost of all the wars the United States has ever fought, not to mention double the U.S. Gross Domestic Product…To be clear, this number represents the maximum potential outlay. Not all of this money will be spent and some funds may be recouped. Barofsky reports that only $441 billion has actually been spent so far. Of course, even $441 billion is a huge outlay.”
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