Fri- Jan 30, 2009 | Bloomberg.com | Robert Schmidt
Treasury Needs to Better Explain TARP Plan, GAO Report Says
The U.S. Treasury must do more to explain its strategy for the $700 billion bailout of financial markets, a congressional watchdog said.
The audit found that the Treasury had spent $293.7 billion from the Troubled Asset Relief Program as of Jan. 23, with most of the funds going to buy stakes in 317 lenders.
“The lack of a clearly articulated vision has complicated Treasury’s ability to effectively communicate to Congress, the financial markets and the public on the benefits of TARP,” the GAO said. firstname.lastname@example.org