A Congressional oversight panel on Friday will issue a scathing report on the Treasury’s implementation of the $700bn financial-rescue package, reports the WSJ. The report, by the five-member congressional oversight panel, says the US Treasury has failed to reveal its strategy for stabilising the financial system, dodged questions from a government watchdog, and done nothing to help struggling homeowners. In the most scathing criticism yet of the implementation of the Treasury’s $700bn financial-rescue package, the report said there appear to be “significant gaps” in Treasury’s ability to track hundreds of billions of dollars of taxpayer money.

This entry was posted by Gwen Robinson on Friday, January 9th, 2009 at 5:53 and is filed under Capital markets. Tagged with TARP. Edit this entry.