Troubled Asset Relief Program: March 2009 Status of Efforts to Address Transparency and Accountability Issues, Report to Congressional Committees [open pdf - 3MB]
This document is the Government Accountability Office (GAO)'s "third report on the Troubled Asset Relief Program (TARP) [and] follows up on recommendations from the January 28, 2009, report (GAO-09-296). It also reviews (1) the nature and purpose of activities that had been initiated under TARP as of March 27, 2009; (2) the Department of Treasury's Office of Financial Stability's (OFS) hiring efforts, use of contractors, and progress in developing an internal control system; and (3) TARP performance indicators. For this work, GAO reviewed signed agreements and other relevant documentation and met with officials from OFS, contractors, and federal agencies. This report has six new recommendations to Treasury, including to continue developing an integrated communication strategy; require AIG to seek appropriate concessions from employees and derivatives counterparties, among others; update documentation of certain internal control procedures and the public guidance on determining warrant exercise prices; publicly report monies, such as dividends received from TARP participants; and finish reviewing existing conflict mitigation plans, renegotiate them as appropriate, and improve associated conflicts documentation. In written comments, Treasury described steps it had taken in the last 60 days to address the extraordinary economic challenges."
Government Accountability Office (GAO): http://www.gao.gov/