Wednesday, April 22, 2009

Crimes suspected in 20 bailout cases -- for starters

I can't wait for the Public Private Investment Partnership to get rolling, the numbers are three to four times larger than the TARP. From the Los Angeles Times:
The special inspector general says TARP is 'inherently vulnerable to fraud, waste and abuse.' The risk grows as the plan becomes more complex, he says.
Reporting from Washington and Los Angeles -- In the first major disclosure of corruption in the $750-billion financial bailout program, federal investigators said Monday they have opened 20 criminal probes into possible securities fraud, tax violations, insider trading and other crimes.

The cases represent only the first wave of investigations, and the total fraud could ultimately reach into the tens of billions of dollars, according to Neil Barofsky, the special inspector general overseeing the bailout program....MORE