More bureaucratic inefficiency. Via Reuters:
The U.S. Treasury Department lacks the manpower to properly monitor how big companies that got billions of taxpayers’ money use it, a critical report on Tuesday from an oversight agency said.
The Office of the Special Inspector General for the Troubled Asset Relief Program (Sigtarp) was not meeting its responsibility for monitoring how insurer AIG, Bank of America, Chrysler, Citigroup, GM and GMAC use bailout funds.
“Twenty months into its administration of TARP, Treasury simply has no legitimate excuses as to why it has still failed to accomplish the critically important task of assembling a robust compliance staff,” the audit report said.
In a few years we will be reading the same story, except about how behind the government will be in issuing government run health care insurance payments.
But of course!
You knew this would happen.