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Wednesday, July 22, 2009

Barofsky: “this recent attack on my report is really, in many ways, an attack on basic transparency

ABC: Barofsky told us that the Treasury Department “is not being transparent with respect to the TARP,” the $700 billion in funds (and more) the government is using as loans and bailouts to help stabilize the financial markets. “They’ve failed to adopt some very basic recommendations we’ve had toward transparency,” he said.
Called the “SIGTARP,” Barofsky appeared before Congress this week and told them that the government’s commitment to fix the financial system could potentially reach $23.7 trillion, and criticized the Treasury Department for calling his team’s estimate “inflated.”
“I think that the Treasury Department ought to read the report before they make comments, at least the spokesperson’s office,” Barofsky said. “Our methodology is laid out in black and white in the report. ... Continues here...

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