The Oversight Committee Studies the Implementation of TARP (And Doesn't Like What It Sees)

TARP included a provision for periodic review by an Oversight Committee.  The Committee has issued its first report and has found that Treasury has administrated the program "without seeking to monitor the use of funds provided to specific financial institutions."  The conclusion is no surprise.  In particular, the funds allocated to financial institutions has not been conditioned upon some type of managerial accountability or responsibility.  Hopefully this will change with regime change in the White House.