Bailout for fraudsters

The TARP money just started flowing; now for the criminal investigations

Raise your hand if you’re shocked by this: according to a Congressional report to be released later today, a U.S. government watchdog has launched “almost 20” criminal investigations related to the Treasury Department’s $700 billion bailout program. The probes involve possible public corruption; corporate, stock and tax fraud; insider trading; and mortgage fraud linked to the so-called Troubled Asset Relief Program (TARP). The alleged perpetrators have not been identified (not yet, at least) but according to reports, one investigation involves bank officials who were allegedly “cooking their books” to qualify for rescue funds.

USA Today

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