TARP Man To The Rescue

After eight years of no oversight on basically well, anything, it's a bit of a shock to see a government oversight inspector actually providing oversight and inspecting things, in this case, where our TARP money is going. And IG Neil Barofsky is already swinging the hammer.

The top cop tracking the government's $700 billion bailout program said Tuesday that he has opened 20 criminal investigations and six audits into whether tax dollars are being pilfered or wasted.

Neil Barofsky, the special inspector general overseeing the Troubled Asset Relief Program, released a 250-page report detailing a long list of concerns about government efforts to prop up hundreds of banks, Wall Street firms and auto companies.

Barofsky, whose investigations could lead to criminal charges, told CNNMoney.com in an interview that he wants taxpayers to understand where their money is going. At the same time, he wants to alert officials to weaknesses in TARP that could invite corruption or fraud.

"Our recommendations are forward looking and there are no vulnerabilities that can't be addressed," Barofsky said. "The balance of what we're trying to do is to inform, bring transparency and make appropriate recommendations."

The report reveals that Barofsky is looking into whether bailout decisions were influenced by those who stood to benefit from them and whether companies receiving bailout dollars are adhering to caps on executive pay.

Barofsky's report also makes several recommendations to Treasury Secretary Tim Geithner and other officials charged with implementing the bailout. Among them: Require all TARP recipients to detail how they use bailout dollars and safeguard a new mortgage rescue effort against scams.

Well here's to government oversight! (Damn, but that actually feels good to say.) Go Neil go!

Now, if only Obama would publicly get behind Barofsky's report and see that his recommendations are implemented, especially the parts about criminal trials being brought. Not holding my breath on that one and I don't think anyone is. But it would go a long way towards actual justice, especially if we keep crapping out money to grease AIG's palms on an almost monthly basis.

Hey Timmy, double this guy's department. Appoint a DoJ liason for Eric Holder's guys. Coordinate these trials and get them moving already.

Do your job as well as Barofsky is doing his, in other words.