We are shocked, shocked to learn that book cooking has been going on in here. (Maybe). At least, TARPs “top cop” thinks so. (Maybe). Apparently, he’s on the case. (Maybe).
The official policing the $700bn Tarp fund says he is investigating whether banks have “cooked their books” to secure bail-out money.
Neil Barofsky, special inspector-general for the troubled asset relief programme, told the Financial Times he was seeking evidence of wrongdoing on the part of banks receiving help from the fund, which was designed to ease credit conditions and support distressed industries.
“I hope we don’t find a single bank that’s cooked their books to try to get money but I don’t think that’s going to be the case,” said Mr Barofsky, who has been dubbed the “Tarp cop”.
We hope so too! True, we’d have lots to write about, but imagine the crash that would follow if it turned out a few good banks had been a little more than aggressive with the accounting. All bets would be off, we suspect.
Tarp investigator seeks evidence of book fiddling [The Financial Times]
Thank you for the “Casablanca” references to Claude Rains “surprise” to find that Rick’s had a casino!
Why does everything that EP writes smothered with smugness? Constant smirking can’t be good for the health!
What are the odds that Neil Barofsky is a tool and this is just another charade designed to restore confidence in the banking industry…not unlike the stress tests that no bank will fail?
Does the smart money predict that Neil & Co. will fail to identify any material book cooking by any institutions having received significant TARP funds? Maybe they’ll identify one small and inconsequential offender (like ProTrust) to be paraded in the media in an effort to paint this belated and half-assed attempt at oversight some air of legitimacy?
Why am I so cynical?
I don’t know what everyone is yelling about!! Loud noises!!
Is that Stan’s dad or Kyle’s dad?
Barfupsky gets to decide who gets the pitchforks. He’ll be Sec. Treas’ Bad Cop.
Trust me this guy wouldnt be able to catch someone cheating – even if it happened in his own bedroom.
*(Maybe.)
@6 – That’s funny and whacked!