TARP Fraud Compounded By... Fraud?
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]
