Watchdog raps TARP management

A congressional watchdog has found the US Treasury wanting on a number of issues related to management and oversight of the $700 billion bailout plan known as the Troubled Asset Relief Program (TARP).

The report of the Government Accountability Office (GAO), the audit, evaluation, and investigative arm of the United States Congress, released earlier this week, discusses various aspects related to the taxpayer-funded initiative aimed at bringing calm to the financial markets.

The GAO finds that

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