Bailout Fraud: Not Entirely A Shocker, But Still

by
Abby Zimet

In the first major though unsurprising disclosure of
corruption in the $750-billion bailout program, federal
investigators say they have opened 20 criminal probes into
possible fraud, insider trading and other
crimes. Neil Barofsky, special inspector general overseeing the hastily assembled TARP plan, called it "inherently vulnerable to fraud, waste and abuse" and said that as the plan becomes more complex, there could be many more cases.

"That's an appalling record," said Barbara Roper, director of investor
protection for the Consumer Federation of America. "In the midst of this crisis from which they
are being bailed out, the same people who created this mess are
apparently still breaking the law. What is it with these people?"

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