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Posted: 5:59 p.m. Tuesday, March 31, 2009
By Jamie Dupree
Senators heard from three different watchdogs who are trying to keep tabs on the status of the Wall Street Bailout money on Tuesday. Their stories made you wonder.
It's not that they aren't up to the job - they certainly seemed ready to ferret out waste, fraud and abuse if necessary.
But it seems the system might be tilted against them.
"Our concern right now is that we do not seem to be a priority for the Treasury Department," said Elizabeth Warren, who is the chief of Congressional oversight efforts when it comes to the bailout.
"So far, we have not been a first priority," she added.
One Senator even volunteered to accompany Warren to her next meeting with Treasury officials, all to raise a little hell and get her some access.
A similar story was heard from Gene Dodaro, the acting Comptroller General, who runs the General Accountability Office, basically the investigative arm of the U.S. Congress.
He told lawmakers that under current law, they can't get at every piece of data in the custody of the Federal Reserve, because they are an independent agency.
Meanwhile, Neil Barofsky, the special watchdog inside the Treasury Department for the bailout, told lawmakers that his office is already working on about a dozen cases where he investigating waste, fraud and abuse involving bailout dollars.
One other bright point was that Barofsky said he had finally received responses from all the financial institutions that got bailout money.
In many instances, the banks said they had used the cash to make more loans, which is exactly what the feds want to hear.
Barofsky reported that $109 billion remains in that $700 billion Wall Street bailout fund approved by the Congress.
The Treasury Department though says the figure is closer to $135 billion.
Maybe I could get a chunk of that extra $26 billion?
Just dreaming.
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