Written by Biloxi
Inquiries want to know. Neil Barofsky, TARP's Special Inspector General sent a 247-page quarterly report to Congress detailing a long list of concerns on the handling of the bailout money. Barofsky recently launch 20 criminal investigations " of possible companies "cooking their books" to qualify for the Troubled Asset TARP funding. The misuse of Troubled Asset Relief Program (TARP) funding, may involve public corruption; corporate, stock, mortgage and tax fraud; and/or insider trading according to Barofsky. USA Today reports that there are no details on who is being investigated. But which ever company committed fraud, there will heavy price to pay of fraud against taxpayers.
The unfortunate suicide of acting CFO of Fannie Mae David Kellermann is tragic but ask to more questions to why Kellermann committed suicide. Mr. Kellermann whose body was found in his basement in his home was set to receive $850,000 over 16 months:Kellermann got $170,000 and was to receive another $680,000 over the next year. Employees at government-controlled Fannie Mae and Freddie Mac are slated to collect $210 million in bonuses between 2008 and 2010. This is part to keep them from leaving. Kellermann was preparing April's report and was working on the company’s first-quarter financial report which is due by the end of May.
Barofsky has launched his first fraud case related to the federal bank bailout program. Click here. Federal prosecutors charged Gordon B. Grigg, a former financial adviser in Tennessee, with four counts of mail fraud and four counts of wire fraud on Wednesday, accusing him of using the government's $700 billion TARP as a front to lure investments.
Who else will be called out?
1 comment:
Yes and the month of December was the golden egg. Hank did as he was order and everyone got paid. Now CFO David Kellermann got scared with the line by line review by Geithner. What's sad is David didn't get as much as others but he would have paid the price. It was the crime of the century and it worked. Hank came running yelling Chicken Little the Sky is Falling give me 700 billion dollars with no questions. Fear and panic set in and Hank go the money and ran. Now it's the blame gave or better so what!
Post a Comment