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January 10, 2012

Treasury Releases Omit Projected TARP Losses: GAO

“The U.S. Treasury Department has highlighted projected gains while omitting estimated losses in press releases about federal bailouts, according to the U.S. Government Accountability Office.”

“Treasury statements from the past two years that discuss the $700 billion Troubled Asset Relief Program’s profitable investments sometimes include the projected gains for taxpayers, according to a report yesterday from the GAO, a watchdog that works for Congress. The expected costs have been omitted from statements about TARP investments that may be unprofitable, including the government’s stake in insurer American International Group Inc. (AIG), according to the GAO.”

Read the full story here.

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