Questions loom over execution of US Fed’s $700-bn bailout plan

In a report scheduled to be released on Friday,the Congressional panel overseeing the $700-billion federal bailout has ....

Written by New York Times | New York | Published:January 10, 2009 1:16 am

In a report scheduled to be released on Friday,the Congressional panel overseeing the $700-billion federal bailout has expressed growing concern about the effectiveness and execution of the rescue plan.

A draft of the report obtained by The New York Times criticised the Treasury Department for its “shifting explanations” about the underlying purpose of the bailout,its failure to answer many of the panel’s questions and its failure to require financial institutions receiving bailout money to fully account for how they are using the public’s money.

The Treasury declined to comment on the panel’s latest findings. “We can’t comment on a report that’s not been shared with us,” said Brookly McLaughlin,a spokeswoman for the Treasury. But in testimony to Congress and elsewhere,Neel T Kashkari,the Treasury official overseeing the bailout,has repeatedly asserted that the rescue plan is in fact working as intended.

For all the latest News Archive News, download Indian Express App

    Live Cricket Scores & Results