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 panels questions and its failure to require financial institutions receiving bailout money to fully account for how they are using the publics money.
The Treasury declined to comment on the panels latest findings. We cant comment on a report thats 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.