Bailout Watchdog Defends Independence From Treasury
EmailABCNews' Matthew Jaffe reports:
Bailout watchdog Neil Barofsky today emphasized that his office was independent from the Treasury Department and the administration's decision to seek a Justice Department ruling was "unnecessary". Barofsky, the Special Inspector General for the Troubled Asset Relief Program (SIGTARP), sent a letter to Sen. Chuck Grassley, R-Iowa, and Rep. Darrell Issa, R-Calif., about the ongoing dispute with Treasury, as both sides await a decision from DOJ's Office of Legal Counsel."We continue to believe the inquiry to OLC is unnecessary given the very clear intent of Congress regarding our independence," Barofsky wrote. "An adverse ruling from OLC could potentially have a serious impact on the independence of our agency and our ability to carry out our mandate; and we believe that Treasury's position on these issues are entirely unfounded and have little chance of persuading OLC. Of course, should Treasury take actions that would impede our ability to independently conduct audits and investigations, we would report such interference to Congress without delay." Barofsky's letter, his first comments on the situation, came after Grassley and Republican members of the House Oversight Committee, led by ranking member Issa, inquired to the watchdog about the ongoing dispute. While Barofsky did note that "to date Treasury has not withheld any documents from my office on the grounds of privilege", the Department did initially decline to provide documents on AIG's bonus program that the watchdog requested for an audit on the insurance giant, the recipient of $180 billion in bailout money. Issa today called the situation "extremely troubling". "At a time when the Treasury and Federal Reserve are exercising unprecedented powers intervening in our economy, the independence of the SIGTARP is one of the few checks and balances that remain," the California lawmaker said in a statement upon receiving the SIGTARP letter. "It is extremely troubling that in the midst of SIGTARP's investigation into bonuses received by AIG executives, the Treasury Department would seek to exert control over this independent overseer." -Matt Jaffe
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“We continue to believe the inquiry to OLC is unnecessary given the very clear intent of Congress regarding our independence,” Barofsky wrote.
The documented FACT is in the April 7th memo he wrote, “SIGTARP does not object to your plan to seek guidance from OLC”.
“Of course, should Treasury take actions that would impede our ability to independently conduct audits and investigations, we would report such interference to Congress without delay.”
And the documented FACT is that there have been zero reports to Congress. What does that say?
Posted by: jhw539 | June 19, 2009, 7:16 pm 7:16 pm
jlw,
its so wonderful to see you defending this. Of course who amongst anyone in the country actually buys what your trying to sell…..???
Lets see…in your defense of the
Walpin situation you wrote….
“Laws are written and defined items. The law did not use an undefined colloquial”
Hmmm……yet here you seem to not grasp the very clear description of the IG’s role written BY DEMOCRATS into the LAW!!!. Especially in regards to the Treasury Dept. READ IT!!!!
The ONLY FACT here is that the IG requested information and treasury did not comply when asked. The stalled! and went looking for the flimsiest excuses. Like they thought that the IG was NEVER going to ask them for details and information? Yur telling all of us that there “superstars” that Obama put in place never thought about having t odeal with the IG? If there was even a thought about all this, they sure had plenty of time to put their “request” for clarification well before the IG started asking for information. evidence that
READ THE LAW! It is very clear. Oh, also try throwing just the least amount of common sense into this while your at it. Exactly who would believe after all the flak over the oversight of TARP that the IG would have to explain himself to of all People ..the TREASURY!
And the documented FACT is that there have been zero reports to Congress. What does that say?
Is this the best you can do jlw? PLEASE if you want to ask “what does that say?”…Prehaps you should take off those Omama glasses long enough to ask…. What does it say that the Treasury does not understand the role of the IG in the first place? What does it say that they felt there was anything they have that should NOT be IMMEDIATELY handed over when the IG asked for it.
Posted by: Mike_C | June 20, 2009, 12:58 am 12:58 am
Geithner is a disgrace.
Posted by: e man | July 29, 2009, 7:07 pm 7:07 pm