One of our complaints with the massive outlay of government spending through things like TARP and the "stimulus plan" is that they were both rushed through with little thought or oversight -- and no chance for those outside of Washington to weigh in on those plans. I'm not necessarily against all such spending, but history has shown that rushing into such spending without having a chance to think through the details is a recipe for disaster. Already, we've seen that the government has massively overvalued some assets and that the promised "transparency" has been lacking. Now, even the guy in charge of making sure that the TARP program isn't abused is admitting that, with the way it's been set up, the program is ripe for fraud. He's expecting the government to be bilked out of tens of billions of taxpayer dollars in criminal schemes, and notes that less than 5% of those receiving funds from TARP have fulfilled their obligations in letting the government know what's been done with the money. I keep hearing that the government had to do something, but that doesn't mean we needed to hand over trillions of taxpayer money in such a haphazard fashion.
If you liked this post, you may also be interested in...
- Aussie Security Research Hacks Music Charts, Puts His Own 'Songs' Up Top
- Intellectual Ventures' Evil Knows No Bounds: Buys Patent AmEx Donated For Public Good... And Starts Suing
- Banker Pleads Guilty To Using Bailout Money To Buy Himself A Luxury Condo
- DailyDirt: Mistakes In Science Publishing
- DailyDirt: Scams To Get Rich Quick