Thursday September 24, 12:42 PM
STOCKS NEWS US-Some bailout funds won't be returned: watchdog
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0723 ET 24Sept2009-Some bailout
funds won't be returned: watchdog
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U.S. taxpayers will probably never recover all of the hundreds of billions
of dollars invested to bail out financial firms, automakers and homeowners, a
key watchdog for the program said on Thursday.
Neil Barofsky, the special inspector general for the U.S. Treasury's $700
billion Troubled Asset Relief Program (TARP), said in prepared U.S. Senate
testimony that the bailout fund played a significant role in stabilizing the
financial system, but it may never fulfill certain policy goals.
'The progress on meeting the goal of 'maximizing overall returns to the
taxpayer' is unclear,' Barofsky said in testimony to be delivered to the Senate
Banking Committee.
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