New York Times Online | Saturday Feb 7 2009 | GRETCHEN MORGENSON
JUST in case you missed it: The Congressional Oversight Panel monitoring the Treasury Department’s bailout of broken banks — the Troubled Asset Relief Program — reported last week that Henry M. Paulson Jr.’s team at Treasury paid significantly more for the assets it bought from banks than they were worth when the deal was announced in the fall.
[...] the report said. “This disparity translates into a $78 billion shortfall for the first $254 billion in TARP funds that were spent.”
More taxpayer money down the drain, alas. And all the more reason to focus closely on executive pay restrictions at any bank that receives TARP funding.