US Treasury Criticized Sharply On Watchdog Report

July 22nd, 2009

Dow Jones Newswires

WASHINGTON — The U.S. Treasury Department is running the government’s rescue of the financial system like disgraced investor Bernard Madoff, lawmakers and a watchdog suggested Tuesday, with little transparency and not enough limits to prevent conflicts of interest.

“The taxpayers now have a $700 billion spending program that’s being run under the philosophy of ‘Don’t Ask, Don’t Tell,'” Rep. Edolphus Towns, D-N.Y. said.

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