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: Eye on the BailoutTARP Watchdog Launches Audit of Bailout Contracts
By ProPublica
The Treasury Department has spent more than $159 million paying financial companies and legal firms to help the government dole out TARP funds. We at ProPublica have learned that the special inspector general for the TARP (SIGTARP), Neil Barofsky, has started an audit of how Treasury chose the companies and whether the government is being billed fairly for the work.
The audit was launched at the request of Sen. Tom Coburn, R-Okla. Coburn's spokesman, John Hart, said a particular concern was that Treasury has redacted the labor rates from the contracts it has posted online. Treasury has hired some top law firms where partners can charge as much as $1,000 an hour, according to a 2009 billing survey by the National Law Journal.
Full post as published by Eye on the Bailout on February 09, 2010 (boomark / email).
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