The General Accounting Office, monitor of the Treasury, which monitors Hank Paulson, who monitors Neel Kashkari, who heads the Office of Finacial Stability,and actually spends Tarp money, and monitors Tarp recipients spending, realized today that the Treasury Dept has not monitored Hank Paulson, doesn't know if Hank Paulson has monitored Neel Kashkari and thinks that Neel Kashkari has not been monitoring Tarp recipients adequately. The GAO determined that the Government must toughen its monitoring of Tarp spending, because the GAO, and the Treasury, and Hank and Neel, and the Office of Financial Stability are not the Government. I guess a new agency charged with monitoring all the old monitoring agencys would solve this issue. Then the old agencys because of the new agency would have additional layers of protection from blame as they each could claim they thought the others would monitor what was supposed to be monitored, but was not being monitored.
In response to the GAO, Neel Kashkari said his agency was developing its own compliance program and indicated that it disagreed with the need to work with regulators.
According to one unsubstantiated rumor an OFS employee was overhead saying "I told you he could keep a straight face". as he accepted one dollar from another.
Shares of EPG, converter of BS into saleable energy, were only slightly changed on the news. One anal yst who closely follows BS volume observed that todays BS was only dumping more BS onto an already overflowing pile of BS. Said one expert, "We been getting more BS than we can possibly process already. Todays load of crap was already priced in".