US auditors have questioned the US government's $US700bn bail-out plan and urge tougher monitoring
The US government must toughen the monitoring of its $700bn (£468bn) financial bail-out to ensure banking institutions limit their top executives' pay and comply with other restrictions, federal auditors said yesterday in the first comprehensive review of the US government's $US700bn rescue package.
In an discouraging report, the Government Accountability Office (GAO) criticised the Treasury Department for not having any mechanism to track how institutions were using $US150bn of taxpayer money injected into the banking system last month, Associated Press reports.
The 72-page report was strong enough to fuel congressional concern that banks and other institutions were not being properly monitored and failed to use the money to increase lending.
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