Americans are increasingly exposed to losses, and the government is more vulnerable to fraud, under initiatives that have created a federal bank bailout program of "unprecedented scope," a government report finds.
The program in question is the Troubled Asset Relief Program, or TARP. The report, which examines the six-month old, $700 billion program, was released Tuesday.
In a 250-page quarterly report to Congress, TARP's special inspector general concludes that a private-public partnership designed to rid financial institutions of their "toxic assets" is tilted in favor of private investors and creates "potential unfairness to the taxpayer."
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