Treasury oversight failure led to AIG bonus trouble, inspector says

10/15/2009 | National Public Radio

The Treasury Department did not consider the bonus plan at American International Group before agreeing to bail the insurer out, the special inspector general for the Troubled Asset Relief Program told members of Congress on Wednesday. "Our audit concludes that this was a failure," Neil Barofsky said. The Federal Reserve was left to cope with the bonus issue, and Barofsky criticized the Treasury and then-Secretary Henry Paulson for "outsourcing" its oversight duties to the Fed.

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