10/26/2010

The U.S. Treasury Department hid $40 billion in likely losses on the bailout of American International Group when it changed the way it calculates such data, said Neil Barofsky, special inspector general for the Troubled Asset Relief Program. "In our view, this is a significant failure in their transparency," he said. A Treasury spokesman disputed the statement, saying the smaller number is based on a projection of future events, while the larger number is based on an audit that considered only realized losses and gains.

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