US taxpayers will not make profit from bailing out banks, says TARP inspector general Christy Romero

"We are letting our guard down against things like moral hazard and 'too big to fail' banks," Christy Romero, the special inspector general for the financial-system bailout, said in an interview.

Barofsky, who headed TARP's Office of the Special Inspector General, known as SIGTARP, said his work was largely done and it was time for him to leave government service.Saying the work was largely done, Neil M.

WASHINGTON (Reuters) - Market conditions have slowed the U.S. Treasury's progress in selling its stakes in General Motors Co and the automaker's one-time consumer financing arm, but a solid exit plan is needed, a government watchdog said on Tuesday. Christy Romero, special inspector general for the government's financial-crisis-era corporate bailout initiative told a congressional committee that it could take a number of years for taxpayers to simply break even on the investments in GM and Ally Financial, formerly known as GMAC. ...

US authorities have launched 'more than a dozen criminal investigations' into possible fraud involving bank bail-out funds, the special inspector-general for the troubled assets relief programme told Congress

The independence of the bailout overseer is at issue as a GOP senator demands data from the White House. He was appointed with fanfare in December as public watchdog over the government's multibillion-dollar bailout of the nation's financial system.

The man charged with monitoring the $700 billion financial rescue has launched more than a dozen investigations into possible misuse of the money, according to a report sent to Congress today. In findings that are not likely to soothe agitated taxpayers who are wondering what return they are getting from the bailouts, Neil Barofsky -- Special Inspector General for the Troubled Asset Relief Program, known as TARP -- said billions of taxpayer dollars are vulnerable to fraud, waste and abuse.