This government-funded bank thing is certainly going to end in tears.
From the Orland-Sentinel:
The federal government is looking into whether Merrill Lynch & Co. ran afoul of the law when it sent employees on expensive trips to the Ritz Carlton Orlando even as it was angling for billions of dollars in bailout money.
Details about employee stays at the luxury resort have caught the attention of a Treasury Department watchdog office that determines whether companies receiving federal bailout money have complied with the law’s restrictions on compensation, bonuses and perks.
The office confirmed Monday that it has received reports about Merrill’s Orlando events from an unspecified number of sources, including an article last month in the Orlando Sentinel.
A local resident who complained to the office about the events told the Sentinel an investigator has followed up several times seeking more information. The resident, who spoke on condition of anonymity, called an agency hotline.
How long until bank employees are simply banned from staying in hotels? Probably not long. The Treasury Department has set up a toll-free hotline, 1-877-744-2009, to take complaints about TARP recepients. Complaints can also be filed online at sigtarp.gov.
Also: do the investigators get to go down to Orlando to inspect the hotels? Who will investigate these trips?