TARP watchdog Neil Barofsky will audit Citigroup to assess the $302 billion of federal asset guarantees the government extended last year at the height of the financial panic.
Although this is just now coming to life, Barofsky agreed in an Aug 3 letter to audit the program after he got a request by Congressman Alan Grayson, who is fast becoming the leading lawmaker critic of the TARP.
“Barofsky will examine why the guarantees were given, how they were structured and whether the bank’s risk controls are adequate to prevent government losses,’ Bloomberg reports.
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