The first congressional audit of the $700 billion taxpayer bailout of Wall Street says the Bush administration has failed to implement any proper oversight over how the money is being used. Investigators at the Government Accountability Office say the Treasury has yet to introduce needed safeguards and ways to determine if the program is achieving its stated goals. At least $150 billion has already been doled out to dozens of firms. Not a single application for government funding has been denied.
Is this a surprise? No oversight with $700 billion of our money at stake?
