Geithner Keeping a Close Eye on Bailout $...or Not

Tim Geithner was the only man who could save the economy according to Obama. Despite the fact that he failed to pay taxes and would oversee the Treasury Dept...nothing to see there.

No, Geithner was going to be our watchdog and ensure that the money we doled out was used for its intended purpose like getting credit freed up and propping up banks. It appears he was incredibly wrong on the former and is looking like a complete buffoon on the latter:

In the first major disclosure of corruption in the $750-billion financial bailout program, federal investigators said Monday they have opened 20 criminal probes into possible securities fraud, tax violations, insider trading and other crimes.

The cases represent only the first wave of investigations, and the total fraud could ultimately reach into the tens of billions of dollars, according to Neil Barofsky, the special inspector general overseeing the bailout program.

The disclosures reinforce fears that the hastily designed and rapidly changing bailout program run by the Treasury Department and Federal Reserve is going to carry a heavy price of fraud against taxpayers -- even as questions grow about its ability to stabilize the nation's financial system.

You're doing a heckuva job, Timmy.

And what of the plan to buy up toxic assets? It seems just as well thought out as the bailout plan was:

Indeed, much of the 247-page report released in Washington today by Barofsky's office focuses on a segment of the bailout that is only now being put into motion -- an effort to buy toxic securities from banks and other investment groups in which the federal government would provide up to 92.5% of the money. That effort could be the most vulnerable to fraud, Barofsky said, because investors would have so little at risk.

Now that's what I'm talking about, baby. Allow the ones who raped clients when they were privatized pilfer the taxpayer now that they're nationalized. They put the progress in "progressive" do they not?

Yeah, I for one feel just groovy about the state of the Treasury Dept. and the amazing work they've done there. They've destroyed 200+ years of hard work in three-months. They should be so proud of that accomplishment. Sure, they'll have a couple of trials and make a big deal about putting a few guilty guys away but the 99% who don't get caught will have a blast with our money personally handed them by Obama.

Maybe it's just me but after 100-days of hope and change, I'm a bit hope and changed out.