Corruption Follows Spending: About 20 Criminal Probes of Bailout Spending Underway

by Benjamin Domenech on 12:38 pm April 21, 2009

WASHINGTON — A government watchdog has launched “almost 20” criminal investigations related to the $700 billion financial bailout program, according to a report to Congress to be released Tuesday. Neil Barofsky, the special inspector general for the rescue program, says in the report that the probes involve possible public corruption; corporate, stock and tax fraud; insider trading; and mortgage fraud. Barofsky provided no information on who is being investigated or why, saying details will not be released “until public action is taken.”

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