The U.S. auto bailout’s leader challenged a watchdog’s conclusion that Treasury Department officials pressured General Motors Co. to increase unionized workers’ pensions to secure support for its reorganization.
The U.S. Treasury Department should reevaluate total compensation for employees in companies that were bailed out and apply guidelines that will curb excessive pay, Christy Romero, the special inspector general for the Troubled Asset Relief Program, said.
The U.S. Treasury Department needs to do more to learn why more than a quarter of the borrowers in a federal mortgage workout program have re-defaulted, costing taxpayers at least $815 million, according to an audit report released today.
The watchdog for the U.S. financial crisis bailout program said the Treasury Department and Federal Reserve should stop using the London interbank offered rate for transactions tied to the Troubled Asset Relief Program.
The London interbank offered rate was expected to face a prominent U.S. critic yesterday as financial regulators look to improve oversight after three banks paid more than $2.5 billion in fines to settle interest-rate rigging charges.
The U.S. Treasury Department and the Federal Reserve defended the use of Libor in rates tied to the Troubled Asset Relief Program, rejecting a request from the watchdog of the U.S. financial crisis bailouts.