$700B bailout impact tough to assess, auditors say

by Emilio Lizardo | January 30, 2009 at 12:33 pm

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The Government Accountability Office ( GAO ) seems to have failed in living up to its name since it has today reported it cannot account for the US$ 700-billion spent for the TARP program.

It is for this reason, they claim that it will probably not be possible to tell whether the bailout worked or not.

WASHINGTON – We may never know whether the government's $700 billion bailout of the financial industry worked, according to a new report from congressional auditors.

That's because it will be impossible to sort out which of the recent rule changes and spending programs have made a difference, according to the report released Friday by the Government Accountability Office.