THE PLANK MARCH 11, 2009
The Government Accountability Office has a new report out on the Troubled Asset Relief Program. Fans of the GAO--come on, you're out there--will remember the bodice-ripper "Troubled Asset Relief Program: Additional Actions Needed to Better Ensure Integrity, Accountability, and Transparency," released in December. This is a follow up (apparently, they take that "accountability" part seriously).
Overall TARP is getting better, according to the report, but one bit stuck out immediately:
Treasury has taken steps to help ensure a smooth transition to a new administration by keeping positions filled and using an expedited hiring process. However, it continues to face difficulty providing competitive salaries to attract skilled employees.
Now, I'm sure that working for the Treasury won't make you rich. But are there really that many laid-off Wall Streeters who think the glory days redux are right around the corner? And don't any of them think that, well, maybe their industry owes the country something for all its mistakes? Or maybe, if the Washington Post has it right, they're all finding their inner selves in Brazil.