January 26, 2009
Authored by: Robert Klingler
Neil Barofsky, the Treasury Department’s Special Inspector General for the Troubled Assets Relief Program, plans to ask all TARP fund recipients to “account for their use of TARP funds and to describe their efforts to comply with applicable executive compensation restrictions.” Mr. Barofsky describes the initiatives of the Office of the Special Inspector General for the Troubled Assets Relief Program in a letter, dated January 22, 2009, to the raking member of the Senate Finance Committee.
Specifically, the Treasury intends to request from each entity that has received TARP funds to provide, within 30 days of the request:
- a narrative response outlining their use or expected use of TARP funds;
- copies of pertinent supporting documentation (financial or otherwise) to support such response;
- a description of their plans for complying with applicable executive compensation restrictions; and
- a certification by a duly authorized senior executive officer of each company as to the accuracy of all statements, representations, and supporting information provided.