Auditors Fault Treasury's Bailout Oversight

By Jim Kuhnhenn

WASHINGTON -- Lawmakers want the Treasury to do a better job of insisting that banking institutions sharing in the $700 billion bailout comply with limits Congress imposed on executive salaries and use the money for its intended purposes.

In the first comprehensive review of the rescue package, the Government Accountability Office said Tuesday that the Treasury Department has no mechanisms to ensure that banking institutions limit their top executives' pay and comply with other restrictions. ...