Oversight Panel Cites Global Impact Of TARP Funds In a regular TARP oversight report, Elizabeth Warren, head of the Congressional Oversight Panel, says a lot of the money that went to banks in the TARP program "appears likely" to have gone overseas, far more than foreign bailout money came here. She says it's not possible to know for sure because of the way TARP was set up, and the global nature of the financial markets today.
NPR logo

Oversight Panel Cites Global Impact Of TARP Funds

  • Download
  • <iframe src="https://www.npr.org/player/embed/129160871/129152315" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript
Oversight Panel Cites Global Impact Of TARP Funds

Oversight Panel Cites Global Impact Of TARP Funds

Oversight Panel Cites Global Impact Of TARP Funds

  • Download
  • <iframe src="https://www.npr.org/player/embed/129160871/129152315" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript

In a regular TARP oversight report, Elizabeth Warren, head of the Congressional Oversight Panel, says a lot of the money that went to banks in the TARP program "appears likely" to have gone overseas, far more than foreign bailout money came here. She says it's not possible to know for sure because of the way TARP was set up, and the global nature of the financial markets today.

MELISSA BLOCK, Host:

From NPR News, this is ALL THINGS CONSIDERED. I'm Melissa Block.

MICHELE NORRIS, Host:

A lot of the money that the federal government poured into its bank rescue program probably ended up overseas. That's the conclusion of a report issued today by a congressional panel overseeing the Troubled Asset Relief Program, or TARP. It says the government needs to do a better job tracking funds flowing to foreign banks. More now from NPR's Jim Zarroli.

JIM ZARROLI: Warren says many of these had significant ties to foreign investors, and when the U.S. government gave them money, much of it essentially flowed overseas.

ELIZABETH WARREN: The result appears to be that America's rescue had a much greater impact on other nations than their rescue programs had on the United States.

ZARROLI: Still, she says, the U.S. needs to do a better job tracking where its rescue money goes.

WARREN: If the U.S. had gathered more information about the flow of rescue funds, it could have asked other countries to share the pain.

ZARROLI: Jim Zarroli, NPR News, New York.

Copyright © 2010 NPR. All rights reserved. Visit our website terms of use and permissions pages at www.npr.org for further information.

NPR transcripts are created on a rush deadline by Verb8tm, Inc., an NPR contractor, and produced using a proprietary transcription process developed with NPR. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. The authoritative record of NPR’s programming is the audio record.