Bailout Watchdog just an Overpriced Rubber Stamp

OpenCongress is upset that a Republican senator is holding the confirmation of the Special Inspector General at the Treasury Department whose job is to “oversee the whole process and make sure that the taxpayers’ money was being used legitimately” for the bank bailout.

Sen Bunning: $50 million for Watchdog to Watch Nothing

They speculate that the senator is Jim Bunning of Kentucky, who has said:

I wonder why taxpayers should have to pay $50 million to a watchdog who will have nothing to watch. In his testimony earlier this week, Mr. Barofsky did not question Secretary Paulson’s unlikely interpretation of the bailout law. Now, that’s the money that is spent; if he does not question it, he will have little to do but watch the preferred stock positions mature.

An Overpriced Rubber Stamp

While $50 million is a drop in the bucket, perhaps Senator Bunning is right. What is the point? Government oversight of itself is just an overpriced rubber stamp.

By George Donnelly

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