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 taxpayersâ€™ 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 Paulsonâ€™s unlikely interpretation of the bailout law. Now, thatâ€™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.