Posted: Oct 21, 2009 8:23 AM by Associated Press
The good news in a new government watchdog report is that the $700 billion financial industry bailout played a major role in rescuing the economy. The bad news is that the bailout may have cost the government credibility, sparking anger and distrust because of secrecy and confusion about the way it was handled.
The inspector general says saving the nation's financial sector came at great cost to taxpayers, to the integrity of the financial
system and to the public's perception of the federal government.
The blunt and mixed assessment comes from the special inspector general in charge of oversight for the bailout fund. It's being
released Wednesday, as the Obama administration takes steps to wind down and refocus the Wall Street rescue effort.