Tighter Tabs On Resolution Trust
The General Accounting Office has confirmed what those watching the savings-and-loan cleanup have long suspected: The Resolution Trust Corp., the two-year-old outfit in charge of the job, is in disarray. The RTC lacks adequate management and cash controls to monitor its operations, the GAO told Congress June 11. That means the watchdog agency's estimated cost of the cleanup -- $ 155 billion plus interest -- could soar even higher.
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