Treasury Needs Better Review of TARP Legal Fees, Audit Says
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April 14 (Bloomberg) -- The U.S. Treasury risks paying toomuch in legal fees related to bailouts because it isn’tadequately reviewing bills from law firms, a government watchdogsaid.
The Treasury office managing the Troubled Asset ReliefProgram needs to “improve controls over the review and paymentof legal fee bills,” according to a report today from theOffice of the Special Inspector General for TARP. “Currentcontracts and fee-bill review practices create an unacceptablerisk that Treasury, and therefore the American taxpayer, isoverpaying for legal services.”