This is not the first time that Neil Barofsky, special inspector general of the Troubled Asset Relief Program, has harshly criticized the Treasury Department for its utter lack of transparency and accountability in administering the massive federal bank bailout. But in his latest quarterly report to Congress, the independent watchdog warns that total taxpayer support for the financial system increased by another $700 billion during the past year — with precious little to show for it. Some of that increase went to supply capital to Fannie Mae and Freddie Mac so these quasi-governmental entities could continue guaranteeing mortgages and supposedly stabilize the housing market that they were so instrumental in causing to collapse.
