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October 8, 2008

Treasury to Begin Private Outsourcing of Wall Street Bailout
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Meanwhile, the Treasury Department is set to begin outsourcing the Wall
Street bailout as early as this week. The Washington Post reports the
government will invoke special authority to hire contractors and
consultants without following standard procedures. Department officials
say some of the same firms involved in the financial collapse may wind
up helping steer the government bailout of their industry. According to
the watchdog group Taxpayers for Common Sense, a similar use of private
firms during the savings and loans crisis of the late 1980s led to
“untrammeled payouts to the private sector and reprimands from Congress
and the Government Accountability Office.”



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