SIGTARP to Audit Dealer Cuts, Government Involvement in GM

Edward Niedermeyer
by Edward Niedermeyer

Neil Barofsky, Special Inspector General for TARP (SIGTARP), will audit the closure of 2,139 GM and Chrysler dealerships, reports Automotive News [sub]. Barofsky told members of the Senate Banking Committee [download PDF of Barofsky’s testimony here] that his office “will examine the process used by General Motors and Chrysler to identify which automotive dealerships should be maintained or terminated” [start your own audit of GM’s cull here]. Barofsky also indicated that he would conduct a separate audit of “governance issues when the U.S. government has obtained a large ownership interest in a particular institution.” Though he didn’t explicitly confirm that the “particular institution” is GM, that seems to be a safe conclusion, given the Treasury’s 60 percent stake in The General. “The extent of government involvement in management” is said to be the focus of Barofsky’s GM audit, along with “risk management, monitoring, internal controls, performance measures and transparency.” In other words, we’re going to be learning a lot more about post-bailout GM… at some point. Maybe. Barofsky didn’t indicate when his audits would be complete of whether the information would be made public.

Edward Niedermeyer
Edward Niedermeyer

More by Edward Niedermeyer

Join the conversation
4 of 5 comments
  • Powerpeecee Powerpeecee on Sep 24, 2009

    ^^ The mediocrity of the US government and that of General Motors parallel each other pretty much, don't they? This is what you should expect from a country with a non-culture. FYI. Read it. Particularly My point is people here are too busy being good little worker bees to have time to hold anyone else accountable. The whole point of life is to work and make as much money as possible. Capitalism run amok.

  • Durishin Durishin on Sep 24, 2009

    I am sorry. All I can think of when I look at that picture it Hugo Weaving in The Matrix saying: "Mr. Anderson..." Creepy!

  • European European on Sep 24, 2009

    @TexN funny comment, but so true @powerpeecee +1 for the link, seems its been written by someone who hasnt been laid lately (many points cover sexual stuff) its not all true as i see it, i dont believe americans "live to work" its more likely they "think they deserve the good life without doin any hard work" funny read tho

  • Powerpeecee Powerpeecee on Sep 24, 2009

    Sorry, Winston Wu (The proprietor of the site) is horny. His points still stand, though.