[classicman]

The General Accounting Government Accountability Office this week issued a report criticizing the Treasury Department for incomplete and misleading press releases designed to make the results of the TARP program look better than reality warrants. In particular, “GAO’s analysis of Treasury press releases about specific programs indicate that information about estimated lifetime costs and income are included only when programs are expected to result in lifetime income”; “however, press releases for investments in AIG, a program that is anticipated to result in a lifetime cost to Treasury, did not include program-specific cost information.” In other words, Treasury loudly touts in its Press Releases when it makes money from TARP, but excludes the losses.

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