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Even chief financial officers at public companies are concerned that TARP funds will be used for something other than stabilizing the economy.

A poll of CFOs conducted by CFO.com found that top financial officers are skeptical about how the funds will be used:
  • 40% said that too much of the bailout funds will flow into the pockets of executives.
  • 58% think that too much of the money will be used to finance acquisitions.
  • 48% think that banks will use a larger than necessary chunk of the money to strengthen their reserves instead of lending it out.
When CFOs are questioning the bailout just as much as Average Joe's, it's time for the federal government to rethink what it's doing. The New York Times reports that the first Government Accountability Office report on the implementation of the $700 billion bailout is "expected to be critical of the Treasury Department's failure to set up ways to track how its bailout money is being used in the marketplace."

Add the lack of oversight to the fact that the dispersal of being funds is being managed by a former CEO of Goldman Sachs (NYSE: GS) and others with strong ties to Wall Street, and it's amazing that there hasn't been even more outrage than there is.

CFOs bearish on the bailout originally appeared on BloggingStocks on Wed, 26 Nov 2008 15:05:00 EST. Please see our terms for use of feeds.

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