January 26, 1989 |
The government will issue a report soon blaming some of the nation's largest accounting firms for failing to uncover fraud and mismanagement at savings and loan institutions that will cost taxpayers tens of billions of dollars, according to industry sources.
February 11, 1995 |
Record-keeping was in such a mess at the National Park Service that congressional investigators found a vacuum cleaner valued on the agency's books at $800,000 and a fire engine at one penny. The Park Service doesn't collect enough information to tell where its limited resources can be best spent to protect the federal property it oversees, according a report by the General Accounting Office, Congress' investigating arm.
April 11, 1991 |
A congressional panel accused the Food and Drug Administration Wednesday of "inexcusably negligent and complacent" oversight of the bottled water industry, noting that, despite its high price, bottled water may be less safe than tap water. Rep. John D. Dingell (D-Mich.) said a review by his House subcommittee determined that microbiological contamination exceeding allowed levels was found in nearly one-third of the bottled water samples tested by the FDA in a 1990 survey.
April 22, 2010 |
A new report by undercover government investigators bolsters longstanding concerns that companies promising to help consumers overwhelmed by credit card and other debts often turn out to be financial predators that charge high fees but deliver little or nothing in return. When investigators for the Government Accountability Office posed as distressed consumers seeking help, so-called debt management companies gave them wildly exaggerated descriptions of the firms' success rates and sometimes promised savings of as much as 50 cents on the dollar, Gregory Kutz, the GAO official who ran the investigation, told Congress on Thursday.
April 7, 2010 |
The federal agency responsible for overseeing oil drilling near the coast of Alaska was rebuked by government overseers Wednesday for failing to share potentially important environmental information with all staffers drafting policy on oil and gas development. The Government Accountability Office, in a report to Congress, also criticized the federal Minerals Management Service's Alaska office for failing to adopt a set of comprehensive guidelines for determining whether proposed developments comply with federal environmental law. Reviewers found that much data on proposed oil development -- some of which oil companies consider proprietary -- is distributed only on a "need to know" basis and doesn't reach all staff analysts reviewing projects.
May 8, 2012 |
WASHINGTON - The U.S. government could end up pocketing a $15.1-billion profit from the bailout of insurance giant American International Group Inc., according to a new estimate by the Government Accountability Office. The report came as the Treasury Department this week continued to wind down its stake in AIG, which the government rescued from collapse in late 2008 with a multi-step infusion of $125 billion in taxpayer money to stabilize the company. The Treasury Department said this week that it agreed to sell $5.75 billion worth of shares to reduce the government's ownership stake to 61% from 70%. The sale, which could be final as early as this week, includes about $750 million from underwriters that exercised their option to buy additional shares.