It was reported last month that the federal government paid more than $27 million to law firms “overseeing financial bailouts.” This had pretty well gone unnoticed until recently when it became known. It seems most unusual that the Treasury paid this amount without requiring detailed bills or questioning “incomplete records,” according to a report from a government watchdog. The report from the Special Inspector General for the Troubled Asset Relief Program said:
Current contracts and fee bill review practices create an unacceptable risk that Treasury, and therefore the American Taxpayer, is overpaying for legal services.
It was indicated that the problems are much deeper than just the legal fee contracts. It would be interesting to see which firms did the “overseeing” and what expertise they have in this field. Hopefully everything can be justified. But something about this arrangement doesn’t meet the “smell test.”
Source: USA Today
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