A report by Neil M. Barofsky, the inspector general overseeing the government's bank bailout, isn't likely to make the TARP program more popular. According to the report, regulators incorrectly told the public that early bailout recipients were healthy, The New York Times writes, when in fact regulators were concerned with the health of several banks. The report charges the Treasury Department allocated billions of dollars to Wall Street banks in an inconsistent manner: Bank of America, for example, was given $15 billion last October, and $10 billion for Merrill in January, but if BofA hadn't bought Merrill, it probably would have received the full $25 billion in October. In contrast, Wells Fargo, which was acquiring Wachovia, received bailout money for both companies early on.
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