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Troubled Asset Relief Program: The U.S. Government Role as Shareholder in AIG, Citigroup, Chrysler, and General Motors and Preliminary Views on Its Investment Management Activities: Congressional Testimony
Orice Williams Brown (au); A. Nicole Clowers (au)
Statement of Orice Williams Brown, Dir., Financial Markets and Community Investment, and A. Nicole Clowers, Acting Dir., Physical Infrastructure, GAO. The recent financial crisis resulted in a wide-ranging fed. response that included infusing capital into several major corporations. The Troubled Asset Relief Program (TARP) has been the primary vehicle for most of these actions. As a result of actions and others, the government is a shareholder in the Am. International Group (AIG), Citigroup Inc. (Citi), Chrysler Group LLC (Chrysler), and General Motors Co. (GM), among others. As market conditions have become less volatile, the government has been considering how best to manage these investments and ultimately divest them. This testimony discusses (1) the government’s approach to past crisis and challenges unique to the current crisis; (2) the principles guiding the Dept. of the Treasury’s implementation of its authorities and mechanisms for managing its investments; and (3) preliminary views from GAO’s ongoing work with the Special Inspector General for TARP on the fed. government’s monitoring and management of its investments. This statement builds on GAO’s work since the 1970s on providing government assistance to large corporations and more recent work on oversight of the assistance and investments provided under TARP. In its Nov. 2009 report, GAO recommended that Treasury ensure it has expertise needed to monitor its investment in Chrysler and GM and that it has a plan for evaluating the optimal method and timing for divesting this equity.
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