SIGTARP’S ORGANIZATIONAL STRUCTURE for Report on TARP -

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Quarterly Report to CongressApril 21, 2009Quarterly Report to CongressApril 21, 2009

CONTENTSExecutive Summary

1

Tremendous Expansion in the Scope, Scale, and Complexity of the TARP 3Oversight Activities of SIGTARP 4SIGTARP’s Recommendations on the Operations of TARP 6Report Organization 8

Section 1

THE OFFICE OF THE SPECIAL INSPECTOR GENERAL FORTHE TROUBLED ASSET RELIEF PROGRAM 9

SIGTARP’s Creation and Statutory Authority 11SIGTARP’s Mission and Core Values 12SIGTARP’s Oversight Activities Since the Initial Report 13SIGTARP’s Organizational Structure 24Progress in Building SIGTARP’s Organization 27

Section 2

TARP OVERVIEW 31

Financial Overview of TARP 33Capital Investment Programs 43TARP Tutorial: Capital Structure 58Institution-Speci



c Assistance 65The Automotive Industry Financing Program 78TARP Tutorial: Securitization 92Term Asset-Backed Securities Loan Facility 95Public-Private Investment Program 105Unlocking Credit for Small Businesses 111Making Home Affordable Program 113Executive Compensation 120

Section 3

TARP OPERATIONS AND ADMINISTRATION 127

Section 4

LOOKING FORWARD: SIGTARP’S RECOMMENDATIONSTO TREASURY 135

Recommendations for Existing Programs 137Recommendations for Newly Announced Programs 145Endnotes 161

APPENDICES

A. Glossary 169B. Acronyms 176C. Reporting Requirements 177D. Principal/Income Transactions Report 195E. Cross-Reference of Report to the Inspector General Act of 1978 202F. Public Announcement of Audits 203G. Key Oversight Reports and Testimonies 205H. Warrants 212I. Correspondence with Treasury Regarding TALF 223 J. Response to SIGTARP Recommendations 228K. Organizational Chart 244L. Use of Funds Request Letter 245Please visit

www.sigtarp.gov

for further reference material.

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