CONTENTSExecutive Summary
1
Tremendous Expansion in the Scope, Scale, and Complexity o the TARP 3Oversight Activities o SIGTARP 4SIGTARP’s Recommendations on the Operations o 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 o TARP 33Capital Investment Programs 43TARP Tutorial: Capital Structure 58Institution-Specifc Assistance 65The Automotive Industry Financing Program 78TARP Tutorial: Securitization 92Term Asset-Backed Securities Loan Facility 95Public-Private Investment Program 105Unlocking Credit or Small Businesses 111Making Home Aordable Program 113Executive Compensation 120
Section 3
TARP OPERATIONS AND ADMINISTRATION 127