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Office of the Special Inspector Generalfor the Troubled Asset Relief Program
SIGTARPSIGTARP
Advancing Economic Stability Through Transparency, Coordinated Oversight and Robust Enforcement
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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 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 Aordable Program 113Executive Compensation 120 
Section 3
 TARP OPERATIONS AND ADMINISTRATION 127
 
 
Section 4
 LOOKING FORWARD: SIGTARP’S RECOMMENDATIONSTO TREASURY 135
Recommendations or Existing Programs 137Recommendations or Newly Announced Programs 145Endnotes 161
 APPENDICES
 A. Glossary 169B. Acronyms 176C. Reporting Requirements 177D. Principal/Income Transactions Report 195E. Cross-Reerence o Report to the Inspector General Act o 1978 202F. Public Announcement o 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 o Funds Request Letter 245Please visit
 www.sigtarp.gov 
or urther reerence material.
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