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Quarterly Report to CongressJuly 21, 2009
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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MISSION
SIGTARP’s mission is to advance economic stability by promoting theefciency and eectiveness o TARP management, through transparency,through coordinated oversight, and through robust enorcement againstthose, whether inside or outside o government, who waste, steal or abuseTARP unds. 
STATUTORY AUTHORITY
SIGTARP was established by Section 121 o the Emergency EconomicStabilization Act o 2008 (EESA). Under EESA, the Special Inspector Generalhas the duty, among other things, to conduct, supervise and coordinate auditsand investigations o the purchase, management and sale o assets under theTroubled Asset Relie Program (TARP). In carrying out those duties, SIGTARPhas the authority set orth in Section 6 o the Inspector General Act o 1978,including the power to issue subpoenas.
Ofce o the Special Inspector Generalor the Troubled Asset Relie Program
General Telephone: 202.622.1419Hotline: 877.SIG.2009SIGTARP@do.treas.gov www.SIGTARP.gov 
 
CONTENTSExecutive Summary
1
TARP in Focus, and in Context 3Oversight Activities o SIGTARP 5SIGTARP’s Recommendations on the Operations o TARP 7Report Organization 10
Section 1
THE OFFICE OF THE SPECIAL INSPECTOR GENERAL FOR THETROUBLED ASSET RELIEF PROGRAM 11
SIGTARP’s Creation and Statutory Authority 13SIGTARP’s Oversight Activities Since the April Quarterly Report 15Building SIGTARP’s Organization 25 
Section 2
 TARP OVERVIEW 29
Financial Overview o TARP 31Financial Institution Support Programs 45Asset Support Programs 72Automotive Industry Support Programs 93TARP Tutorial: Bankruptcy 97Homeowner Support Programs 114Executive Compensation 118 
Section 3
 TARP IN CONTEXT: FINANCIAL INSTITUTION SUPPORTAND POLICIES OUTSIDE OF TARP 127
TARP Tutorial: The Federal Reserve System 130TARP in Context: Other Government Programs to Assist theFinancial Sector 137 
Section 4
 TARP OPERATIONS AND ADMINISTRATION 159
TARP Administrative and Program Expenditures 161Current Contractors and Financial Agents 162Conficts o Interest 167
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