This story in the Washington Post is unbelievable. If this had happened in the private sector, people would have been fired immediately.

This exchange really captures the severity of it all:

“Isn’t that a terrible way to look after the taxpayers’ money and to make purchases anywhere?” Sen. Richard C. Shelby (R-Ala.), ranking member on the Senate Banking Committee, said at a hearing on oversight of the bailout.

Warren replied, “Senator, Treasury simply did not do what it said it was doing.”

“In other words, they misled the Congress, did they not?” said a visibly flustered Shelby.

When a Republican senator is openly accusing the Bush Treasury Department of misleading Congress, you know it’s bad.

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