oversight news stories on Newser

FAA Safety Program Riddled With Holes

Nick McMaster — Fri, 17 Dec 2010 17:40:05 CST

An FAA program designed to ensure safe practices at US airlines has lapses that could cost travelers their lives, the AP reports. A report by the Department of Transportation's inspector general found that the oversight program was riddled with holes—the most glaring lapse being in the program's review of...

Post-Overhaul, Oil Rig Inspection Still Lacking

Matt Cantor — Fri, 03 Dec 2010 12:05:05 CST

Following the BP oil spill, the government agency tasked with supervising offshore drilling is trying to turn itself around—but the Wall Street Journal finds those efforts lacking. Though it has renamed itself—the Minerals Management Service is now the Bureau of Ocean Energy Management, Regulation and Enforcement—and gotten...

Winners, Losers in Bank Reform Bill

John Johnson — Sat, 12 Dec 2009 10:29:08 CST

The financial reform bill now on its way to the Senate is the biggest such effort since the Great Depression. The Wall Street Journal runs down who wins and loses, beginning with the Winners: Mortgage lenders: The bill doesn't allow bankruptcy judges to adjust the terms of first mortgages. Credit...

Geithner Defends TARP Extension

Thu, 10 Dec 2009 11:30:33 CST

Treasury Secretary Timothy Geithner told a skeptical watchdog panel today that a "limited, qualified extension" of the unpopular bank bailout program until October was necessary. "It would be irresponsible to do otherwise," Geithner said. Oversight chairman Elizabeth Warren seemed unconvinced, saying that though the program was "an important part of...

G20 Near Deal to Open Economies to Scrutiny

Jason Farago — Fri, 25 Sep 2009 06:17:57 CDT

The G20 is on the brink of a deal this morning that will require members to "peer review" one another's economic policies—a substantial shift that will expose the US and China to wider scrutiny from less wealthy countries. The new top table for international negotiation wants less American borrowing,...

Federal Judge Ends Oversight of LAPD

Drew Nelles — Sat, 18 Jul 2009 11:51:28 CDT

A judge has ended eight years of federal oversight imposed on the LAPD after a massive corruption scandal, the Los Angeles Times reports. The judge said the police force had reformed substantially under a “consent decree” that saw tough independent audits and more thorough investigations into abuse allegations. "The LAPD...

Pentagon Drops Ball on Contractor Oversight: Report

Matt Cantor — Tue, 09 Jun 2009 09:33:01 CDT

Though US defense contracting has reached “unprecedented proportions” in Iraq and Afghanistan, the Defense Department isn’t adequately monitoring the contracts, according to an independent watchdog. A report to be presented to Congress tomorrow says the government lacks central records showing the identities, activities, and pay of some 240,000 private...

Too-Speedy Bailout Spending May Squander Billions

Ambreen Ali — Mon, 09 Feb 2009 04:24:49 CST

If new federal bailout funds are spent too quickly, billions could be wasted because the government administrative staff may be too overburdened to provide adequate oversight, warn budget experts. Billions of dollars in government money were squandered by private contractors who overcharged the Bush administration, according to a government report....

Madoff Scandal Turns Up Heat on Financial Advisers

Ambreen Ali — Wed, 21 Jan 2009 15:53:01 CST

Wall Street advisers and brokers are tussling over the details of a looming regulatory overhaul as Washington takes steps to prevent another Bernard Madoff scandal, Bloomberg reports. Advisers want brokers who counsel clients to be subject to the same oversight they’re under; currently, their brokerage counterparts can profit by swaying...