Most Recent Quarterly Report on SIGTARP (Jan 31, 2009)

ZeroHedge blog summarizes and gives the full report download of SIGTARP.  It's worth your time to at least read the summary.

The main points: 1. Treasury did  not directly oversee AIG's executive compensation prior to March 2009, but basically deferred that duty to the Federal Reserve Bank of New York. 2. The Federal Reserve Bank of New York had a magical inability to get concessions (i.e. haircut) from Goldman Sachs and their counterparties, while having no problem getting GM bondholders on their knees. The FRBNY had considerable leverage over Goldman and their counterparties yet refused to use it. 3. GM and Chrysler dealerships were closed based on largely (if not wholly) political decisions.  4.  The housing mortgage market is now 99% controlled by the Federal Reserve with the U.S. taxpayer carrying the burden of the worse risks once held by the private sector (banks).

The ZeroHedge link also has some very good charts, breaks down the relationships in the PPIP, and gives the FULL SIGTARP quarterly report to congress for download.