POGO letter to Congressional Oversight Committee leaders concerning certain financial companies seeking backdoor access to TARP funds: “The Project On Government Oversight (POGO) is a non-partisan, non-profit government watchdog that works to achieve a federal government that is effective, accountable, open, and honest. In our continuing scrutiny of the Troubled Asset Relief Program’s (TARP) implementation, we have identified a disturbing trend. As you know, the TARP was created for the express purpose of buttressing the financial system by assisting institutions in danger of going under. In the language of the statute, the TARP was meant to “provide authority for the Federal Government to purchase and insure certain types of troubled assets for the purposes of providing stability to and preventing disruption in the economy and financial system and protecting taxpayers.” …It has come to our attention that a number of insurance companies are attempting to qualify for TARP funds by purchasing banks. We found eight financial institutions engaging in such practices…”