http://finance.yahoo.com/news/TARP-Panel-Report-Cites-cnbc-14197496.html

I woke upon a thought yesterday of you
And thought if only you could hold the worlds attention for a moment or two
That you could explain the financial situation
From just the facts and no side of bull
You've such a fine mind so well defined
You give the gift of site to see
The complexities of this situation
Spoken simply but proven brilliantly

The panel, known as COP (Congressional Oversight Panel), is headed by Harvard University professor Elizabeth Warren, who has been consistently critical of the TARP program's administration under former Treasury Secretary Henry Paulson



The Congressionally-appointed panel overseeing the TARP program today will release a stinging report of the regulatory failures that led to the current financial crisis.

A copy of the draft report, which will be presented to Congress, was obtained by CNBC.com.

"The regulatory system not only failed to manage risk, but also failed to require disclosure of risk through sufficient transparency," the report concludes.



Among the report's recommendations are that future regulation include better oversight of systemic risk, reducing the potential impact of "too-big-to-fail" institutions; improved transparency through "better, more accurate credit ratings" and better regulation of consumer products, which would "curb excesses in mortgage lending."

The panel's report also calls for