When complex projects are done quickly, rarely are they done well.

The industry is re-learning this lesson the hard way as government oversight panels finally get up and running and take a closer look at the $700 billion Troubled Asset Relief Program (TARP) - and aren't happy with what they see. Elizabeth Warren, the chairwoman of the Congressional Oversight Panel (COP), bluntly stated the challenge in December when she said that events had unfolded so quickly that there hadn't even been time to develop coherent questions to ask Treasury.

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