Is SIGTARP Failing In The Fight Against The ‘Next Wave Of Financial Fraud Cases’?

There’s an interesting report out today from the Office of the Special Inspector General for the Troubled Asset Relief Program that we are going through. One of the things that caught our eye is the statement that “[f]raud related to bailout funds has become the ‘next wave of financial fraud cases’ as predicted by FBI Director Robert Mueller.” 

SIGTARP (that’s the Special Inspector General for TARP) asserts in the report that it has uncovered fraud that “led to the collapse of institutions and involved deception and greed by key insiders that pre-dated TARP and contributed to the financial crisis.” What does that mean in particular?
The report says that SIGTARP has brought criminal charges against 61 individuals.  And that 31 have been criminally convicted.
 
We calculate that as about a 50.8 percent conviction rate – not very high as conviction rates go.
 
The report also says that SIGTARP’s investigations have resulted in orders of restitution of $3.6 billion and orders of forfeiture of $126.8 million. It adds that although “the ultimate recovery remains to be seen,” SIGTARP has “already assisted in the recovery of $151.5 million.”
 
One might wonder when the rest of the $3.6 billion will be recouped.
 
Bottom line: we’re not sure that SIGTARP is successfully fighting the “next wave of financial fraud.”