Questions seem to be a high with the Troubled Asset Relief Program's growing uncertainty which is moving it further into wind-down mode.

"The most profitable moment to sell a TARP asset may not be the moment that best promotes systemic stability or the moment that best serves a particular institution", reports a congressional oversight panel for the Troubled Asset Relief Program.

The report also raised issues about implicit guarantees associated with so-called "too-big to-fail" financial institutions that were bailed out.

The report comes as President Barack Obama is gearing up to introduce a plan to tax large banks in an effort to recoup what the Treasury now estimates will be $116 billion in losses on the program.

However, Warren suggested that TARP is expected to remain intact long after its Oct. 3, 2010, expiration date for new capital commitments. Treasury still can disburse TARP funds after that date as long as they have been committed prior to it.

The question raised in the report was that how would Treasury manage any conflicts of interest in winding down its investment position.

It suggested that Treasury should continue to address holding its TARP assets in a trust that would be protected from political pressure and government infringement so as to limit any conflicts of interest and facilitate an effective exit strategy.