In the recommended diary about the bailout compromise posted by turneresq, the "strong oversight" in the new bill is touted. It seemed improbable that the administration would agree to any such thing, and as it turns out they didn't. bubbalie 517 points out in the comments that Bush gets to appoint the Inspector General!
The link provided in turneresq's diary no longer contains the language, but this is the report as it originally appeared:
But it would end the program at the end of next year, instead of creating the two-year-long initiative that the Bush administration has sought. And it would add layers of oversight, including an emergency board to keep an eye on the program with two congressional appointees, and a special inspector general appointed by the president.
In other words the Democrats did nothing to insure oversight.
Is anyone surprised?
On edit:
Keep in mind that although congress gets two of the appointments to the oversight board, one of congress's picks will almost certainly be a "compromise" favorable to Bush. So even if one assumes the third member is independent an honest, he or she will have no real authority.
Then, as mentioned, the inspector general will be a Bushie hack. So where's the oversight again?