Check out this nugget from page 15 of the GAO report on how Treasury is spending the bailout money:
[Treasury’s Office of Financial Stability] has not yet determined if it will impose reporting requirements on the participating financial institutions that could enable OFS to monitor, to some extent, how the financial institutions are using capital infusions.
In other words, Treasury may not force banks even to tell the department how the banks using the billions of dollars they’re getting. It’s a no-strings-attached deal, it would seem.
More to come…