After receiving billions of dollars in taxpayer bailout money, banks are unable to describe how they have used the funds, it has emerged.
An Associated Press investigation asked 21 financial institutions that have accepted at least $1 billion from the government how they have spent the money and what their plans are for any remaining cash.
According to the AP, not a single bank gave specific responses to the queries, raising questions about who is monitoring the banks’ use of bailout funds.
Some lawmakers have indicated that they intend to follow up on where the money has been used, but taxpayers may see it as a case of too little, too late.
The news comes after the Treasury Department announced that it has used up $350 billion out of the total amount included in the Troubled Asset Relief Program so far but will likely not touch the rest until January.
Meanwhile, a separate report from the Associated Press reveals that many executives at financial institutions receiving bailout money received salaries, bonuses and benefits that – if taken as a whole – nearly equal the amount the banks have accepted from TARP.