$700billion Troubled Asset Relief Program - Where Did It Go?

The Troubled Asset Relief Program (TARP) is to bailout the financial sector, it was pushed through by the Bush administration quickly in October to saving the ailing banks. Do we know how the banks are spending the money?

The Treasury Department used the funds from TARP to buy stocks in the US banks, thus creating cash influx into the US banks, thereby hoping the banks to start lending money and getting the economy moving. Apparently, the bailout funds were issued with relatively no strings attached or restrictions imposed. If you go to a bank for financial loan, you will be hit with a list of questions including where the money would go and how it would be repaid but no one knows where the bailout funds of TARP went. How was it spent or how much of it has been spent or what plans the bank had in terms of investing these funds. No transparency at all, and these are all taxpayers hard earned money.

All banks who has received the bailout funds has chosen to be silent or vague about where the money went and they wouldn't explain why there is such a secrecy. We are talking about $700billion of taxpayers' money and yet the public does not know for sure where the money will end up. Fingers crossed that it was indeed well given.