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The Obama administration intends to have banks divulge their use of bailout funds, but it has not yet said how detailed such reports would be.
Its bonus scandal last year and the use of bailout funds to pay counterparties including Goldman Sachs have already put the United States government in the hot seat for not doing more to protect taxpayer money.
The main issues revolved around new regimes and institutions to help stabilise the euro longer term by enabling the use of bailout funds to shore up weak banks directly as well as putting the eurozone's banks under a new single supervisory agency, the European Central Bank.
The report found that the improper use of bailout funds extended deep into some organizations, including cases where troubled banks used funds advanced by the Korea Asset Management Corporation to extend low-interest loans to employees and to award large raises to managers.
A revised bill directed the use of bailout money to increase lending and prevent foreclosures.
Amid complaints about a lack of transparency in use of bailout funds, changing horses midstream and playing guessing games to save the US economy, Congress slammed Kashkari -- who has already appeared uncomfortable answering questions -- for his performance thus far.
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It appears that determining the general uses of bailout money is not nearly as difficult as the Treasury Department claims.
The payment of bonuses by AIG and other parties are shocking uses of bailout money, which was meant to open up credit again in the economy.
Last year, the Treasury Department's lawyers determined that the 2008 bank bailout legislation forbade the use of federal bailout funds to cover distressed borrowers' legal costs even though banks and hedge funds have been allowed to use bailout money for their own legal costs.
During the Frankfurt talks Mrs. Merkel and Mr. Trichet held firm on use of the bailout fund.
But many economists — Mr. Elmendorf among them — argue that taxpayers should get more out of the deal, securing stock in the banks that make use of the bailout.
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