Treasury Lacks Oversight Of Bailout Billions

Congressional investigators have discovered that some of the largest banks receiving U.S. taxpayer bailout funds have been lending billions of dollars overseas.

Among the findings, Citigroup (recipient of $45 billion in bailout funds) lent $8 billion to investors in Dubai, and Bank of America (which got another $45 billion) lent $7 billion for a project in China.

The investigators found that the Treasury had few controls for tracking the bailout money for the 20 largest banks, and no controls at all for the other 297 smaller banks.

According to the Washington Post:

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