USA Today has posted a story detailing how the government recently approved a further payment of $15 billion from the $700 billion stimulus plan. In that article it provides some figures for how much money has gone to various banks over the past few months. It writes of how the:
Treasury also said it had provided an additional $20 billion to Citigroup Inc. on Dec. 31 under a program it has dubbed its “targeted investment program” to provide support for the banking giant. It already had provided Citigroup an initial $25 billion.
Not only was $45 billion giving to Citigroup, but much has gone to non-banking institutions too. Describing the automakers bailout the article describes how:
Treasury Secretary Henry Paulson said last month when the Bush administration announced it would provide emergency loans to GM and Chrysler LLC that it had committed the first half of the $700 billion rescue program and Congress would need to authorize use of the final $350 billion.
Frankly, it’s a little scary to me that we don’t even blink at numbers this large anymore. We think of $15 billion as a small amount of money, which is just horrendous. Furthermore, it is deeply troubling that none of these banks will provide concrete details as to where they spent this money.