The 5-member Congressional panel tasked with overseeing the $700 billion bailout has issued its first report. The Department of the Treasury has so far doled out $165 billion to 87 banks in exchange for stock and warrants. Treasury also gave AIG $40 billion and Citigroup $20 billion. The U.S. government also received $4 billion of Citigroup stock and warrants in exchange for guaranteeing $306 billion in “troubled assets.” These disbursements come to $1,900 per American family, the equivalent of 3% of the average family’s pre-tax income.

 

Questions About the $700 Billion Emergency Economic Stabilization Funds (Congressional Oversight Panel for Economic Stabilization) (PDF)