government money

To date, banks have received more than half of the $700 billion of federal bailout money. Neil Barofsky, the special inspector general for TARP — the Troubled Asset Relief Program — is in charge of tracking those funds.

In his quarterly report, he says more than 80 percent of the banks surveyed reported using the government money for lending.

The Wall Street financial firm reported profits of nearly $3.5 billion in the second quarter. It has set aside $6.6 billion for compensation.

The investment bank has paid back the government money it borrowed during the height of the financial crisis, so it's not subject to limits on pay.

» E-Mail This     » Add to Del.icio.us