The Treasury Department is rumored to have committed nearly half of the $700 billion in taxpayer funds allocated by Congress in their economic recovery bill. Congressman, financial reporters, and private citizens have been increasing their questions of where the funds are actually going. Many major banks, which have received multi-billions in TARP dollars, have declined to account for their capital injections other than recording them on their balance sheets. The $700 billion was originally targeted for buying toxic mortgage securities, but morphed into direct investments in the nation’s largest banks. Congressmen have been outspoken about ensuring that TARP funds are not used for bank executive bonuses, but the funds have not directly flowed into easier credit for auto loans, home loans, and credit cards for cash-strapped Americans. While rates on bank savings accounts, money market accounts, and CDs have dropped to below 5%, banks have been slow to drop many of their lending rates which are not directly indexed to the prime rate. Expectations are that the TARP-gifted banks will face more questions in 2009.

(2) AIG $40 billion

(3) Wells Fargo  $25 billion

(4) Bank of America  $25 billion

(5) JPMorgan Chase  $25 billion

(6) Goldman Sachs  $10 billion

(7) Morgan Stanley  $10 billion

(8) PNC Financial Services  $7.7 billion 

(9) U.S. Bancorp  $6.6 billion

(10) SunTrust  $4.9 billion

(11) Capital One Financial Corp. $3.6 billion

(12) Regions Financial Corp.  $3.5 billion

(13) Fifth Third Bancorp $3.5 billion

(14) BB&T  $3.1 billion

(15) Bank of New York Mellon  $3.0 billion 

(16) KeyCorp  $2.5 billion

(17) Comerica Incorporated  $2.3 billion 

(18) State Street  $2.0 billion

(19) Marshall & Ilsley  $1.7 billion

(20) Northern Trust $1.6 billion

Source: Treasury Department