What a joke.

The Bush administration received assets that were worth $78 billion less than the amount it invested as part of the massive infusion of capital into the country's banks, congressional investigators have found.

The investigators concluded that the Treasury under the federal bailout had invested $254 billion into companies but the preferred stock it got in return had a market value at the time of only $176 billion, or 69 percent of what the government paid, according to a congressional oversight panel report scheduled to be released today.

Apparently, though, this doesn't necessarily mean the government has lost that money. Not yet, anyway:

The panel's findings do not imply that the government has lost money on the investment because companies are still required to repay the amount invested plus interest.

Gee, I wonder what we'll do when it comes time to repay that money, but banks claim hardship?

Anyway, file this under "No one could have foreseen..."

"Isn't that a terrible way to look after the taxpayers' money and to make purchases anywhere?"  Sen. Richard C. Shelby (R-Ala.), ranking member on the Senate Banking Committee, said at a hearing on oversight of the bailout.

Warren replied, "Senator, Treasury simply did not do what it said it was doing."

"In other words, they misled the Congress, did they not?" said a visibly flustered Shelby.

Duh. Where have you been, Shelby? Are you kidding me?

How come Republicans (and not a few Democrats) only believe this was possible when money's been lost?