WaPo:

Many of the banks that got federal aid to support increased lending have instead used some of the money to make investments, repay debts or buy other banks, according to a new report from the special inspector general overseeing the government's financial rescue program.

The report by special inspector general Neil Barofsky calls on the Treasury Department to require regular, more detailed information from banks about their use of federal aid provided under the Troubled Asset Relief Program. The Treasury has refused to collect such information.

Doing so is "essential to meet Treasury's stated goal of bringing transparency to the TARP program and informing the American people and their representatives in Congress about what is being done with their money," the report said.

In a written response, the Treasury again rejected that call. Officials have taken the view that the exact use of the federal aid cannot be tracked because money given to a bank is like water poured into an ocean.

That of course begs the question, "Why would you pour water into an ocean?"

You wouldn't. You would stop doing that, if you really thought about it. Really, you probably wouldn't even start.

But we did it anyway, because we were going to have "vigorous oversight." And now we know what that means: periodic reports providing details on how the things you didn't want to happen, happened.

Can't argue, though. That's what the modern Congressional idea of oversight is. Tell us about the terrible things that happened, so that we can condemn them. KTHXBI.