We wrote about how the banks were reluctant to provide details of the spending of bailout money they received. Now, the government is taking some action and asking banks to provide the data. The Treasury wrote on January 16 to 20 banks getting funding under the Troubled Asset Relief Program asking for more information about business and consumer loans. The government also asked for data on mortgage-backed securities and asset-backed securities purchases. Citigroup, Bank of America, Chase and other banks received the letters. These banks said they planned to comply with government reporting requirements.

Well, that’s the good thing. At least now, these guys are prepared to provide the details of how they spend our tax money.

Related Link: Where is my money?

The government took our money and gave it away to greedy banks that lost billions in sub-prime crisis. So far, U.S. Government gave away $250+ billion taxpayers money. How did the receiving banks spend that money? What are they really doing with that? Are these banks’ executives buying $6000 bathroom curtain with our money? Are they buying corporate jets with our money? No one knows. Associated Press tried to find that out, even they couldn’t find an answer — apparently. See the related article here.