Misuse Of Bailout Money | featured news

Lawmakers and consumer groups skewered the San Francisco bank, which got a $25-billion infusion from the government, after they heard about the event to fete top mortgage salespeople.

Cries for post-bailout accountability resounded at the biggest banks Tuesday as Citigroup Inc. issued a 43-page defense of its lending, a consumer group lashed Bank of America Corp. for throwing a $10-million Super Bowl bash, and Wells Fargo & Co.

The federal government's $700 billion bailout program continues to lack adequate oversight to ensure that banks receiving the taxpayer funds are using them properly, congressional investigators said.

President Barack Obama issued a withering critique Thursday of Wall Street corporate behavior, calling it "the height of irresponsibility" for employees to be paid more than $18 billion in bonuses last year while their crumbling financial sector received a bailout from taxpayers.

At banks that are receiving federal bailout money nearly nine out of every 10 of the most senior executives from 2006 are still on the job, according to an Associated Press analysis of  documents.

Former Merrill Lynch Chief Executive John Thain said Monday he plans to reimburse Bank of America for a $1.2 million renovation of his office a year ago.