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NEW YORK (CNNMoney.com) – The Obama administration pledged unprecedented transparency in its accounting of the $700 billion bank and auto bailouts (TARP) and the $787.2 billion Recovery Act. A lot of information has been made public but there are some key details where the transparency falls far short.

Here's what we still don't know:
1. How are banks using TARP funds?
2. Who are bailed out banks lending to?
3. What is the value of the assets that Treasury has accumulated as a result of TARP?
4. Where are stimulus funds ultimately going?

They're important questions: We want the government to ensure it is spending our money wisely, and experts want to know why the Obama administration won't provide the answers.

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NEW YORK (CNNMoney.com) – The government bailout of banks, lenders, Bear Stearns and AIG brought in billions of dollars to the Federal Reserve in the first quarter of 2009.

In the first of a series of monthly reports on its $2.1 trillion balance sheet, the Fed said it earned a net $2.7 billion from January through March. Most of the gains stemmed from new lending facilities that the Fed instituted after the collapse of Lehman Brothers brought the nation's flow of credit to a halt in September.

The U.S. central bank said it took in $1.2 billion on interest in loans in its Term Auction Facility (TAF) and to troubled insurer AIG (AIG, Fortune 500). TAF, which the Fed began at the beginning of the recession in December 2007, lends short-term money to banks in exchange for toxic assets as collateral.

The Fed also made $2.1 billion on its Commercial Paper Funding Facility, in which the government buys up companies' short term debt in exchange for interest and a fee.

Treasury bonds, which performed well in the first three months of the year, made the Fed another $4.6 billion. The Fed began purchasing long-term Treasurys in March in an attempt to reduce bond yields and interest rates that are tied to them.

But the Fed lost a whopping $5.3 billion on assets it took hold of after the Bear Stearns and AIG bailouts. The vast majority ($4.9 billion worth) of the losses were AIG-related, as the central bank bought up nearly $50 billion worth of toxic assets in exchange for loans to the company.
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NEW YORK (CNNMoney.com) – The CEO of bailed-out insurer American International Group told Congress Wednesday that it has made "substantial" progress in its restructuring efforts, but lawmakers said they wanted more to show for it.

"We are hearing, 'Trust us,' but we are not willing to let $180 billion go just on trust," said Rep. Edolphus Towns, D-N.Y., chairman of the House Oversight Committee. "We will question; we will inquire; we will verify."

Chief Executive Edward Liddy, who said AIG is diligently working toward paying back its government bailout, described the company's plan for paying back billions of taxpayer dollars.

"We continue to weigh every decision regarding the restructuring with several criteria in mind," Liddy said. "Will this action facilitate a reduction in systemic risk? Is this action the best use of the federal assistance we are receiving? Will this action enhance our ability to pay back the government?"

"The restructuring efforts ... are a reflection of this thought process," he added.

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The officials were particularly angered about a lack of accounting for the sprawling program, complaining that Treasury didn't make any effort to monitor money that went to the 364 banks its has invested in, despite requests for information by oversight panels.

NEW YORK (CNNMoney.com) - The officials charged with overseeing the $700 billion financial bailout told lawmakers Tuesday that the Treasury Department must do more to ensure that taxpayer dollars are properly spent and that the public is kept in the loop.

The officials were particularly angered about a lack of accounting for the sprawling program, complaining that Treasury didn't make any effort to monitor money that went to the 364 banks its has invested in, despite requests for information by oversight panels.

"Either you get Treasury to get some religion on this point and get some standards ... or Congress [will be] forced to step in," said Harvard Law professor Elizabeth Warren, chairman of the Congressional Oversight Panel, at a Senate Banking Committee hearing.

The office of Inspector General for the TARP program, one of the oversight groups, did its own survey of banks that received money, and every bank that got money responded.

Neil Barofsky, special inspector general, said that some banks "co-mingled" their bailout money and couldn't break out exactly what it was used for. But other banks kept their TARP money separate and could point to new loans that had been issued due to government help.

"Some banks described some lending programs that couldn't be done without TARP funding," Barofsky said.

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Edward Liddy, chief executive of bailed out insurer American International Group, will tell Congress Wednesday that he found the company's controversial bonuses 'distasteful,' but necessary because of legal obligations and competition.

WASHINGTON (CNNMoney.com) – Edward Liddy, chief executive of bailed out insurer American International Group, will tell Congress Wednesday that he found the company's controversial bonuses "distasteful," but necessary because of legal obligations and competition, according to a written copy of his testimony.

"We have to continue managing our business as a business - taking account of the cold realities of competition," Liddy will tell the House Financial Services subcommittee. The hearing is set to begin at 10 a.m.

"Because of this, and because of certain legal obligations, AIG has recently made a set of compensation payments, some of which I find distasteful," he added.

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Treasury Secretary Geithner testified before the Senate Banking Committee Wednesday.

NEW YORK (CNNMoney.com) - A day after unveiling his new financial rescue plan, Treasury Secretary Tim Geithner again went before Congress to defend it.

Watch: Geithner grilled on bailout

Geithner's revised bailout was met with disappointment on Wall Street and with some lawmakers who thought Treasury's plan was lacking in details.

At a hearing held Wednesday by the Senate Budget Committee, senators pressed Geithner to give more specifics about Treasury's new bailout efforts.

"The market has made clear that certainty and stability are commodities of great demand; unfortunately, that is not what we received yesterday," said Sen. Jeff Sessions, R-Ala. "Secretary Geithner, you need to give a detailed plan in clear terms of how we are to proceed. You've had more than a month to work on the proposal, but what we've heard is an outline."

"I hope you can use the hearing today to put some meat on the bones," Sessions added.

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President Obama spoke after meeting with a dozen CEOs.

NEW YORK (CNNMoney.com) – In a final push before the House votes on an economic stimulus package, President Obama said Wednesday that the country needs immediate action to solve rampant job loss.

Obama spoke after meeting with a dozen CEOs including Sam Palmisano of IBM and Dave Cote of Honeywell.

"The businesses that are shedding jobs to stay afloat ... and all those who live in fear that theirs will be the next job cut - they need help now," Obama said from the White House. "They are looking to Washington for action - bold and swift."

President Barack Obama and Vice President Joe Biden met with Democratic and Republican congressional leadership to discuss his stimulus proposal, trying to sell both sides on a plan that includes both tax cuts and massive spending efforts.

NEW YORK (CNNMoney.com) – After a call for "bold and swift" action on the economy in his first moments as president on Tuesday, President Barack Obama got right to work, maneuvering to reach a bipartisan agreement on his sweeping economic recovery plan.

On Friday, Obama and Vice President Joe Biden met with Democratic and Republican congressional leadership to discuss his stimulus proposal, trying to sell both sides on a plan that includes both tax cuts and massive spending efforts.

The president offered more detail on his plan to restore economic growth. He said he'd take a three-pronged approach to recovery: stabilize the financial system, fix market regulation and pass the stimulus plan.

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NEW YORK (CNNMoney.com) – President Barack Obama offered more detail on his plan to restore economic growth Friday, saying the economic stimulus program being debated in Congress is just one of at least three parts to his recovery plan.

In a meeting to discuss the stimulus proposal with Vice President Joe Biden and Democratic and Republican congressional leadership, Obama said America also needs an improved financial system stability program as well as financial market regulation reform.

"The recovery package that we're passing is only going to be one leg in, at least, a three-legged stool," said Obama. "We are also starting to put in place the kinds of reform elements – oversight, transparency, accountability – that's going to be required in order for the American people to have confidence in what we're doing."

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The president-elect's plan to revive the economy is taking shape. Here's what we know so far.

NEW YORK (CNNMoney.com) - As lawmakers head into the second week of debate over President-elect Barack Obama's proposed economic stimulus plan, new details continue to shed light on what promises to be a sprawling and complex piece of legislation in American history.

Though many details are still lacking, the aim of the American Recovery and Reinvestment Plan is clear: rejuvenate the economy and create jobs by spending hundreds of billions of dollars on infrastructure, state budget relief, safety nets for the needy and tax cuts.

A recent analysis by Obama economic advisers Christina Romer and Jared Bernstein suggested that the proposed plan could save or create 3 million to 4 million jobs by the end of 2010.

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A new poll suggests Americans are staying home this July 4.

NEW YORK (CNNMoney.com) - Many Americans will watch fireworks at home instead of hitting the road this July 4, according to a new poll released Wednesday, as record gasoline prices force people to make major changes in their daily lives.

According to a CNN/Opinion Research poll, 31% of Americans have canceled or shortened their planned holiday weekend vacation because of the recent increase in the price of gas.

"When consumers talk about their thinning wallets, high fuel expenses is the reason they would point to first," said Wachovia economist Tim Quinlan.

The average price of a gallon of gas rose to an all-time high above $4.09 a gallon Wednesday, according to a survey from motorist group AAA. Gas prices are now about 3% higher than last month and 38.5% higher than year-ago levels.

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