Where has the US bailout money gone?

The US Treasury Department said on Tuesday that it completed purchases of equity in 49 banks on Friday and 43 on Tuesday as part of a plan to stabilize the financial system and restore normal lending.

The 49 banks that received Treasury capital on Friday included 14 privately held institutions, marking the first government capital injections into private banks since the Treasury widened the reach of its capital purchase program.

Congress approved a $700 billion financial rescue program in early October, and the Treasury has said it would use $250 billion to bolster banks' capital position. Currently, the Treasury has authority to use only half of the overall $700 billion approved by Congress.

Following are details on what has been spent or pledged so far of the $350 billion the Treasury currently has authority to draw on:

What has been spent so far

==> $250 billion to buy senior preferred shares and warrants in banks and thrifts.

The latest equity purchases brought the total of investments made so far to $162 billion. A further $10 billion is approved for Merrill Lynch but has been deferred pending its merger with Bank of America.

==> $40 billion investment in troubled insurer American International Group, which has been completed.

==> $20 billion investment in Citigroup pledged as part of a bailout announced on November 23.

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What has been spent so far

==> $13.4 billion to prop up General Motors Corp and Chrysler LLC. The Treasury has said GM could qualify for a further $4 billion in March, which would have to come from the final $350 billion tranche of the financial rescue fund.

==> $5 billion pledged to cover potential losses on a portfolio of Citigroup mortgage-related assets.

==> $20 billion pledged to cover potential losses for a Federal Reserve program aimed at improving consumer access to credit.

Source: Agencies