For a while, it seemed like open season on the Treasury Department and the criticisms were flying fast and furious. In hindsight, the department was, and is, something of an easy target because the task was all but impossible: Implement a package to basically save the world economy--on the fly.

That said, the Congressional Oversight Panel has every right to vigorously question Henry Paulson and Neal Kashkari about how the bailout is proceeding. The latest: Treasury just issued a report defending its actions. Business Week notes the report might be a little light on some big issues, notably the issue of how banks are deploying--or not--TARP funds. Many have argued that TARP funds were not attached to meaningful requirements governing their use. Many have been disappointed that the money has not been loaned out aggressively, though we've suggested that prudence may be a preferable course.   

For more:
- here's the article

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