Wasteful Spending, Indeed

I wonder if any of the congressional Republicans will stand up and crab about this:

The Bush administration received assets that were worth $78 billion less than the amount it invested as part of the massive infusion of capital into the country's banks, congressional investigators have found.

The investigators concluded that the Treasury under the federal bailout had invested $254 billion into companies but the preferred stock it got in return had a market value at the time of only $176 billion, or 69 percent of what the government paid, according to a congressional oversight panel report scheduled to be released today.

$78 billion. That's not quite 10 percent of the total amount of the current recovery bill. Wait. Throw in the $12 billion that vanished in Iraq thanks to the fiscal awesomeness of the Republicans. That pushes us well over the 10 percent mark.