The Government Accountability Office has raised questions about the transparency of the US Government's $700 billion rescue package for profligate banks.

In its report, the GAO says nobody really seems to be tracking how the money is being spent. "The banking regulators indicated that they had not yet developed any additional supervisory steps, such as requiring more frequent provision of certain call report data for participating institutions, to monitor participating institutions' activities. For example, it is unclear whether Treasury plans to leverage bank regulators, which in the case of the largest institutions have bank examiners on site, to conduct any oversight or monitoring related to CPP requirements. However, unless Treasury does additional monitoring and regular reporting, Treasury's ability to help ensure an appropriate level of accountability and transparency will be limited."

The report also says that officials have not yet worked out how Treasury will monitor executive compensation requirements.