by Calculated Risk on 10/31/2008 10:35:00 AM

From Reuters: Rep. Frank: bailout funds must be used for lending (hat tip Yal)

"I am deeply disappointed that a number of financial institutions are distorting the legislation that Congress passed at the president's request to respond to the credit crisis by making funds available for increased lending," Rep. Barney Frank said in a statement.

"Any use of the these funds for any purpose other than lending -- for bonuses, for severance pay, for dividends, for acquisitions of other institutions, etc. -- is a violation of the terms of the Act."

But money is fungible, so how do we tell which funds are being used for which purpose?