Dodd Warns Treasury It May Not Get Rest Of Bailout

Sen. Chris Dodd (D-Conn.), kicking off his Senate banking committee hearing taking testimony from Detroit's Big Three automakers, just sent a warning shot across the bow of the Bush administration: If you're thinking about asking Congress for the rest of the $350 billion in the bailout bill, not so fast.

Dodd said that Treasury has "regrettably, misused its authority in two ways:"

-- They're not using the money to help homeowners in distress.

-- They have spent the money in an ad hoc and arbitrary manner, "careening from pillar to post," Dodd said, without adequate transparency.

Treasury should not ask for the rest of the $700 billion without a "comprehensive" plan on how it would use the money, Dodd said.

-- Frank Ahrens