Up to 90 Percent of TARP Committed

The Wall Street Journal leads its online-only coverage today with a look at dwindling TARP funds and puts its own math up against that of the U.S Treasury Department. According to the department, there's about $134.5 billion left in its financial-rescue fund, meaning that about 81 percent of the $700 billion program has been committed. However, according to Dow Jones Newswires calculations, which were seconded by Goldman Sachs, the government has only $52 billion or so left. The disparity comes from a $250 billion program launched last year to infuse banks with capital that ended up costing only $218 billion and $25 billion it expects to receive from banks that have announced they will pay back what they received of the infusions, among other minor discrepancies.

The Washington Post explores this morning potential regulations on money market funds that would aim at preventing liquidity crises. Some industry organizations are suggesting that money market funds be required to hold at least 5 percent of a fund's net assets in securities that can be liquidated within a day, and that at least 20 percent in securities can be liquidated in a week. The new regulations might be necessary, according to the article, because of "underlying risks that haven't been addressed" after the run on money market funds when the Reserve Primary Fund broke the buck. The Treasury was able to stop the run by providing a temporary guarantee, but now aims to prevent similar situations by boosting confidence, which would also—hopefully—encourage investors to put their money back in funds, the WP says.

Skeptics argue that regulations may cause more long-term harm than good. "Regulatory overreach is a concern," Liz Ann Sonders, chief investment analyst for Charles Schwab, told the WP. "History is littered with post-crisis regulations," she said. "If there are undue restrictions on the operations of businesses, they may view it to be their job to get around them, and you sow the seeds of the next crisis."

Bloomberg breaks the news this morning that Barclays will not participate in the British government's asset insurance program after the Financial Services Authority deemed the bank, the third-largest in the U.K., strong enough to remain solvent on its own Friday. A person familiar with the matter said the board hasn't absolutely approved the move, however, the site reports that Barclays will inform the Treasury by Tuesday. Adding to the bank's strength is its iShares business, which it is seeking to sell for as much as $7 billion. IShares is part of San Fransisco-based Barclays Global Investors.

And although it was originally posted Friday, a story reported by Bloomberg about how "subprime swindlers" are conning their way back into the pockets of homeowners, is worth a retrospective. So-called "rescue scams," in which primarily out-of-work brokers promise troubled borrowers that they can intervene with banks and negotiate lower mortgages, are popping up across the country. In one case, a mortgage broker in Contra Costa County, Calif., collected $52,000 from homeowners by convincing them that her company, Freedom Financial Solutions, could "pressure lenders to stop foreclosures by challenging the legality of loan agreements." In reality, she "took a small ownership stake in some of her clients' houses and filed for bankruptcy, temporarily suspending foreclosure proceedings on those homes." She never negotiated lower payments.

Reuters reports, and CNNMoney picks up, that President Obama is methodically filling empty posts at the Treasury, nominating Michael Barr, who formerly worked under President Bill Clinton, as assistant secretary for financial institutions; George Madison as general counsel and Helen Elizabeth Garrett, vice president for academic planning and budget of the University of Southern California, as assistant secretary for tax policy. All three nominations must be confirmed by the Senate. "If Barr is confirmed, he will play a significant role in confronting the economic downturn as his post is chiefly responsible for helping to maintain healthy markets," the article says.

Finally, the New York Times takes a look at (sorry) the changing face of Facebook, and explores what the popular social networking service means to different people and human relations in general.