Yesterday, the Government Accountability Office issued findings that the Treasury Dept. has done nothing to measure the effectiveness of its Wall Street bailout or to ensure that the bailed out banks are complying with caps on executive pay.

Democrats, of course, are apoplectic. House Speaker Nancy Pelosi (D-Cal.) issued a statement calling for more transparency from the Treasury by “improving its communication with Congress and the general public.” And House Financial Services Chairman Barney Frank (D-Mass.), who helped draft the bailout bill, said that Treasury’s refusal to use the cash to address the foreclosure crisis puts the agency “perilously close to a breach of faith” with the Democrats who supported the emergency proposal. Frank is scheduling a hearing to examine the GAO’s findings.

But what’s more shocking here: That the White House would abuse its power, or that Congress would trust it to do the responsible thing with $700 billion in taxpayer cash? How many more Guantanamo Bays, warrantless wiretapping programs, secret energy task forces, Katrina responses,

Treasury has yet to address a number of critical issues, including determining how it will ensure that CPP is achieving its intended goals and monitoring compliance with limitations on executive compensation and dividend payments.