Paulson not likely to tap rest of TARP money, he says

WASHINGTON (MarketWatch) — The Treasury Department isn’t likely to ask for Congress for authority any time soon to use the second half of the $700 Troubled Asset Relief Program, Treasury Secretary Henry Paulson said Monday in an interview with the Wall Street Journal. “I’m going to do what we need to do to keep the system strong but I’m not going to be looking to start up new things unless they’re necessary, unless they make great sense,” Paulson said. “I want to preserve the firepower, the flexibility we have now and those that come after us will have.” Most of the first $350 billion has been committed to buying equity shares in large and smaller banks, and in American International Group . Decisions about the second tranche will likely be made by President-elect Barack Obama’s administration.

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