Report: Merrill Lynch CEO Spent Over $1M to Redecorate Office

Nelson is one U.S. Senate member who said this type of spending prompted legislation, introduced Friday, that establishes clear guidelines on how corporations can use federal bailout funds and increases accountability and transparency in spending.

"For the folks all across America who are experiencing these daily financial difficulties and losing their jobs and their business and their companies, and then to see that their money is being wasted excessively by greedy Wall St. executives – this has to stop," said Nelson.

The Troubled Asset Relief Program Transparency Reporting Act would prohibit companies from using bailout dollars to pay for private jets or travel expenses, holiday parties, entertainment, office renovations, lobbying, political contributions, conferences and events.

The Associated Press contributed to this report.

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