FAIRHOPE, Ala. — Almost half of the money is gone, that is, distributed, and the other half is at risk. This begs the obvious questions: Gone where, and why is the rest at risk?

Briefly, about $300 billion has been delivered to banks and other financial institutions, businesses that were and remain mismanaged and ill-advised.

The rest of the original $700 billion funded Troubled Assets Relief Program (TARP) is being targeted by the same politicians and bureaucrats — including transitioning players — hankering to continue the “feed-for-all” at the federal trough. Here’s some background on each:

The whistle was blown early-on by U.S. Rep. Virginia Brown-Waite, who declared: “We have been sold a pig-in-a-poke, and a bait-and-switch has occurred.”

Rep. Brown-Waite, a four-term Republican from Florida’s 5th Congressional District, serves on the bipartisan congressional committee established to monitor the legislation. Her blunt assessment is on target regarding the TARP funding process, and how the program has been administered since the Emergency Economic Stabilization Act of 2008 was rushed through Congress and signed into law just three months ago.

As Treasury Secretary Henry Paulson originally stated, “We asked for $700 billion to purchase troubled assets from financial institutions in order to strengthen the financial sector.” TARP was supposed to address the subprime mortgage crisis and reverse the decline in residential home values. But, almost immediately following enactment, Paulson switched the capital purchase program’s focus and decided instead to bailout and “invest” in banks and other financial institutions including:Goldman Sachs Group Inc., Morgan-Stanley, Bank of America Corp., Merrill Lynch, Citigroup Inc., Wells Fargo, Bank of New York Mellon, State Street Corp., WSJ-Solomon-AIG, et al.

In fact, as of last weekend, there are 296 financial entities that have or will receive some of the $300 billion in the form of “investments” from the Feds. The largest aggregate TARP payout so far is $45 billion to Citigroup.

As a result of the Treasury Secretary’s switch, the sharp decline in both home values and home sales continues unabated. Meanwhile, the government equity infusion via TARP — intended to stimulate credit lending — instead, sits idle as bank officials prefer to spruce up the appearance of their balance sheets instead of lending to consumers and businesses.

This recalcitrance by lenders has birthed a political opportunity for Democrats to reopen TARP negotiations (this time essentially with themselves) as the moving vans are just days from 1600 Pennsylvania Ave. And that is exactly what Democrats are doing as a sort of practice exercise in redistributing financial assets. Rep. Barney Frank is the front man in the House. He is aggressively pursuing mortgage workouts as part of the TARP. In the Senate, Charles Schumer is playing a key role as last week Citibank “agreed to back legislation allowing judges to modify mortgage terms in bankruptcy.”

All of this will serve incoming bureaucrats as training for the massive trillion dollar stimulus package that will be distributed as part of the reparation plan for political support and implementing “The Obama Society.”

Of course, such an undertaking will need a highly specialized insider with experience and acceptance in financial circles and government.

Is it a coincidence that former Treasury secretary Robert Rubin, who already serves as an economic advisor on the Obama transition team, has become available, following his resignation last weekend as senior counselor from the bank that’s “too big to let fail.”

In a Citibank statement, Rubin, 70, said he “intends to deepen his involvement in outside activities and organizations to which he has been strongly committed.” That could be Rubin’s way of signaling he is available to advise Barack Obama full-time.

If the President-elect calls Rubin, he would be in effect bailing out Bob yet again.

The facts are that Rubin advised Citigroup as it lost $20 billion in the subprime mortgage crisis; and, in addition to the $45 billion aggregate TARP money given to Citibank so far, the government has also “committed $306 billion in guarantees to cover Citibank’s risky loans and (other) toxic assets” accumulated during his tenure.

Let’s hope that Mr. Obama takes the girls out for ice cream instead of making that call.

Richard Olivastro is a professional member of the National Speakers Association, president of Olivastro Communications and founder of Citizens For Change. Rich@Olivastro.NET or 877-RichSpeaks.