Because the money was spent on people who didn't need it? See here, here, here, and here. (Last two links found via Instapundit.)
According to the links, feminist pressure groups succeeded in getting TARP funding diverted to their "human infrastructure" white-collar constituencies even though males and laborers are disproportionately hit by the recession.
Given how the Democratic government is operating, I suspect that that's not the only way the money was misallocated.
They're so incompetent that you can't tell if they have the wrong policy, or if a correct policy is implemented so badly that it has no positive effect. (Which may well be an excuse that economic interventionists will use in future crises.)
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