Friday, December 26, 2008

Banks Not Telling Us Where the Bailout Money Going

I know this is old news but it still gets me in the wrong places. So I can still gripe.
Banks tight-lipped on use of bailout funds:

"But after receiving billions in aid from U.S. taxpayers, the nation's largest banks say they can't track exactly how they're spending the money or they simply refuse to discuss it.

'We've lent some of it. We've not lent some of it. We've not given any accounting of, 'Here's how we're doing it,'' said Thomas Kelly, a spokesman for JPMorgan Chase, which received $25 billion in emergency bailout money. 'We have not disclosed that to the public. We're declining to.'

The Associated Press contacted 21 banks that received at least $1 billion in government money and asked four questions: How much has been spent? What was it spent on? How much is being held in savings, and what's the plan for the rest?"

Congress gets stampeded. The Bush Administration proves it continuing incompetence. Why shouldn't we all be ticked off? TARP needs revisiting by new Congress and President next month.

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