Community | December 22, 2008 | 20 comments

Banks unwilling to say how they're spending bailout

source: http://www.freep.com/article/20081222/BUSINESS07/81222006

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It’s something any bank would demand to know before handing out a loan: Where’s the money going?
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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?

None of the banks provided specific answers.

See link for much more...

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And Americans have the guts to berate the auto companies and give them hell? Look what constructive dialogue did for the Auto companies...It made the government really look at how much money needs to be spent and place benchmarks. But for the inept Bank moguls, a blank check was given with no benchmarks.
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20 comments // Banks unwilling to say how they're spending bailout

  • ahowes
    • 0
      ahowes  

    • 100% bullshit. 100%. it's call being f-ing audited! it's basic accounting! some of the largest banks in the world don't know how to do basic f-ing accounting! F%*^(&!!!!! no wonder we're in this F-ing mess! F!!!!!!!!!!!!!!

    • 3 years ago
  • justright
  • BLAMM_O
  • BLAMM_O
    • 0
      BLAMM_O  

    • Just plain ridiculous!! And our rushing to the bank with this trade, the stop the press attention it allegedly demanded, got us what exactly? Government, both sides of the aisle (!!!), again, fails us. They listened to the hype, panicked election season and all, and rushed to sign on the dotted line. Let's hope they apply a little more discretion this next go-round before we sign a blank check for the second portion of the tax payers' dough!!!

    • 3 years ago
  • damnneargenius
    • 0
      damnneargenius  

    • Kinda like the way Casey Anthony wouldn't tell them where little Caylee was.

      But of course they can't be serious right?

      Surely this is just a temporary oversight?

    • 3 years ago
  • Robroy1
    • 0
      Robroy1  

    • Viva La Revolicion for sure! I thought they were going to help homeowners. Darn fooled again. Bush and his crew just never cease to amaze me in how they bilk America out of all they can take it for as this Congress sits by and does nothing to enforce the Constitution of America and what we stand for. F_____g incredible how this crew has screwed America. And still 15% of America supports this killling thief and his minions.

    • 3 years ago
  • foebea
    • 0
      foebea  
    • Robroy1:

      It's happened before, strangely enough this was again the banks, and from another bush :P

      1989 After the widespread failure of savings and loan institutions, President George H. W. Bush signed and Congress enacted the Financial Institutions Reform Recovery and Enforcement Act in 1989. (What happened after the bailout?) $293.3 billion

    • 3 years ago
  • justaslost
  • goingforawalk
  • JayBforthewin
  • foebea
  • foebea
  • brad62
  • wddm24
  • dmambo5
  • damnneargenius
  • damnneargenius
  • inspire_expire
  • AdventureBTV
    • 0
      AdventureBTV  

    • WTF! This shit it so irritating and how does one vent his anger when corrupt banks get free money and then don't have to report it...!!! I feel like I live in Central America.

      VIVA REVOLUTION!

    • 3 years ago
  • thevacantgeneration
    • 0
      thevacantgeneration  

    • "“If the appropriate restrictions were put on the money to begin with, if the appropriate transparency was in place, then we wouldn’t be in a position where you’re trying to call every recipient and get the basic information that should already be in public documents,” [Warren] said."

      We have been screwed. I don't know how our government gets away with this.

      It's about time to move to New Zealand or something.

    • 3 years ago
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