Again....Where Is The Outrage?
WASHINGTON (AP) -- It's something any bank would demand to know before handing out a loan: Where's the money going?
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.
So....let's see if we've got this right. We, the taxpayers, have given BILLIONS of dollars (that we will pay in taxes!) to these banks...and now they refuse to tell us how they spent the money?!
When Mr. scumbag Hank Paulson and his sidekick, Bernanke, asked for the $700 Billion bailout, they told CONgress the markets were 'frozen' and if the banks didn't get the money, our economy would collapse.
The banks did indeed get their billions of dollars....along with AIG (an insurance company), General Motors and Chrysler (Auto Industry)....oops, getting off track.
The banks took the money but they are still NOT lending to consumers. As a matter of fact, they have tightened their lending practices. Guess what? The credit market is still 'frozen'!
The banks are hoarding the money they've been given. That's the bottom line.
Maybe, the general population won't get it until they see how much their taxes will go up. Hey, they've got to pay for all these bailouts somehow. You and I just happen to be the ones footing the bill. Lucky us!
Posted by HB at 4:01 PM