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WASHINGTON — 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 either 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.
"We're not providing dollar-in, dollar-out tracking," said Barry Koling, a spokesman for Atlanta, Georgia-based SunTrust Banks Inc., which got $3.5 billion in taxpayer dollars.
right on the money. Countless decades of scaring people about the evils of socialism and now they aren't doing anything but socializing losses at taxpayers' expense
I heard a statement that the money was put in a checking account wher other money already was in....
Doesn't a bank understand that they could have opened a second checking account at their own bank and have the bail out money in that one....are we dealing with such a losers of CEO's and why are they still in charge?
The government even fails at bailouts. Nice... These banks should be REQUIRED to disclose where this money goes. It was given to them for a reason.
They weren't required to do anything specific under the terms of the bailout bill. The Fed/Treasury didn't have specific requirements or accountability standards. It was a blank check to fix the economy however they see fit.
They weren't required to do anything specific under the terms of the bailout bill. The Fed/Treasury didn't have specific requirements or accountability standards. It was a blank check to fix the economy however they see fit.
When you have the US Gubment at your beck and call, you can be this arrogant.
Thats why you need a bigger bite than the government and the only way to do that is to get a smaller government... unfortunately, nobody seems to want that... let the corruption continue, hoorray!
It may not be divulged right now but you can guarantee that once someone gets the shaft or grows a conscience in a few years, they'll be holding interviews. It's going to be interesting once more information comes out and what/who it will expose.
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