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Old 12-22-2008, 05:24 AM
 
26,669 posts, read 40,690,994 times
Reputation: 14782

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FOXNews.com - Where'd the Bailout Money Go? Shhhh, It's a Secret - Local News | News Articles | National News | US News

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.

click on the link to read more...
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Old 12-22-2008, 06:01 AM
 
1,126 posts, read 2,477,897 times
Reputation: 567
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
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Old 12-23-2008, 07:53 AM
 
39 posts, read 128,814 times
Reputation: 37
When you have the US Gubment at your beck and call, you can be this arrogant.
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Old 12-23-2008, 11:54 AM
 
2,652 posts, read 7,925,098 times
Reputation: 1884
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.
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Old 12-23-2008, 12:10 PM
 
Location: Londonderry, NH
41,478 posts, read 52,873,134 times
Reputation: 24682
The primary reason was to give the big boys time to get out before the system collapses. Seems to be working.
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Old 12-23-2008, 12:30 PM
 
26,669 posts, read 40,690,994 times
Reputation: 14782
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?
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Old 12-23-2008, 01:02 PM
 
Location: Great State of Texas
86,068 posts, read 74,832,001 times
Reputation: 27602
Quote:
Originally Posted by Luke9686 View Post
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.
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Old 12-23-2008, 01:06 PM
 
26,669 posts, read 40,690,994 times
Reputation: 14782
Quote:
Originally Posted by HappyTexan View Post
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.
Shows how smart Paulsen is......
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Old 12-23-2008, 01:24 PM
 
19,123 posts, read 20,697,215 times
Reputation: 8406
Quote:
Originally Posted by ssull View Post
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!
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Old 12-23-2008, 03:03 PM
 
76 posts, read 210,896 times
Reputation: 91
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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