Bailout Magic - Where did the money go?

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  1. #1

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    Bailout Magic - Where did the money go?

    Nice to know that the banks are still playing the "Joe Public does not understand or need to know how we make money" card.

    My Way News - Where'd the bailout money go? Shhhh, it's a secret


    "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, Ga.-based SunTrust Banks Inc., which got $3.5 billion in taxpayer dollars.

    Some banks said they simply didn't know where the money was going.

    "We manage our capital in its aggregate," said Regions Financial Corp. (RF) spokesman Tim Deighton, who said the Birmingham, Ala.-based company is not tracking how it is spending the $3.5 billion it received as part of the financial bailout.
    ...

    Garrett, the New Jersey congressman, said the nation might never get a clear answer on where hundreds of billions of dollars went.

    "A year or two ago, when we talked about spending $100 million for a bridge to nowhere, that was considered a scandal," he said.
    Bye Bye US taxpayer money ...

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  3. #3

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    Scary how close The Onion can get to the truth at times.


  4. #4

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    Last edited by shri; 23-12-2008 at 09:58 AM.