US banks defend bail-out spending

[dipsydoodle]

Source: BBC News

Bosses of eight US banks have attempted to reassure a Congressional hearing that the US government's banking bail-out has been well spent.

The chief executives of firms including Citigroup and Bank of America have told the House Committee they have increased lending and prevented foreclosures.

The eight firms have so far received $166bn (£114bn) of public funds.

Members of the committee have already expressed concern at what they see as a lack of accountability.

Read more: http://news.bbc.co.uk/1/hi/business/7883136.stm

[defendandprotect]

1. Nationalize the banks ---

[tclambert]

2. Nationalize the Bank of America?

Socialist!

Actually, this sounds right somehow. The Bank of America would belong to America.

The recommendations I hear most often stress any nationalization would be temporary, like the S&L bailout program worked in the late '80s.