Where'd the bailout money go? Shhhh, it's a secret - AP

[lligrd]

By MATT APUZZO, Associated Press Writer Matt Apuzzo, Associated Press Writer – Mon Dec 22, 9:52 am ET

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 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.

more: http://news.yahoo.com/s/ap/20081222/ap_on_go_ca_st_pe/meltdown_secrets

[spindrifter]

1. This is infuriating.

And it seems that a goodly portion went to dividends to shareholders and bonuses. Both should have been prohibited by Congress. It's one thing to give dividends and bonuses when a business has made a profit. It's unconscionable to do this when you had to get a loan from taxpayers.
I laughed when I heard one banker claim that they "had" to give these (huge) bonuses in order to keep good people and keep people motivated. And I call huge 6-figure bonuses. Heck, I'd call a 4-figure bonus huge. If these people can't be motivated by recognizing they are fortunate to have jobs, then shame on them.

[Hydra]

2. HA!

"There will be strenuous oversight!"

I'm still here, holding my breath, turning blue:sarcasm: