Banks REFUSE To Disclose Where Bailout Money Goes

[Orwellian_Ghost]

Where'd the bailout money go? Shhhh, it's a secret
By MATT APUZZO, Associated Press Writer Matt Apuzzo

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.

<snip>

"It is entirely appropriate for the American people to know how their taxpayer dollars are being spent in private industry," said Elizabeth Warren, the top congressional watchdog overseeing the financial bailout.

<snip>

But no bank provided even the most basic accounting for the federal money.

"We're choosing not to disclose that," said Kevin Heine, spokesman for Bank of New York Mellon, which received about $3 billion.

http://news.yahoo.com/s/ap/20081222/ap_on_bi_ge/meltdown_secrets

[MasonJar]

1. Then they can damn well give back every dime.

[katsy]

5. Who's going to hold them accountable?

I'm with you about giving it back to the taxpayers.

Think congress will grow a spine and throw those bastids in jail?

[tbyg52]

8. No, unfortunately.

I feel like a Who.

[MikeNearMcChord]

2. I think what we need right now is a Lenin or a Fidel

and seize these banks. This country needs an revolution, and no I hate communism, but enough is f**cking enough!!!

[Grayscalz]

3. Do they have too?

Please tell me that someone has written into the bill that gave them the taxpayer money that they could be held accountable...if it was not set out then the banks don't have to sat anything, and there's nothing we can do about it. Great.

[Orwellian_Ghost]

6. Financial Stability Oversight Board?

And to listen to government officials, you'd have thought all those billions were among the most carefully-tracked pool of tax dollars ever.

"We put in place tremendous regulatory oversight so that there will be absolute transparency," said Sen. Judd Gregg, R-N.H., on Oct. 1.

Yet ask the most basic question - how exactly are the banks using your money - and the answer can't be found. Consider the following:

# The Treasury Department agreed to post every transaction on the Internet, but all it shows is the list of banks and how many billions they got.

# The brand new Financial Stability Oversight Board has met four times already but they don't know how the banks are using the money.

<snip>

Bank officials told Attkisson that taxpayers will have to trust that the money will be used wisely.

http://www.cbsnews.com/stories/2008/11/12/eveningnews/main4597233.shtml

[tama]

4. Smash them

burn and loot. Take back what is yours. They have stolen your money and your children's and grandchildrens money, so go get it back. Robin Hood style. And make so that they will never steal again. :)

[spanone]

7. the final assault on the treasury.....unbelievable

[tbyg52]

9. In a rational world, they have no *right* to refuse.

Didn't say we lived in a rational world....

[threadkillaz]

10. This is where it gets interesting.

Who's money is it again Mr. ChooseNotToDiscloseThat?

"Past the 200 Mark" 12-17-08
http://bailoutsleuth.com/2008/12/past-the-200-mark/

Fifteen more banks have announced their acceptance into the Treasury Department's stock purchase program, including a Colorado bank that specializes in lending to small and midsize businesses.

The latest approvals represent $643 million in taxpayer investment, and push the total number of banks getting money through the Troubled Asset Relief Program above 200.