Wednesday, December 24, 2008

A few hundred billion here, a few hundred billion there...

Congress-critters are now asking questions about where the $700 billion bailout to the banks is being spent. Wonder if they'll get the same response the AP got when they began asking questions.
Thomas Kelly, a spokesman for JPMorgan Chase, which received $25 billion in emergency bailout money, said that while some of the money was lent, some was not, and the bank has not given any accounting of exactly how the money is being used.

“We have not disclosed that to the public. We’re declining to,” Kelly said.

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-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.

Umm, assholes. That money came from the public that you're denying answers to. This is actually turning out worse than I thought it would.

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