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Banks refusing to disclose how they’re spending bailout money

Posted 22 Dec 2008 in bailouts, corruption, economy, outrage

jpmorganchase_corruption
Pay no attention to that man behind the curtain! And never mind how he’s spending your money, either!

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 either 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.

It’s our money, given in good faith to financial institutions who’ve repeatedly made stupid decisions and gotten themselves into financial hardship. Yet we’re not supposed to ask for accountability with the additional money we’ve provided them? If they choose to hand out loans with such a laissez-faire mindset, that’s their business. But government funds deserve closer scrutiny. And we must demand it from them. 700 BILLION needs to come with some pretty big strings.

If these banks can’t or won’t agree to complete transparency, then we should do what a bank would do and recall the loan immediately. I’m sure the government can act as a pretty persuasive collection department. Somebody cue the IRS…

Posted by FullMetalPatriot
12th gen. American, Constitutionalist, Harley-riding Texan, gun owner & NRA member, blogger, illustrator, Florida Gator alumnus. #TCOT

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