Monday, December 22, 2008

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

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." More...

See also:

  1. $1.6 billion of the bailout money was spent in salaries, bonuses, and other benefits for bank executives...
  2. Goldman Sachs ready to hand out £7bn salary and bonus package... after its £6bn bail-out!!!
  3. Bailout Man from Eva Moon and the Lunatics...

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